Why Western Alliance Stock (WAL) Is Rising

Western Alliance Bancorporation WAL shares are trading higher by 6.9% to $42.58 Tuesday morning. Western Alliance shares are higher amid earnings results from several banks on Tuesday.

Traders and investors will also be watching for Western Alliance's second-quarter earnings report, which is confirmed for Tuesday after the market close. The company is expected to report EPS of $1.98 on revenue of $653.09 million.

What's Going On With Peer Banks?

Bank of America on Tuesday announced a notable year-over-year net income growth of 19% for the second quarter of FY23, reaching $7.4 billion. During the same period, EPS amounted to 88 cents, surpassing the previous year's figure of 73 cents and exceeding the consensus estimate of 84 cents.

Furthermore, Bank of America's revenue exhibited an 11% year-on-year increase, reaching $25.33 billion, surpassing the analyst consensus estimate of $25.05 billion...Read More

According to data from Benzinga Pro, WAL has a 52-week high of $86.87 and a 52-week low of $7.46.