Absence makes the heart grow fonder; while I haven't written about Western Alliance (WAL) for Seeking Alpha in quite some time, the performance of this Arizona-based commercial lender has been exceptional. Not only have the shares dramatically outperformed the peer group since my last write-up, the stock was among the rare bank stocks to close 2020 higher than where it began.
Western Alliance's efforts to remake it loan book and pursue above-average growth and better credit quality over the last five years has worked well, and the bank is both more profitable than average and appears to be in better shape on credit. While the shares don't look conventionally cheap, I see a runway for ongoing loan growth and high single-digit long-term core earnings growth, supporting a double-digit total annualized return from today's level.
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Even After A Strong Rebound, Western Alliance Has Some Upside
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