A support level has formed in the chart of Western Alliance Bancorporation (NYSE:WAL). If the stock falls through this level, a breakdown could occur. Read more to learn how to profit from this trade.Western Alliance Bancorporation (WAL) is a Las Vegas-based holding company with regional banks operating in Nevada, Arizona, and California. The bank offers retail banking services and focuses on mortgages for retail customers and commercial loans, mainly for real estate.
The company has been benefiting from an economic rebound. In its most recent quarter, the bank produced record net revenues, while expanding on net interest margin, generating the highest return on tangible common equity in the bank's history and returning asset quality to pre-pandemic levels.
The company’s debt situation looks solid with a debt-to-equity ratio of 0.5. Earnings have grown an average of 25.9% per year over the past five years. Analysts forecast EPS to soar 62.5% year over year in the current quarter.