Wedbush analyst David Chiaverini initiated Western Alliance with an Outperform and $67 price target.

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"Western Alliance delivered strong first quarter results with continued robust business and deposit momentum that allowed us to largely complete our balance sheet repositioning efforts, while maintaining stable asset quality," said Kenneth A. Vecchione, President and Chief Executive Officer. "Quarterly deposit growth of $6.9 billion enhanced our liquidity profile, drove the loan-to-deposit ratio down to 81.5%, and allowed us to repay $1.0 billion of borrowings. In total, excluding a $17.6 million increase to the FDIC special assessment and related tax impact, we achieved net income of $190.9 million and earnings per share of $1.72, which resulted in a return on tangible common equity of 14.5%. Tangible book value per share climbed 13.8% year-over-year to $47.30 with a CET 1 ratio of 11.0%."

Pre-earnings options volume in Western Alliance is 1.3x normal with puts leading calls 8:3. Implied volatility suggests the market is anticipating a move near 5.4%, or $3.00, after results are released. Median move over the past eight quarters is 5.0%.

Bearish flow noted in Western Alliance with 1,653 puts trading, or 1.4x expected. Most active are Apr-24 56 puts and Apr-24 50 puts, with total volume in those strikes near 590 contracts. The Put/Call Ratio is 3.22, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 18th.