BlackRock Inc. Invests $413.41 Million in WaFd, Inc. $WAFD

Key Points

• BlackRock acquired a major stake in WaFd: The asset manager purchased 10.77 million shares worth approximately $413.4 million, representing about 14.58% of the bank. Institutional investors collectively own 83.71% of WaFd.
• Analyst sentiment remains cautious: WaFd has an average “Hold” rating and a consensus price target of $37, compared with shares trading at $36.21. The bank slightly missed quarterly earnings expectations, reporting $0.81 per share versus the projected $0.82.
• WaFd maintains its dividend: The company announced a quarterly dividend of $0.27 per share, equivalent to $1.08 annually and a 3.0% yield, with a payout ratio of 34.07%.

BlackRock Inc. purchased a new position in shares of WaFd, Inc. (NASDAQ:WAFD - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 10,774,309 shares of the bank's stock, valued at approximately $413,410,000. BlackRock Inc. owned about 14.58% of WaFd at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Oregon Public Employees Retirement Fund lifted its stake in WaFd by 1.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,056 shares of the bank's stock worth $578,000 after purchasing an additional 300 shares in the last quarter. ProShare Advisors LLC grew its position in shares of WaFd by 2.0% in the fourth quarter. ProShare Advisors LLC now owns 15,162 shares of the bank's stock valued at $486,000 after purchasing an additional 304 shares in the last quarter. Baron Wealth Management LLC increased its holdings in shares of WaFd by 3.8% in the first quarter. Baron Wealth Management LLC now owns 8,720 shares of the bank's stock valued at $274,000 after purchasing an additional 323 shares during the last quarter. Sanctuary Advisors LLC lifted its position in WaFd by 3.8% during the fourth quarter. Sanctuary Advisors LLC now owns 9,539 shares of the bank's stock worth $306,000 after buying an additional 350 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in WaFd by 42.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,174 shares of the bank's stock worth $34,000 after buying an additional 352 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

WAFD has been the subject of several analyst reports. DA Davidson upped their target price on WaFd from $38.00 to $40.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Zacks Research cut shares of WaFd from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 22nd. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of WaFd in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $37.00.

WaFd Stock Down 0.2%

Shares of WAFD opened at $36.21 on Wednesday. The firm has a market cap of $2.68 billion, a P/E ratio of 11.42 and a beta of 0.84. WaFd, Inc. has a 12-month low of $26.31 and a 12-month high of $39.49. The company's 50-day moving average price is $37.41 and its 200 day moving average price is $34.91. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.20.

WaFd (NASDAQ:WAFD - Get Free Report) last announced its quarterly earnings results on Friday, July 17th. The bank reported $0.81 earnings per share for the quarter, missing analysts' consensus estimates of $0.82 by ($0.01). The company had revenue of $205.52 million for the quarter, compared to analyst estimates of $199.56 million. WaFd had a net margin of 18.47% and a return on equity of 8.98%. On average, sell-side analysts forecast that WaFd, Inc. will post 3.21 earnings per share for the current year.

WaFd Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Friday, August 21st will be given a $0.27 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $1.08 dividend on an annualized basis and a yield of 3.0%. WaFd's payout ratio is presently 34.07%.

WaFd Profile

Washington Federal, Inc, doing business as WaFd Bank, is a publicly traded bank holding company headquartered in Seattle, Washington. Through its subsidiary, WaFd Bank, the company provides a range of banking and financial services to individuals, small-to-medium enterprises, and commercial clients. Established in 1917 as Ballard Savings & Loan in Seattle, the institution expanded over decades to serve customers across the Western United States under the Washington Federal name and has operated as a public company since the early 1980s.

WaFd Bank's core offerings encompass deposit accounts such as checking, savings, money market, and certificates of deposit, alongside consumer and commercial lending products.

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