WaFd (NASDAQ:WAFD) Sets New 1-Year High - Still a Buy?

Key Points

• WaFd shares reached a new 52-week high of $40.00 before trading near $36.21, while analysts maintained a consensus “Hold” rating with an average price target of $37.00.
• The bank slightly missed quarterly EPS expectations, reporting $0.81 versus $0.82, but revenue exceeded forecasts at $205.52 million compared with $199.56 million expected.
• WaFd declared a quarterly dividend of $0.27, equivalent to $1.08 annually and a 3.0% yield; institutional investors own 83.71% of the company’s shares.

WaFd, Inc. (NASDAQ:WAFD - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $40.00 and last traded at $36.21, with a volume of 1934 shares traded. The stock had previously closed at $36.29.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Zacks Research lowered WaFd from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 22nd. DA Davidson lifted their target price on WaFd from $38.00 to $40.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of WaFd in a research note on Wednesday, August 19th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $37.00.

WaFd Price Performance

The company has a market capitalization of $2.68 billion, a PE ratio of 11.39 and a beta of 0.84. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.98 and a quick ratio of 0.98. The stock's 50 day simple moving average is $37.43 and its 200-day simple moving average is $34.89.

WaFd (NASDAQ:WAFD - Get Free Report) last posted its quarterly earnings data on Friday, July 17th. The bank reported $0.81 EPS for the quarter, missing the consensus estimate of $0.82 by ($0.01). WaFd had a net margin of 18.47% and a return on equity of 8.98%. The business had revenue of $205.52 million during the quarter, compared to analysts' expectations of $199.56 million. As a group, equities analysts forecast that WaFd, Inc. will post 3.21 earnings per share for the current fiscal year.

WaFd Dividend Announcement

The firm also recently declared 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. This represents a $1.08 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Friday, August 21st. WaFd's dividend payout ratio (DPR) is currently 34.07%.

Institutional Trading of WaFd

A number of large investors have recently modified their holdings of the stock. Assetmark Inc. grew its stake in WaFd by 3,620.0% during the 1st quarter. Assetmark Inc. now owns 930 shares of the bank's stock worth $29,000 after purchasing an additional 905 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in WaFd by 42.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,174 shares of the bank's stock valued at $34,000 after purchasing an additional 352 shares in the last quarter. McIlrath & Eck LLC boosted its stake in shares of WaFd by 57.6% in the 2nd quarter. McIlrath & Eck LLC now owns 1,327 shares of the bank's stock valued at $39,000 after buying an additional 485 shares during the period. Danske Bank A S acquired a new position in shares of WaFd during the third quarter worth about $51,000. Finally, Nykredit A S acquired a new position in shares of WaFd during the second quarter worth about $52,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

About WaFd

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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