WaFd (NASDAQ:WAFD) Announces Earnings Results

Key Points

• WaFd (NASDAQ:WAFD) reported earnings of $0.72 per share for the quarter, missing analysts' expectations of $0.75, and generated revenue of $190.55 million, below the forecast of $191.04 million.
• The company declared a quarterly dividend of $0.27 per share, yielding approximately 3.9%, with a payout ratio of 41.06%.
• Institutional investor holdings in WaFd are substantial, with ownership rising to 83.71% following recent increases from firms like Ameriprise Financial and Bank of America.

WaFd (NASDAQ:WAFD - Get Free Report) announced its quarterly earnings results on Thursday. The bank reported $0.72 earnings per share for the quarter, missing analysts' consensus estimates of $0.75 by ($0.03), Zacks reports. The business had revenue of $190.55 million for the quarter, compared to analyst estimates of $191.04 million. WaFd had a net margin of 15.57% and a return on equity of 8.57%.

WaFd Stock Down 3.7%

Shares of NASDAQ:WAFD opened at $27.83 on Friday. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of 10.58 and a beta of 0.88. WaFd has a 1-year low of $23.75 and a 1-year high of $38.62. The company's fifty day moving average is $30.67 and its two-hundred day moving average is $29.42. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.98 and a current ratio of 0.98.

WaFd Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 22nd were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Friday, August 22nd. WaFd's dividend payout ratio is 41.06%.

Insider Buying and Selling at WaFd

In other WaFd news, Director Sean Singleton sold 1,004 shares of the stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $31.71, for a total transaction of $31,836.84. Following the sale, the director directly owned 9,278 shares of the company's stock, valued at approximately $294,205.38. This represents a 9.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.46% of the company's stock.

Hedge Funds Weigh In On WaFd

Several institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. grew its position in shares of WaFd by 4.2% during the second quarter. Ameriprise Financial Inc. now owns 1,229,464 shares of the bank's stock worth $35,999,000 after acquiring an additional 49,049 shares during the last quarter. First Trust Advisors LP boosted its position in shares of WaFd by 2.9% during the 2nd quarter. First Trust Advisors LP now owns 656,705 shares of the bank's stock valued at $19,228,000 after purchasing an additional 18,401 shares in the last quarter. Bank of America Corp DE lifted its stake in WaFd by 7.1% during the second quarter. Bank of America Corp DE now owns 562,653 shares of the bank's stock valued at $16,474,000 after buying an additional 37,400 shares in the last quarter. Public Sector Pension Investment Board lifted its stake in WaFd by 5.7% during the second quarter. Public Sector Pension Investment Board now owns 273,293 shares of the bank's stock valued at $8,002,000 after buying an additional 14,689 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of WaFd by 9.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 246,467 shares of the bank's stock worth $7,044,000 after purchasing an additional 20,865 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Analysts Set New Price Targets

WAFD has been the topic of a number of recent research reports. Keefe, Bruyette & Woods boosted their target price on shares of WaFd from $30.00 to $32.00 and gave the stock a "market perform" rating in a research report on Monday, July 21st. Wall Street Zen raised shares of WaFd from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Weiss Ratings reissued a "hold (c)" rating on shares of WaFd in a research report on Wednesday, October 8th. Stephens upped their price target on shares of WaFd from $32.00 to $33.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Finally, DA Davidson upped their price target on shares of WaFd from $29.00 to $33.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $32.25.

About WaFd

WaFd, Inc operates as the bank holding company for Washington Federal Bank that provides lending, depository, insurance, and other banking services in the United States. The company offers deposit products, including business and personal checking accounts, and term certificates of deposit, as well as money market accounts and passbook savings accounts.

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