WaFd (NASDAQ:WAFD) Releases Earnings Results, Beats Expectations By $0.08 EPS

Key Points

• WaFd beat expectations: The bank reported $0.82 EPS versus the $0.74 consensus and revenue of $197.38M vs. $190.51M, a big jump from $0.17 EPS a year earlier.
• Dividend announced: WaFd paid a $0.27 quarterly dividend (annualized $1.08) for a 3.3% yield and a payout ratio of about 37.4%.
• Market and analyst snapshot: Shares trade around $32.51 with a $2.47B market cap and a 11.3x P/E, while analysts have a consensus "Hold" rating and an average target of $33.10; institutional investors own ~83.7% of the stock.

WaFd (NASDAQ:WAFD - Get Free Report) posted its quarterly earnings data on Thursday. The bank reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.08, Briefing.com reports. The company had revenue of $197.38 million during the quarter, compared to analysts' expectations of $190.51 million. WaFd had a return on equity of 8.67% and a net margin of 17.45%.During the same quarter in the previous year, the business earned $0.17 EPS.

WaFd Trading Up 0.1%

WAFD stock opened at $32.51 on Friday. The company's 50-day simple moving average is $31.97 and its 200-day simple moving average is $31.60. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.89. WaFd has a 52-week low of $26.31 and a 52-week high of $34.29. The firm has a market cap of $2.47 billion, a P/E ratio of 11.25 and a beta of 0.83.

WaFd Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Friday, February 13th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.08 dividend on an annualized basis and a yield of 3.3%. WaFd's dividend payout ratio is 37.37%.

Insider Buying and Selling

In related news, EVP Cathy E. Cooper sold 5,300 shares of WaFd stock in a transaction on Friday, February 6th. The shares were sold at an average price of $33.77, for a total value of $178,981.00. Following the sale, the executive vice president owned 94,755 shares of the company's stock, valued at approximately $3,199,876.35. This trade represents a 5.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.49% of the company's stock.

Institutional Trading of WaFd

Hedge funds have recently bought and sold shares of the business. Mercer Global Advisors Inc. ADV acquired a new stake in WaFd in the fourth quarter valued at approximately $231,000. XTX Topco Ltd acquired a new position in WaFd during the 4th quarter worth approximately $1,368,000. Wellington Management Group LLP increased its position in shares of WaFd by 399.4% in the 4th quarter. Wellington Management Group LLP now owns 333,712 shares of the bank's stock valued at $10,689,000 after purchasing an additional 266,891 shares during the last quarter. Man Group plc purchased a new stake in shares of WaFd in the 4th quarter valued at approximately $277,000. Finally, AQR Capital Management LLC raised its holdings in shares of WaFd by 22.9% in the 4th quarter. AQR Capital Management LLC now owns 165,138 shares of the bank's stock valued at $5,289,000 after purchasing an additional 30,748 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on WAFD. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of WaFd in a report on Monday, December 29th. Royal Bank Of Canada set a $34.00 target price on WaFd in a research report on Tuesday, January 20th. Wall Street Zen upgraded WaFd from a "sell" rating to a "hold" rating in a research note on Sunday, February 8th. Keefe, Bruyette & Woods lifted their price target on WaFd from $34.00 to $35.00 and gave the stock a "market perform" rating in a research report on Thursday, April 9th. Finally, Piper Sandler cut their price objective on WaFd from $33.50 to $30.50 and set a "neutral" rating on the stock in a report on Tuesday, January 20th. Five analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $33.10.

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.