WaFd (NASDAQ:WAFD) Posts Earnings Results, Misses Expectations By $0.02 EPS

Key Points

• WaFd reported quarterly earnings of $0.81 per share, coming in $0.02 below Wall Street expectations of $0.83.
• The stock rose on the day, trading up to $39.32 and nearing its 52-week high of $39.49, despite the earnings miss.
• WaFd also paid a quarterly dividend of $0.27 per share, which works out to an annualized yield of 2.7%.

WaFd (NASDAQ:WAFD - Get Free Report) issued its earnings results on Thursday. The bank reported $0.81 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.02), Zacks reports. WaFd had a return on equity of 8.94% and a net margin of 18.25%.

WaFd Price Performance

Shares of WAFD traded up $0.93 during trading hours on Thursday, reaching $39.32. 788,892 shares of the company's stock traded hands, compared to its average volume of 629,675. WaFd has a 12 month low of $26.31 and a 12 month high of $39.49. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.14. The stock has a market cap of $2.91 billion, a PE ratio of 12.85 and a beta of 0.83. The firm's 50 day simple moving average is $36.47 and its 200-day simple moving average is $33.98.

WaFd Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Friday, May 22nd were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Friday, May 22nd. WaFd's dividend payout ratio (DPR) is 35.29%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Zacks Research downgraded shares of WaFd from a "strong-buy" rating to a "hold" rating in a report on Monday, June 22nd. Piper Sandler upped their target price on shares of WaFd from $30.50 to $36.00 and gave the stock a "neutral" rating in a report on Monday, April 20th. Keefe, Bruyette & Woods increased their target price on shares of WaFd from $35.00 to $38.00 and gave the stock a "market perform" rating in a research note on Monday, April 20th. Finally, Weiss Ratings raised shares of WaFd from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, WaFd has an average rating of "Hold" and an average price target of $34.80.

Insider Transactions at WaFd

In other WaFd news, EVP Kim E. Robison sold 22,000 shares of WaFd stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $35.28, for a total transaction of $776,160.00. Following the completion of the sale, the executive vice president directly owned 116,099 shares in the company, valued at $4,095,972.72. The trade was a 15.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.49% of the stock is currently owned by insiders.

Institutional Trading of WaFd

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its position in WaFd by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,980,089 shares of the bank's stock worth $159,514,000 after acquiring an additional 26,000 shares in the last quarter. Ameriprise Financial Inc. raised its position in WaFd by 11.8% during the third quarter. Ameriprise Financial Inc. now owns 1,375,110 shares of the bank's stock valued at $41,652,000 after purchasing an additional 145,646 shares in the last quarter. Bank of New York Mellon Corp raised its position in WaFd by 5.7% during the fourth quarter. Bank of New York Mellon Corp now owns 712,302 shares of the bank's stock valued at $22,815,000 after purchasing an additional 38,376 shares in the last quarter. First Trust Advisors LP lifted its stake in WaFd by 6.3% during the third quarter. First Trust Advisors LP now owns 698,303 shares of the bank's stock worth $21,152,000 after purchasing an additional 41,598 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in WaFd by 6.7% during the third quarter. Bank of America Corp DE now owns 600,572 shares of the bank's stock worth $18,191,000 after purchasing an additional 37,919 shares during the last quarter. 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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