WaFd (NASDAQ:WAFD) Sets New 1-Year High - What's Next?

Key Points

• WaFd's stock hit a new 52-week high of $36.06 (last $36.0230) and is trading above its 50- and 200-day moving averages; Wall Street sentiment is mixed-to-positive with a consensus "Moderate Buy" and a $34.80 target while several firms (Keefe Bruyette, Piper Sandler, Zacks) recently raised ratings or price targets.
• The bank beat expectations for the quarter — $0.83 EPS vs. $0.74 estimate and $197.66M revenue vs. $190.51M — leaving a P/E of 11.66 and analysts forecasting about 3.21 EPS for the year.
• Insiders have sold shares recently (EVP Kim Robison sold 22,000 shares at ~$35.28), insiders now own 1.49% of shares, and institutional ownership is high at 83.71% with several large managers significantly increasing positions.

WaFd, Inc. (NASDAQ:WAFD - Get Free Report)'s stock price hit a new 52-week high on Thursday . The stock traded as high as $36.06 and last traded at $36.0230, with a volume of 85082 shares changing hands. The stock had previously closed at $35.64.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on WAFD shares. Keefe, Bruyette & Woods raised their price target on WaFd from $35.00 to $38.00 and gave the company a "market perform" rating in a report on Monday, April 20th. Zacks Research upgraded WaFd from a "hold" rating to a "strong-buy" rating in a report on Monday, April 27th. Royal Bank Of Canada set a $34.00 price target on WaFd in a report on Tuesday, January 20th. Wall Street Zen upgraded WaFd from a "sell" rating to a "hold" rating in a report on Sunday, February 8th. Finally, Piper Sandler raised their price target on WaFd from $30.50 to $36.00 and gave the company a "neutral" rating in a report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.80.

WaFd Price Performance

The company has a quick ratio of 0.95, a current ratio of 0.97 and a debt-to-equity ratio of 1.14. The firm has a fifty day moving average price of $32.53 and a two-hundred day moving average price of $32.13. The stock has a market capitalization of $2.71 billion, a P/E ratio of 11.66 and a beta of 0.85.

WaFd (NASDAQ:WAFD - Get Free Report) last released its quarterly earnings data on Friday, April 17th. The bank reported $0.83 EPS for the quarter, topping the consensus estimate of $0.74 by $0.09. WaFd had a return on equity of 8.94% and a net margin of 18.25%.The company had revenue of $197.66 million during the quarter, compared to the consensus estimate of $190.51 million. During the same period last year, the company earned $0.17 EPS. On average, analysts expect that WaFd, Inc. will post 3.21 EPS for the current year.

Insider Activity

In related news, EVP Kim E. Robison sold 22,000 shares of WaFd stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $35.28, for a total value of $776,160.00. Following the completion of the sale, the executive vice president directly owned 116,099 shares in the company, valued at approximately $4,095,972.72. This trade represents a 15.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Cathy E. Cooper sold 5,300 shares of WaFd stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $33.77, for a total value of $178,981.00. Following the completion of the sale, the executive vice president owned 94,755 shares of the company's stock, valued at $3,199,876.35. The trade was a 5.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.49% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On WaFd

Several large investors have recently bought and sold shares of the business. Wellington Management Group LLP boosted its position in WaFd by 399.4% in the fourth quarter. Wellington Management Group LLP now owns 333,712 shares of the bank's stock worth $10,689,000 after purchasing an additional 266,891 shares during the last quarter. ExodusPoint Capital Management LP boosted its position in WaFd by 373.8% in the fourth quarter. ExodusPoint Capital Management LP now owns 287,947 shares of the bank's stock worth $9,223,000 after purchasing an additional 227,174 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in WaFd by 52.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 448,716 shares of the bank's stock worth $14,372,000 after purchasing an additional 153,556 shares during the last quarter. Ameriprise Financial Inc. boosted its position in WaFd by 11.8% in the third quarter. Ameriprise Financial Inc. now owns 1,375,110 shares of the bank's stock worth $41,652,000 after purchasing an additional 145,646 shares during the last quarter. Finally, Millennium Management LLC boosted its position in WaFd by 1,533.5% in the third quarter. Millennium Management LLC now owns 146,578 shares of the bank's stock worth $4,440,000 after purchasing an additional 137,605 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

WaFd Company 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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