WaFd (NASDAQ:WAFD) Upgraded by Zacks Research to Strong-Buy Rating

Key Points

• Zacks Research upgraded WaFd from a "hold" to a "strong-buy," and the stock's consensus analyst rating is "Moderate Buy" with a consensus target price of $34.80 after several firms raised targets.
• Quarterly results beat estimates: WaFd reported $0.83 EPS versus $0.74 expected and $197.66M in revenue versus $190.51M expected, with analysts forecasting $3.21 EPS for the current fiscal year.
• Notable insider selling: EVP Kim E. Robison sold 22,000 shares (~$776K) in April, reducing her stake by about 15.9%; insiders now own 1.49% of the stock while institutional investors hold roughly 83.7%.

WaFd (NASDAQ:WAFD - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Monday,Zacks.com reports.

Other analysts have also issued reports about the company. Weiss Ratings raised WaFd from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, April 17th. Keefe, Bruyette & Woods lifted their target price on WaFd from $35.00 to $38.00 and gave the stock a "market perform" rating in a research report on Monday, April 20th. Piper Sandler lifted their target price on WaFd from $30.50 to $36.00 and gave the stock a "neutral" rating in a research report on Monday, April 20th. Wall Street Zen raised WaFd from a "sell" rating to a "hold" rating in a research report on Sunday, February 8th. Finally, Royal Bank Of Canada set a $34.00 target price on WaFd in a research report on Tuesday, January 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 MarketBeat.com, WaFd presently has an average rating of "Moderate Buy" and a consensus target price of $34.80.

WaFd Trading Up 0.2%

Shares of WAFD opened at $35.58 on Monday. WaFd has a 12 month low of $26.31 and a 12 month high of $36.01. The stock has a market cap of $2.70 billion, a PE ratio of 11.63 and a beta of 0.83. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.97 and a quick ratio of 0.95. The stock's 50-day moving average is $32.32 and its two-hundred day moving average is $31.94.

WaFd (NASDAQ:WAFD - Get Free Report) last announced its earnings results on Thursday, April 16th. The bank reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.09. WaFd had a return on equity of 8.94% and a net margin of 18.25%.The business had revenue of $197.66 million for the quarter, compared to analyst estimates of $190.51 million. During the same period in the previous year, the company earned $0.17 earnings per share. Equities analysts forecast that WaFd will post 3.21 earnings per share for the current fiscal year.

Insider Activity

In other WaFd news, EVP Kim E. Robison sold 22,000 shares of the company's stock in a transaction that occurred on 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 $4,095,972.72. This represents a 15.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Cathy E. Cooper sold 5,300 shares of the company's stock in a transaction that occurred on 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. This trade represents a 5.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.49% of the stock is owned by insiders.

Institutional Investors Weigh In On WaFd

Institutional investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. lifted its position in WaFd by 42.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,174 shares of the bank's stock worth $34,000 after purchasing an additional 352 shares during the period. McIlrath & Eck LLC lifted its position in WaFd by 57.6% in the second quarter. McIlrath & Eck LLC now owns 1,327 shares of the bank's stock worth $39,000 after purchasing an additional 485 shares during the period. Hantz Financial Services Inc. lifted its position in WaFd by 604.5% in the third quarter. Hantz Financial Services Inc. now owns 1,423 shares of the bank's stock worth $43,000 after purchasing an additional 1,221 shares during the period. Danske Bank A S acquired a new stake in WaFd in the third quarter worth approximately $51,000. Finally, Blue Trust Inc. lifted its position in WaFd by 36.0% in the third quarter. Blue Trust Inc. now owns 1,837 shares of the bank's stock worth $56,000 after purchasing an additional 486 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

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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