WaFd (NASDAQ:WAFD) Announces Quarterly Earnings Results

WaFd (NASDAQ:WAFD) posted its earnings results on Thursday. The bank reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01), Zacks reports. The business had revenue of $191.37 million for the quarter, compared to analyst estimates of $193.36 million. WaFd had a net margin of 16.02% and a return on equity of 8.40%.

WaFd Stock Down 4.0%

WaFd stock traded down $1.34 during midday trading on Friday, reaching $32.39. The company’s stock had a trading volume of 968,974 shares, compared to its average volume of 463,386. The company has a market cap of $2.48 billion, a P/E ratio of 12.27 and a beta of 0.86. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.64. The business has a 50-day simple moving average of $32.28 and a 200-day simple moving average of $30.96. WaFd has a fifty-two week low of $23.75 and a fifty-two week high of $33.92.

WaFd Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Friday, November 21st were paid a $0.27 dividend. The ex-dividend date was Friday, November 21st. This represents a $1.08 dividend on an annualized basis and a yield of 3.3%. WaFd’s payout ratio is currently 40.91%.

Insiders Place Their Bets

In related news, CEO Brent J. Beardall bought 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were purchased at an average cost of $16.85 per share, with a total value of $50,550.00. Following the transaction, the chief executive officer directly owned 6,000 shares of the company’s stock, valued at approximately $101,100. This represents a 100.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.49% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. CIBC Bancorp USA Inc. purchased a new stake in WaFd during the third quarter worth about $255,000. Danske Bank A S acquired a new stake in shares of WaFd during the 3rd quarter valued at approximately $51,000. Dark Forest Capital Management LP boosted its stake in shares of WaFd by 7.0% during the 3rd quarter. Dark Forest Capital Management LP now owns 119,208 shares of the bank’s stock worth $3,611,000 after acquiring an additional 7,761 shares in the last quarter. Verition Fund Management LLC grew its holdings in shares of WaFd by 10.5% in the 3rd quarter. Verition Fund Management LLC now owns 54,304 shares of the bank’s stock worth $1,645,000 after acquiring an additional 5,148 shares during the period. Finally, Millennium Management LLC increased its stake in WaFd by 1,533.5% in the 3rd quarter. Millennium Management LLC now owns 146,578 shares of the bank’s stock valued at $4,440,000 after purchasing an additional 137,605 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Wall Street Zen upgraded WaFd from a “sell” rating to a “hold” rating in a research report on Saturday. Keefe, Bruyette & Woods reduced their price target on shares of WaFd from $32.00 to $31.00 and set a “market perform” rating on the stock in a research report on Monday, October 20th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of WaFd in a research report on Monday, December 29th. Five equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, WaFd currently has an average rating of “Hold” and a consensus price target of $32.00.

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.