SEATTLE - WaFd, Inc. (NASDAQ:WAFD), the parent company of Washington Federal (NASDAQ:WAFD) Bank, has declared a regular cash dividend of 26 cents per share, scheduled for payment on June 7, 2024, to shareholders of record as of May 24, 2024. This marks the company's 165th consecutive quarterly dividend.
In addition to the dividend announcement, the company's Board of Directors has approved an increase in the share repurchase program, authorizing an additional 10 million shares for buyback. This adjustment raises the total number of shares currently authorized for repurchase to 11.8 million. Over the past three fiscal years, WaFd has repurchased 12.7 million shares at a weighted average price of $31.32, which amounts to 17% of the shares outstanding as of October 1, 2020.
Brent J. Beardall, President and CEO, stated that the board's decisions reflect its confidence in the company's future prospects.
WaFd Bank, established in 1917, operates 210 branches across nine states, offering services that include consumer and commercial deposit accounts, business and real estate financing, and insurance products through a subsidiary. As of March 31, 2024, WaFd, Inc. reported $30.1 billion in assets, $21.3 billion in deposits, and $2.9 billion in shareholders' equity.
The company advises that the information provided should be considered alongside its financial statements and other disclosures found in its SEC filings, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements contained in the press release are based on current information and reasonable assumptions but are not guarantees of future performance. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.
The company's financial performance and condition could be subject to changes based on various risks and uncertainties, as detailed in the "Risk Factors" section of its Annual Report on Form 10-K for the year ended September 30, 2023. For more information on WaFd Bank or to access the company's SEC filings, interested parties can visit www.wafdbank.com. This report is based on a press release statement from WaFd, Inc.
InvestingPro Insights
As WaFd Inc. (NASDAQ:WAFD) continues to demonstrate its commitment to shareholders with its 165th consecutive quarterly dividend and an expanded share repurchase program, the company's financial metrics provide additional context for investors. The recent data from InvestingPro shows a P/E Ratio of 11.02, indicating that the stock may be trading at a reasonable valuation relative to its earnings. Moreover, the company's Price / Book ratio as of the last twelve months stands at 0.89, which could suggest that the stock is potentially undervalued compared to the net asset value of the company.
Despite a challenging environment with revenue declining by 11.36% over the last twelve months, WaFd Inc. has maintained a solid operating income margin of 39.71%, signifying efficient management and profitability in operations. Additionally, the company's dividend yield as of the given date is an attractive 3.65%, coupled with a dividend growth of 4.0%, reflecting a reliable income stream for investors.
InvestingPro Tips highlight that WaFd Inc. has raised its dividend for 5 consecutive years, which aligns with the company's latest dividend announcement. However, it's important to note that some analysts have revised their earnings expectations downwards for the upcoming period, and net income is expected to drop this year. Investors interested in a deeper analysis can find more InvestingPro Tips on WaFd Inc., including insights on profitability and gross profit margins, by visiting https://www.investing.com/pro/WAFD. Additionally, there are 6 more tips available on InvestingPro that could provide further guidance on the company's performance.
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