SEATTLE - WaFd Inc., a Washington-based financial institution, has announced it will disclose its earnings for the quarter ending June 30, 2024, after market close on Tuesday, July 16, 2024. This information is based on a recent filing with the Securities and Exchange Commission.
The announcement was made on Monday and is part of a regular update provided by the company to its investors and the public. WaFd, formerly known as Washington Federal (NASDAQ:WAFD) Inc., underwent a name change in late September 2023, as reflected in its SEC filings.
The company's common stock, with a par value of $1.00 per share, is listed on the NASDAQ Stock Market under the ticker symbol WAFD. Moreover, its Depositary Shares, each representing a 1/40th interest in a share of 4.875% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock, are also traded on NASDAQ under the symbol WAFDP.
The SEC filing includes cautionary statements regarding forward-looking information, which inherently involves risks and uncertainties that could cause actual results to differ materially from what is projected or forecasted. These risks are detailed in the company's Annual Report on Form 10-K for the year ended September 30, 2023, as well as other reports filed with the SEC.
WaFd Inc. emphasizes that any forward-looking statements made in the report are based on current management assumptions and do not guarantee future performance. The company also states that it has no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of the report.
Investors and interested parties can access the company's financial disclosures and reports on the SEC's website. WaFd Inc. operates within the national commercial banks sector under the industrial classification code 6021 and is headquartered at 425 Pike Street, Seattle, Washington.
This report is based on a press release statement and provides a factual summary of the company's forthcoming earnings release without any additional analysis or commentary.
In other recent news, WaFd Inc. has been making strategic moves that have attracted attention from Wall Street analysts. The company sold $3.2 billion of LBC loans at 91.96%, a move that aligns closely with the held-for-sale book's carrying value. This transaction is expected to add approximately 80 basis points to WaFd's Common Equity Tier 1 ratio, enhancing the company's balance sheet flexibility.
In addition to this, WaFd's board approved an increase in its share repurchase authorization by an additional 10 million shares, bringing the total to 11.8 million shares.
Piper Sandler has adjusted its earnings per share estimates for WaFd for 2024 and 2025 in light of these developments. Keefe, Bruyette & Woods, Inc. has set a price target of $35.00 for WaFd Inc with an "Outperform" rating, while another firm has given WaFd a "Neutral" rating with a price target of $29.00.
In other developments, the company has declared a regular cash dividend of 26 cents per share. These recent developments indicate that WaFd is making strategic decisions aimed at enhancing its financial position and shareholder value.
InvestingPro Insights
As WaFd Inc. gears up to release its quarterly earnings, investors are closely monitoring its financial health and market performance. With a market capitalization of $2.29 billion and a price-to-earnings (P/E) ratio standing at 10.82, WaFd presents a potentially attractive valuation in the banking sector.
The company's ability to maintain consistent dividend payments, as evidenced by a 3.64% dividend yield and a track record of 42 consecutive years of dividend payments, underscores its commitment to shareholder returns. Still, it is important to note the anticipation of a net income drop this year, according to InvestingPro Tips.
InvestingPro Tips also highlight that despite weak gross profit margins, analysts predict the company will remain profitable this year, which is supported by the company's profitability over the last twelve months. For investors seeking further insights and tips, there are additional InvestingPro Tips available for WaFd at Investing.com/pro/WAFD. Interested investors can leverage these insights along with a special offer: use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
Understanding the broader context of WaFd's financial trajectory, the revenue has seen a decline of 11.36% over the last twelve months, which might be a point of concern for some investors. Nonetheless, the company's stock is currently trading at 82.57% of its 52-week high, indicating room for potential growth. With the next earnings date set for July 11, 2024, stakeholders will be looking for signs of resilience and strategic direction that may influence the company's future performance.
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