Zacks Investment Research downgraded shares of Washington Federal, Inc. (NASDAQ:WAFD) from a buy rating to a hold rating in a report released on Monday morning.
According to Zacks, “Shares of Washington Federal have outperformed the industry over the last six months. The performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. The company is well positioned to benefit from continued improvement in loan balances and a rising rate scenario. Further, the deal to acquire Anchor Bancorp is anticipated to be accretive to earnings. However, elevated expenses mainly due to integration charges are expected to hurt bottom line growth. Also, its exposure to risky loan portfolios makes us apprehensive.”
Other analysts also recently issued research reports about the stock. Royal Bank Of Canada reaffirmed a hold rating and set a $35.00 price target on shares of Washington Federal in a report on Friday, September 8th. ValuEngine downgraded shares of Washington Federal from a buy rating to a hold rating in a report on Thursday, September 7th. BidaskClub raised shares of Washington Federal from a sell rating to a hold rating in a report on Saturday, June 10th. Finally, Keefe, Bruyette & Woods reaffirmed a hold rating and set a $34.00 price target on shares of Washington Federal in a report on Wednesday, May 24th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. The company has a consensus rating of Hold and an average target price of $33.50.
Shares of Washington Federal (NASDAQ:WAFD) opened at 32.50 on Monday. Washington Federal has a 12-month low of $25.15 and a 12-month high of $35.95. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of 17.10 and a beta of 1.13. The stock’s 50 day moving average is $31.85 and its 200 day moving average is $32.80.
Washington Federal (NASDAQ:WAFD) last posted its quarterly earnings data on Tuesday, July 18th. The bank reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. The firm had revenue of $122.54 million during the quarter, compared to the consensus estimate of $120.35 million. Washington Federal had a net margin of 29.06% and a return on equity of 8.57%. Equities analysts expect that Washington Federal will post $1.91 earnings per share for the current year.
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In other news, Director Thomas J. Kelley sold 6,100 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $33.72, for a total transaction of $205,692.00. Following the completion of the sale, the director now owns 21,185 shares of the company’s stock, valued at approximately $714,358.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.28% of the company’s stock.
Several institutional investors have recently modified their holdings of WAFD. Meadow Creek Investment Management LLC lifted its holdings in shares of Washington Federal by 9.3% during the 1st quarter. Meadow Creek Investment Management LLC now owns 3,200 shares of the bank’s stock worth $106,000 after acquiring an additional 272 shares during the period. Creative Planning lifted its holdings in shares of Washington Federal by 3.1% during the 2nd quarter. Creative Planning now owns 3,327 shares of the bank’s stock worth $110,000 after acquiring an additional 101 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Washington Federal by 61.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,816 shares of the bank’s stock worth $126,000 after acquiring an additional 1,459 shares during the period. Neuburgh Advisers LLC lifted its holdings in shares of Washington Federal by 9.3% during the 1st quarter. Neuburgh Advisers LLC now owns 4,400 shares of the bank’s stock worth $146,000 after acquiring an additional 374 shares during the period. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Washington Federal by 1.1% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 5,522 shares of the bank’s stock worth $183,000 after acquiring an additional 62 shares during the period. 83.81% of the stock is owned by institutional investors.
Washington Federal Company Profile
Washington Federal, Inc is a bank holding company. The Company conducts its operations through a federally insured national bank subsidiary, Washington Federal, National Association (the Bank). The business of the Bank consists primarily of accepting deposits from the general public and investing these funds in loans of various types, including first lien mortgages on single-family dwellings, construction loans, land acquisition and development loans, loans on multi-family, commercial real estate and other income producing properties, home equity loans and business loans.
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