SEATTLE, WA – WaFd Inc. (NASDAQ:WAFD), previously known as Washington Federal (NASDAQ:WAFD) Inc., has scheduled the release of its earnings results for the quarter and fiscal year ended September 30, 2024. The announcement, as stated in a recent 8-K filing with the Securities and Exchange Commission, is set for after the close of business on Thursday, October 17, 2024.
The 8-K filing, a standard requirement for notifying the public of significant events that shareholders should know about, provides shareholders and the market with regulatory disclosures. WaFd Inc., which operates under the industrial classification of National Commercial Banks, has its headquarters located at 425 Pike Street, Seattle, Washington.
The company has also made it clear that the forward-looking statements in the 8-K report are based on current management assumptions and are subject to risks and uncertainties that could cause actual results to differ materially.
These statements include projections about the company's performance and are not guarantees of future performance. The company has referred to its Annual Report on Form 10-K for the year ended September 30, 2023, for a detailed discussion of risk factors.
WaFd Inc. has securities registered under Section 12(b) of the Act, including common stock and depositary shares representing a share of fixed-rate Series A non-cumulative perpetual preferred stock, both traded on the NASDAQ Stock Market under the symbols WAFD and WAFDP, respectively.
The information provided in this article is based on the company's statements in the SEC filing and is intended to inform investors about the upcoming earnings release. WaFd Inc. has emphasized that it does not undertake any obligation to update forward-looking statements to reflect events or circumstances that arise after the date of the report.
In other recent news, WaFd Inc has been creating a buzz in the financial sector with a series of strategic decisions and impressive financial results. The company announced a cash dividend of $12.1875 per share on its 4.875% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock, and a regular quarterly cash dividend of 26 cents per share, marking the company's 166th consecutive quarterly cash dividend. Additionally, the company sold $3.2 billion of Loan Balance Challenge (LBC) loans, a move expected to enhance the company's balance sheet flexibility.
From an analyst perspective, DA Davidson increased WaFd's price target to $39 while maintaining a Buy rating, citing an anticipated rise in net interest margin (NIM), managed expenses, and stable credit conditions as contributing factors. Stephens, another financial services firm, raised the price target for WaFd to $36.00, maintaining an Equal Weight rating on the stock.
WaFd's second-quarter results outperformed analysts' expectations, with operational earnings per share (EPS) of $0.76, beating the predicted $0.51. The company's pre-provision net revenue (PPNR) also exceeded forecasts, reporting at $85.6 million, an 18% beat.
In the broader industry context, U.S. regional banks, including WaFd, have been increasing their provisions for credit losses due to concerns over potential defaults in the commercial real estate (CRE) sector, exacerbated by high interest rates. Despite these challenges, WaFd's CEO Brent Beardall expressed confidence when the bank sold $2.8 billion in multi-family loans without a loss.
InvestingPro Insights
As WaFd Inc. prepares to release its earnings for the quarter and fiscal year ended September 30, 2024, investors might find additional context from recent financial data and analyst insights valuable. According to InvestingPro, WaFd has a market capitalization of $2.75 billion and a P/E ratio of 13.62, suggesting a relatively modest valuation compared to some peers in the banking sector.
InvestingPro Tips highlight that WaFd has maintained dividend payments for an impressive 42 consecutive years, demonstrating a strong commitment to shareholder returns. This consistency aligns with the company's track record, as it has raised its dividend for 5 consecutive years. With a current dividend yield of 3.1%, WaFd offers an attractive income proposition for investors.
The company's financial health appears solid, with InvestingPro data showing an operating income margin of 43.24% for the last twelve months as of Q3 2024. This robust profitability metric may provide some reassurance to investors ahead of the upcoming earnings announcement.
For those interested in a more comprehensive analysis, InvestingPro offers additional tips and metrics that could provide deeper insights into WaFd's financial position and future prospects.
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