Washington Federal Inc. (NASDAQ:WAFD) stock has reached a new 52-week high, trading at $37.5. This milestone reflects a significant uptrend for the company, which has seen an impressive 1-year change of 42.34%. Investors have shown increased confidence in Washington Federal's performance, driving the stock to this new high. The company's robust financial results and positive market sentiment have contributed to the stock's strong showing over the past year, culminating in this week's peak price level.
In other recent news, WaFd Inc. reported its earnings results for the quarter and fiscal year ended in September 2024, surpassing analysts' expectations with an operational earnings per share (EPS) of $0.76, outperforming the projected $0.51. Pre-provision net revenue also exceeded forecasts, reporting at $85.6 million, an 18% beat. The company declared 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 its 166th consecutive quarterly cash dividend.
WaFd also sold $3.2 billion of Loan Balance Challenge (LBC) loans, a strategic decision anticipated to enhance its balance sheet flexibility. Analysts have reacted to these developments, with DA Davidson increasing WaFd's price target to $39 while maintaining a Buy rating, and Stephens raising the price target for WaFd to $36.00, maintaining an Equal Weight rating.
Piper Sandler adjusted its outlook on WaFd, reducing the stock's price target to $35 from the previous $36, reflecting a revised earnings per share (EPS) estimate for the fiscal year 2025 and the introduction of an estimate for fiscal 2026. The new price target is based on a 12.5 times multiple applied to the revised fiscal 2025 EPS estimate, which has been decreased to $2.84 from the earlier projection of $3.10. These are the recent developments for WaFd Inc.
InvestingPro Insights
Washington Federal Inc.'s (WAFD) recent achievement of a new 52-week high aligns with several key metrics and insights from InvestingPro. The stock is currently trading near its 52-week high, with a price that is 98.83% of its peak, confirming the strong uptrend mentioned in the article. This performance is further supported by WAFD's impressive 1-year price total return of 32.08%, as reported by InvestingPro.
InvestingPro data reveals that WAFD has a P/E ratio of 14.95, suggesting that the stock may still be reasonably valued despite its recent gains. The company's dividend yield stands at 3.06%, which could be attractive to income-focused investors. Notably, WAFD has maintained dividend payments for 42 consecutive years and has raised its dividend for 5 consecutive years, as highlighted by InvestingPro Tips. This consistent dividend history underscores the company's financial stability and commitment to shareholder returns.
While the stock's performance has been strong, investors should be aware that 3 analysts have revised their earnings downwards for the upcoming period, according to InvestingPro Tips. This information, along with 7 additional tips available on InvestingPro, can provide a more comprehensive view of WAFD's financial health and future prospects.
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