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SEATTLE - WaFd, Inc. (NASDAQ:WAFD), the holding company for WaFd Bank, has declared a regular quarterly cash dividend of 26 cents per share. The payment, part of the company's long-standing dividend program, is scheduled for September 6, 2024, for shareholders on record as of August 23, 2024. This marks the company's 166th consecutive quarterly cash dividend.
WaFd Bank, a Washington state chartered commercial bank with federal insurance, has been serving customers since 1917. It offers a range of financial products including deposit accounts, business and real estate financing, and insurance products through a subsidiary. As of June 30, 2024, WaFd, Inc. reported operating 210 branches across nine states with $28.6 billion in assets, $21.2 billion in deposits, and $2.9 billion in shareholders' equity.
Washington Federal (NASDAQ:WAFD) also sold $3.2 billion of Loan Balance Challenge (LBC) loans, a strategic move that is expected to add approximately 80 basis points to WaFd's Common Equity Tier 1 (CET1) ratio, enhancing the company's balance sheet flexibility.
InvestingPro Insights
As WaFd, Inc. (NASDAQ:WAFD) continues its tradition of rewarding shareholders with regular dividends, investors may be intrigued by the company's financial health and future prospects. According to InvestingPro data, WaFd holds a market capitalization of $2.71 billion, demonstrating its substantial presence in the banking sector. The bank's commitment to shareholder returns is further evidenced by a notable dividend yield of 3.14% as of late 2024, which is competitive in the financial industry.
InvestingPro Tips highlight that WaFd has not only raised its dividend for 5 consecutive years but has also maintained dividend payments for an impressive 42 years in a row. This consistency in dividend payments underscores the company's financial stability and long-term approach to shareholder value. Additionally, a strong return over the last three months, with a total return of 17.45%, could signal robust investor confidence in the bank's performance.
From a valuation perspective, WaFd's price-to-earnings (P/E) ratio of 13.38 is a key metric that suggests the company's earnings are reasonably priced in the market. Moreover, the bank's P/E ratio has adjusted slightly higher to 14.07 in the last twelve months as of Q3 2024, potentially reflecting a cautious but stable outlook from investors.
For those seeking more in-depth analysis, InvestingPro offers additional insights and tips on WaFd. Currently, there are 6 more InvestingPro Tips available, which can provide investors with a more nuanced understanding of the bank's financial performance and potential investment opportunities. For more details, investors can visit https://www.investing.com/pro/WAFD.
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