WaFd Inc announces preferred stock dividend

SEATTLE - WaFd Inc, a Washington-based national commercial bank, declared a cash dividend for its preferred stockholders on Monday. The company announced a dividend of $12.1875 per share on its 4.875% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock, equivalent to $0.30468750 per depositary share, each representing a 1/40th interest in a share of Series A Preferred Stock.

The dividend is scheduled for payment on October 15, 2024, to shareholders of record at the close of business on September 30, 2024. The preferred shares are traded on the NASDAQ Stock Market under the ticker symbol "WAFDP."

This financial event follows WaFd Inc's recent name changes, having been known as Washington Federal (NASDAQ:WAFD) Inc before September 27, 2023, and subsequently as WAFD Inc until September 28, 2023. The company's fiscal year-end is on September 30.

The information provided is based on the company's most recent SEC filing.

In other recent news, WaFd, Inc., the holding company for WaFd Bank, announced a regular quarterly cash dividend of 26 cents per share, marking the company's 166th consecutive quarterly cash dividend. The company also sold $3.2 billion of Loan Balance Challenge (LBC) loans, a strategic move expected to enhance the company's balance sheet flexibility.

In the context of analyst perspectives, DA Davidson adjusted its outlook on WaFd, increasing the bank's price target to $39 while maintaining a Buy rating. The firm highlighted potential factors contributing to the bank's performance, including an anticipated rise in net interest margin (NIM), managed expenses, and stable credit conditions. Meanwhile, Stephens, a financial services firm, raised the price target for WaFd to $36.00, maintaining an Equal Weight rating on the stock.

In terms of earnings, 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 other recent developments, 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.

These are the recent developments for WaFd.

InvestingPro Insights

As WaFd Inc continues to reward its shareholders with dividends, real-time data from InvestingPro offers a deeper understanding of the company's financial health and market performance. The market capitalization of WaFd Inc stands at $2.71 billion, showcasing the company's substantial presence in the banking sector. With a Price/Earnings (P/E) ratio of 13.38, the bank is positioned attractively in terms of earnings multiples, indicating a potentially favorable investment compared to peers with higher P/E ratios.

InvestingPro Tips highlight that WaFd Inc has not only raised its dividend for 5 consecutive years, but also has maintained dividend payments for an impressive 42 consecutive years, demonstrating a strong commitment to shareholder returns. Additionally, the company has experienced a strong return over the last three months, with a 17.25% price total return, reflecting positive investor sentiment and market performance.

For those looking to delve deeper into WaFd Inc's financials and future prospects, InvestingPro offers a wealth of additional tips. Currently, there are 6 more InvestingPro Tips available, which can provide investors with a more nuanced view of the company's performance and potential investment opportunities.

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