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SEATTLE - WaFd Inc. (NASDAQ:WAFD), a national commercial banking company with a market capitalization of $2.4 billion and a solid track record of maintaining dividend payments for 43 consecutive years, announced the approval of its 2025 Stock Incentive Plan following a shareholder vote on Monday. The new plan, which comes into effect after the expiration of the 2020 Incentive Stock Plan on January 22, 2025, aims to attract and retain qualified personnel by aligning their interests with those of the shareholders through equity participation.
The 2025 Plan, administered by the company’s Compensation Committee, allows for the issuance of 3,250,000 shares of common stock. It includes provisions for stock options, restricted stock awards, restricted stock units, performance awards, and other stock-based awards. The company has demonstrated its commitment to shareholder returns by raising its dividend for six consecutive years, currently offering a 3.5% yield. The plan emphasizes a minimum vesting period of three years for awards based on continued service and one year for those tied to performance objectives, with certain exceptions.
This plan is part of the company’s broader strategy to incentivize performance and is structured to ensure that the compensation of its employees is directly connected to the company’s growth and profitability. According to InvestingPro analysis, WaFd maintains a Fair Value that suggests the stock is currently undervalued, despite generating a revenue growth of 5.3% in the last twelve months. Subscribers to InvestingPro can access 12 additional investment tips and comprehensive financial metrics for deeper analysis. The Board retains the authority to amend or terminate the plan, which is set to expire on February 11, 2030. With a P/E ratio of 13.5 and a price-to-book ratio of 0.89, the company’s valuation metrics reflect its current market position.
In the same meeting, shareholders also voted on the election of directors, a non-binding advisory vote on executive compensation, and the ratification of Deloitte & Touche, LLP as the independent registered public accountants for fiscal 2025. All proposals were approved, including the election of five directors for varying terms.
The approval of the 2025 Stock Incentive Plan and other items was detailed in the definitive proxy statement filed with the SEC on December 23, 2024, and supplemented on January 29, 2025. The full text of the 2025 Plan and related award agreements can be referenced in the exhibits of the current report on Form 8-K filed by WaFd Inc.
The information in this article is based on a press release statement.
In other recent news, WaFd Inc. has declared a cash dividend for holders of its Series A Preferred Stock, set at $12.1875 per share. This is part of the company’s ongoing financial management practices and continues its tradition of providing dividends. In related developments, WaFd, Inc. has also increased its regular quarterly cash dividend to 27 cents per share, marking the company’s 168th consecutive quarterly cash dividend.
In the analyst sphere, DA Davidson has downgraded Washington Federal’s stock from Buy to Neutral, following a first-quarter earnings miss for fiscal year 2025 and a strategic pivot. Similarly, Piper Sandler has maintained a Neutral rating on Washington Federal, but reduced the bank’s price target from $37.00 to $31.00. This adjustment is in response to the bank’s strategic exit from single-family residential lending and a weaker-than-anticipated net interest margin.
These are recent developments for WaFd Inc. and Washington Federal, reflecting changes in dividends, strategic direction, and analyst ratings.
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