Washington Federal Rating Lowered to Neutral at Zacks (WAFD)
Washington Federal (NASDAQ:WAFD) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a note issued to investors on Thursday, AnalystRatingsNetwork reports. They currently have a $21.50 price target on the stock. Zacks‘ target price points to a potential upside of 3.71% from the stock’s previous close.
Zacks‘ analyst wrote, “We are downgrading our long-term recommendation on Washington Federal to Neutral given its considerable exposure to a still volatile real estate market. However, the company’s fiscal third-quarter (ended Jun 30) earnings marginally outpaced the Zacks Consensus Estimate primarily driven by higher other income, partially offset by a decline in net interest income and higher operating expenses. Though the company has been enjoying the benefits of lower interest rates, going forward its deposit re-pricing effort will likely be challenged with rise in interest rates. Nevertheless, continued capital deployment activities, inorganic expansions and balance sheet restructuring initiatives are expected to benefit the company’s financials in the long run.”
Washington Federal (NASDAQ:WAFD) traded down 0.58% during mid-day trading on Thursday, hitting $20.61. 158,895 shares of the company’s stock traded hands. Washington Federal has a one year low of $15.64 and a one year high of $22.78. The stock’s 50-day moving average is $21.10 and its 200-day moving average is $19.12. The company has a market cap of $2.133 billion and a P/E ratio of 15.24.
Washington Federal (NASDAQ:WAFD) last posted its quarterly earnings results on Thursday, July 18th. The company reported $0.36 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.33 by $0.03. On average, analysts predict that Washington Federal will post $1.38 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, October 18th. Stockholders of record on Friday, October 4th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.93%. The ex-dividend date is Wednesday, October 2nd. This is a boost from Washington Federal’s previous quarterly dividend of $0.09.
Separately, analysts at McAdams Wright Ragen downgraded shares of Washington Federal (NASDAQ:WAFD) to a “hold” rating in a research note to investors on Tuesday, July 23rd. Five investment analysts have rated the stock with a hold rating, The company currently has a consensus rating of “Hold” and a consensus price target of $18.00.
Washington Federal, Inc is a non-diversified unitary savings and loan holding company, which conducts its operations through a federally-insured savings association subsidiary, Washington Federal (NASDAQ:WAFD).
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