WaFd, Inc. (WAFD) Reports Q1 Net Income of $64.2M, Missing Expectations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: Yahoo Finance
- Earnings Report: WaFd, Inc. reported a net income of $64.2 million for Q1, translating to earnings of 79 cents per share, but adjusted earnings of 75 cents fell short of Wall Street's expectation of 76 cents, indicating pressure on profitability.
- Revenue Performance: The company posted total revenue of $342.8 million during the period, with net revenue after interest expenses at $191.4 million, both missing market forecasts, reflecting challenges in business growth.
- Market Reaction: Given the disappointing results, WaFd's stock price may face downward pressure, prompting investors to monitor future quarters for signs of performance improvement.
- Industry Context: In the current economic environment, the banking sector is generally facing challenges from rising interest rates and weakened credit demand, and WaFd's performance decline may be indicative of broader industry trends.
Analyst Views on WAFD
Wall Street analysts forecast WAFD stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for WAFD is 30.67 USD with a low forecast of 30.00 USD and a high forecast of 31.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Analyst Rating
0 Buy
3 Hold
0 Sell
Hold
Current: 33.040
Low
30.00
Averages
30.67
High
31.00
Current: 33.040
Low
30.00
Averages
30.67
High
31.00
About WAFD
WaFd, Inc. is a bank holding company that conducts its primary business through its subsidiary, Washington Federal Bank. Washington Federal Bank, a federally insured Washington state chartered commercial bank doing business as WaFd Bank (the Bank), is engaged in providing lending, depository, insurance, and other banking services to consumers, mid-sized to large businesses, and owners and developers of commercial real estate. The Bank's business consists primarily of accepting deposits from the public and investing these funds in loans of various types, including first-lien mortgages on single-family dwellings, construction loans, loans on multifamily, commercial real estate and other income-producing properties, home equity loans and business loans. The Bank invests in certain United States government and agency obligations and other investments. The Bank has approximately 208 branches located in Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico, and Texas.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
