Envestnet Asset Management Inc. has raised its investment in WaFd, Inc. (NASDAQ: WAFD) by 3.0% during the second quarter of 2023, according to its latest 13F filing with the Securities and Exchange Commission. The institutional investor now holds 122,719 shares of WaFd, valued at approximately $3,593,000 after acquiring an additional 3,604 shares in the quarter.
This adjustment in ownership reflects a broader trend among institutional investors in the banking sector. Invesco Ltd., for example, significantly increased its stake in WaFd by 124.3% during the first quarter, now owning 1,107,097 shares valued at $31,641,000. Similarly, Northern Trust Corp raised its position by 5.1%, bringing its total to 875,079 shares valued at $25,010,000. Other notable investors include Aigen Investment Management LP and HSBC Holdings PLC, which also increased their holdings during this period.
Market Performance and Dividend Announcement
As of October 20, 2023, WaFd shares experienced a slight decline of 0.4%, opening at $30.57. The company boasts a market capitalization of $2.41 billion, a P/E ratio of 11.58, and a beta of 0.89. Over the past year, shares have fluctuated between a low of $23.75 and a high of $38.62. The company has a 50-day moving average price of $30.07 and a 200-day moving average price of $29.83.
In addition to the stock performance, WaFd recently announced a quarterly dividend of $0.27 per share, payable on December 5, 2023. The record date for this dividend is set for November 21, 2023, representing an annualized dividend of $1.08 and a yield of 3.5%. The company’s payout ratio currently stands at 40.91%.
Analyst Ratings and Insider Transactions
WaFd has attracted attention from analysts, with various research reports influencing its stock outlook. On October 21, 2023, Stephens raised its price target for WaFd from $32.00 to $33.00, maintaining an “equal weight” rating. Weiss Ratings reiterated a “hold (c)” rating for the stock, while Wall Street Zen downgraded its rating from “hold” to “sell.” Piper Sandler increased its target from $30.00 to $31.00, and Keefe, Bruyette & Woods decreased its price objective from $32.00 to $31.00. Overall, five analysts have rated the stock with a “Hold” rating, with a consensus target price of $32.00, according to MarketBeat.com.
In related news, WaFd Director Sean Singleton sold 1,004 shares of the company on September 17, 2023, at an average price of $31.71, totaling $31,836.84. Following this transaction, he holds 9,278 shares valued at approximately $294,205.38, reflecting a 9.76% decrease in his ownership.
WaFd, Inc. operates as the bank holding company for Washington Federal Bank, providing a range of banking services in the United States, including lending and deposit products. With significant investments and ongoing analyst interest, WaFd continues to be a focal point in the financial sector.
