We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
WAFD Rewards Stockholders With Buyback Plan for 10M Shares
Read MoreHide Full Article
WaFd, Inc. (WAFD - Free Report) has announced a new share repurchase program. Under the plan, the board of directors has authorized an additional buyback of 10 million shares. This brings the total authorization available to 11.8 million shares as of Mar 31, 2024.
Earlier, in 2019, WAFD had announced an additional share buyback of 10 million.
In the last three fiscal years, the company repurchased 12.7 million shares at a weighted average price of $31.32. This represented 17% of the shares outstanding on Oct 1, 2020.
Concurrently, WaFd announced a regular quarterly cash dividend of 26 cents per share. The dividend will be paid out on Jun 7 to shareholders of record as of May 24. Considering the last day’s closing price of $28.73, the company’s dividend yield currently stands at 3.62%. This is impressive compared with the industry’s 2.96%.
WAFD has been increasing its dividend on a regular basis, with the latest one announced this February. Over the past five years, the company has raised its dividend six times, with annualized dividend growth of 4.7%. At present, its payout ratio is 33% of earnings.
Additionally, in February, WaFd acquired Luther Burbank Corporation (LBC) and forayed into the lucrative California market. The acquisition of LBC will be almost 8% accretive to its earnings in fiscal 2025 and result in some cost savings too.
The company has a decent balance sheet. As of Mar 31, 2024, WaFd had total borrowings of $5.3 billion, and cash and cash equivalents were $1.51 billion. Given the earnings strength and solid balance sheet position, its capital distributions are likely to be sustainable going forward.
Over the past six months, shares of WAFD have rallied 5.2% compared with the industry’s rise of 12.2%.
UBS Group AG (UBS - Free Report) announced a new share repurchase program. Under the plan, starting from Apr 3, the company is authorized to buy back up to $2 billion worth of common stock. The program will expire on Apr 2, 2026.
This year, UBS is expected to buy back up to $1 billion worth of shares under the new plan. This will start following the completion of the merger between UBS AG and Credit Suisse AG, which is expected to take place in the second quarter of 2024.
TrustCo Bank Corp NY (TRST - Free Report) announced a stock buyback plan. The company’s board of directors approved a program under which TRST may repurchase up to 0.2 million shares or 1% of its outstanding current stock.
The company’s last buyback plan expired on Mar 17, 2024. On Mar 17, 2023, TRST’s board of directors approved a share repurchase program of up to 0.2 million shares.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
WAFD Rewards Stockholders With Buyback Plan for 10M Shares
WaFd, Inc. (WAFD - Free Report) has announced a new share repurchase program. Under the plan, the board of directors has authorized an additional buyback of 10 million shares. This brings the total authorization available to 11.8 million shares as of Mar 31, 2024.
Earlier, in 2019, WAFD had announced an additional share buyback of 10 million.
In the last three fiscal years, the company repurchased 12.7 million shares at a weighted average price of $31.32. This represented 17% of the shares outstanding on Oct 1, 2020.
Concurrently, WaFd announced a regular quarterly cash dividend of 26 cents per share. The dividend will be paid out on Jun 7 to shareholders of record as of May 24. Considering the last day’s closing price of $28.73, the company’s dividend yield currently stands at 3.62%. This is impressive compared with the industry’s 2.96%.
WAFD has been increasing its dividend on a regular basis, with the latest one announced this February. Over the past five years, the company has raised its dividend six times, with annualized dividend growth of 4.7%. At present, its payout ratio is 33% of earnings.
Additionally, in February, WaFd acquired Luther Burbank Corporation (LBC) and forayed into the lucrative California market. The acquisition of LBC will be almost 8% accretive to its earnings in fiscal 2025 and result in some cost savings too.
The company has a decent balance sheet. As of Mar 31, 2024, WaFd had total borrowings of $5.3 billion, and cash and cash equivalents were $1.51 billion. Given the earnings strength and solid balance sheet position, its capital distributions are likely to be sustainable going forward.
Over the past six months, shares of WAFD have rallied 5.2% compared with the industry’s rise of 12.2%.
Image Source: Zacks Investment Research
Currently, WaFd carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Other Banks Rewarding Shareholders
UBS Group AG (UBS - Free Report) announced a new share repurchase program. Under the plan, starting from Apr 3, the company is authorized to buy back up to $2 billion worth of common stock. The program will expire on Apr 2, 2026.
This year, UBS is expected to buy back up to $1 billion worth of shares under the new plan. This will start following the completion of the merger between UBS AG and Credit Suisse AG, which is expected to take place in the second quarter of 2024.
TrustCo Bank Corp NY (TRST - Free Report) announced a stock buyback plan. The company’s board of directors approved a program under which TRST may repurchase up to 0.2 million shares or 1% of its outstanding current stock.
The company’s last buyback plan expired on Mar 17, 2024. On Mar 17, 2023, TRST’s board of directors approved a share repurchase program of up to 0.2 million shares.