FBR Capital Reiterates an 'Outperform' on Washington Federal (WFSL); Solid Capital Base Creates Value
Tweet
Share
E-mailGet Alerts WFSL Hot Sheet
Price: $16.01 +0.25%
Rating Summary:
0 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
0 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
FBR Capital reiterates an 'Outperform' on Washington Federal (NASDAQ: WFSL), PT $20.
FBR analyst says, "WFSL's earnings were lackluster, but there were a few highlights in the quarter, and the capital management story remains the same. Credit improved as both NPAs and NCOs declined, and REO expense fell as the company continues to dispose of foreclosed properties. Washington Federal built reserves by $4M as management remains concerned by the effects of falling home prices. Underlying fundamentals were weaker this quarter as NIM contracted 8 bps to 3.26% and operating revenues fell slightly. That said, we believe that WFSL's story is more of a capital management story, though we acknowledge that it will likely take longer for Washington Federal to deploy excess capital in the form of acquisitions than initially anticipated...We are adjusting our FY11 and FY12 operating EPS estimates to $0.95 and $1.40 from $1.09 and $1.50, respectively, to take into account a slightly higher provision expense and mild NIM contraction."
For more ratings news on Washington Federal click here and for the rating history of Washington Federal click here.
Shares of Washington Federal closed at $16.02 yesterday.
FBR analyst says, "WFSL's earnings were lackluster, but there were a few highlights in the quarter, and the capital management story remains the same. Credit improved as both NPAs and NCOs declined, and REO expense fell as the company continues to dispose of foreclosed properties. Washington Federal built reserves by $4M as management remains concerned by the effects of falling home prices. Underlying fundamentals were weaker this quarter as NIM contracted 8 bps to 3.26% and operating revenues fell slightly. That said, we believe that WFSL's story is more of a capital management story, though we acknowledge that it will likely take longer for Washington Federal to deploy excess capital in the form of acquisitions than initially anticipated...We are adjusting our FY11 and FY12 operating EPS estimates to $0.95 and $1.40 from $1.09 and $1.50, respectively, to take into account a slightly higher provision expense and mild NIM contraction."
For more ratings news on Washington Federal click here and for the rating history of Washington Federal click here.
Shares of Washington Federal closed at $16.02 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
- SVB & T Corporation (SVBT) Tops Q2 EPS by 275c
- Cisco rating cut at HSBC as analyst sees a lack of catalysts
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
