FBR Capital Reiterates an 'Outperform' on Washington Federal (WFSL); Solid Results, Capital Management Remains at the Forefront

FBR Capital reiterates an 'Outperform' on Washington Federal (NASDAQ: WFSL), PT $20.

FBR analyst says, "We reiterate our rating and our price target on WFSL following 3Q11 (June) earnings, in which Washington Federal reported EPS of $0.27, just ahead of FBR's $0.26 estimate and Street expectations for $0.24. WFSL's earnings were solid and the capital management story remains the same, though credit improvement is slowing and the company is shrinking its balance sheet. Credit improved as both NPAs and NCOs declined, albeit at a slower pace than past quarters, and REO expense fell as the company continues to dispose of foreclosed properties. Washington Federal released $2.5M of reserves as credit continues to improve."

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 $16.95 yesterday.

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