Wafd Inc (WAFD)

Shares of Washington Federal (WAFD) dropped by 5.08% from $26.40 to $25.06 in the trading on Wednesday, October 18, 2023. The reason why WAFD stock down is due to its fourth-quarter fiscal 2023 (ended Sep 30) earnings report, which revealed earnings of 72 cents per share, missing the Zacks Consensus Estimate of 91 cents and marking a 32.7% year-over-year decline. The results reflected decreased net interest income (NII) and other income, along with higher provisions driven by a deteriorating economic outlook. However, the report did note a slight decline in other expenses and a marginal rise in loan balances. Net revenues for the quarter were $178.03 million, down 5.4% from the previous year, and fiscal 2023 earnings per share reached $3.72, climbing 9.7%. Despite these figures, the stock price declined as it failed to meet analyst expectations.