- Washington Federal reported a pretty sector-typical quarter, with weaker spread income but lower provisioning expense.
- Management has succeeded in diversifying the loan book away from mortgages, but has also continued to lose share in its core market.
- Washington Federal returns a lot of capital to shareholders and has some M&A potential, but the core growth story still looks lackluster.
- The shares look modestly undervalued, but there are a lot of other options to consider at this point.
For further details see:
Washington Federal May Be A Little Undervalued, But There's Not A Lot To Argue For It As A Buy