Washington Federal Raises Dividend, Expands Buybacks

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Regional banking concern Washington Federal announced yesterday its third-quarter dividend of $0.10 per share, an 11% increase from the payout made to investors last quarter of $0.09 per share. The board of directors said the quarterly dividend is payable on Oct. 18 to the holders of record at the close of business on Oct. 4.

The board also said it was authorizing the buyback of 10 million more shares under its existing share-repurchase authorization. So far in its current fiscal year, the bank has bought back 6 million shares, or 5.7%, of the stock that was outstanding at the beginning of the year, at an average price of $17.33.

Noting the actions represented confidence in the bank's future, Washington Federal Chairman, President, and CEO Roy M. Whitehead said, "Given current market conditions, we expect to continue to actively repurchase shares."

The regular dividend payment equates to a $0.40-per-share annual dividend, yielding 2% based on the closing price today of Washington Federal's stock.

WAFD Dividend Chart

WAFD Dividend data by YCharts

The article Washington Federal Raises Dividend, Expands Buybacks originally appeared on Fool.com.

Fool contributor Rich Duprey and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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