Washington Federal
NASDAQ symbol WFSL, operates savings & loan branches in the western U.S. states.
MCCORMICK & CO. INC. $40 has agreed to buy 26% of Eastern Condiments Private Ltd., a leading maker of spices and seasonings in India. The deal should close by the end of 2010. McCormick is paying $35 million for this stake; it earned $66.2 million, or $0.49 a share, in the three months ended May 31, 2010. India is the …read more »
ALLIANT ENERGY CORP. $29 (New York symbol LNT; Income Portfolio, Utilities sector; Shares outstanding: 110.5 million; Market cap: $3.2 billion; Price-to-sales ratio: 0.8; WSSF Rating: Average) expects that it earned $2.65 a share in 2008. However, earnings for 2009 will likely drop to between $2.18 and $2.48 a share as the slowing economy has hurt electricity demand. The stock now …read more »
STATE STREET CORP. $72 (New York symbol STT; Aggressive Growth Portfolio, Finance sector; Shares outstanding: 431.3 million; Market cap: $31.1 billion; WSSF Rating: Average) earned $570 million in the second quarter of 2008, up 55.7% from $366 million a year earlier. Most of that gain was due to State Street’s acquisition of Investors Financial Services Corp. in July 2007 for …read more »
INTERNATIONAL BUSINESS MACHINES INC. $124 (New York symbol IBM; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 1.4 billion; Market cap: $173.6 billion; WSSF Rating: Above average) earned $1.65 a share in the three months ended March 31, 2008, up 36.4% from $1.21 a year earlier. Revenue rose 11.4%, to $24.5 billion from $22.0 billion.
IBM continues to gain from …read more »
WASHINGTON FEDERAL INC. $23 (Nasdaq symbol WFSL; Aggressive Growth Portfolio, Finance sector; 87.4 million; Market cap: $2.0 billion; WSSF Rating: Average) expects to receive regulatory approval for its $189.8 million cash-and-stock acquisition of Seattlebased First Mutual Bancshares, Inc. by the end of 2007. The price is roughly 20 times First Mutual’s earnings, but should add to Washington Federal’s fiscal 2008 …read more »
WASHINGTON FEDERAL INC. $27 (NASDAQ symbol WFSL) has agreed to acquire First Mutual Bancshares, Inc. for $189.8 million in cash and stock. The price is a third more than the $143.1 million or $1.64 a share it earned in fiscal 2006. First Mutual is profitable, and will immediately add to Washington Federal’s earnings. The company also raised its quarterly dividend …read more »
WASHINGTON FEDERAL, INC. $24 (Nasdaq symbol WFSL; WSSF Rating: Average) operates 122 savings and loans branches in seven western states. Single-family residential mortgages account for 70% of its loan portfolio.
The company is doing a good job managing its loan portfolio. When interest rates were low, it decided to hold most of its assets in cash instead of chasing less profitable …read more »
In analyzing thrift companies, investors often focus on the latest predictions on interest-rate trends and the health of the housing boom. In contrast, the top thrifts look to maintain and expand their businesses by expanding and refining the products and services they offer, and by using carefully chosen acquisitions to expand or enhance their profits.
Here are three top thrift companies …read more »
