US bank WaFd jumps after Q2 profit beats estimates

Regional lender WaFd's WAFD.O shares jump 7% to $26.23

WAFD late Friday reported Q2 profit above Wall Street expectations, after missing estimates in the previous quarter

Brokerage Stephens reiterates "equal-weight" rating, says Q2 fee income levels were modestly elevated and it is likely to normalize lower

WAFD is pivoting to commercial banking as it focuses on higher-margin business lines

CEO Brent Beardall says bank is off to a good start on the shift toward business banking

All four brokerages covering the stock rate it "hold"; median PT $30, per data compiled by LSEG

WAFD's shares down 18.5% YTD