Capitol Federal Financial (CFFN, Financial) filed Amended Annual Report for the period ended 2010-09-30.
Capitol Federal Financial Inc has a market cap of $2.1 billion; its shares were traded at around $12.55 with a P/E ratio of 33.7 and P/S ratio of 5.2. The dividend yield of Capitol Federal Financial Inc stocks is 2.4%.Hedge Fund Gurus that owns CFFN: Michael Price of MFP Investors LLC, Daniel Loeb of Third Point, LLC, Jim Simons of Renaissance Technologies LLC, Louis Moore Bacon of Moore Capital Management, LP, Steven Cohen of SAC Capital Advisors, David Einhorn of Greenlight Capital Inc. Mutual Fund and Other Gurus that owns CFFN: First Pacific Advisors of First Pacific Advisors, LLC.
In general, the Company performance targets for the STPP are based upon the ensuing year s forecast of business activity, interest rates, pricing assumptions, operating assumptions and forecasted net income. The Committee requires that the target efficiency ratio for each fiscal year be no worse than the actual efficiency ratio of the just completed fiscal year. The purpose of the efficiency ratio performance target is to focus the officers on keeping operating expenses under control and at the lowest level possible, regardless of the impact of interest rates on the operations of the Company. The targets for earnings per share and return on average equity are established based upon the forecasted performance of the Company and anticipated capital management plans for the Company. Except as noted above with regard to the target efficiency ratio, the targets for each of the performance goals are independent of the prior year s results. Forecasted performance may include the Company s internal forecasts and the forecasts of outside analysts. For fiscal year 2010, the targets were established based upon internally generated (budgeted) performance results and externally generated performance results from analysts who cover the Company. The results were weighted 80% for the internally generated results and 20% for the external results. For fiscal year 2011, because of the then-pending Conversion, the targets were established based entirely on the Company s internal forecasts.
There are two “scales” for each performance target: (i) a “target” scale, which includes increments between the target level of performance and a maximum level of performance, and decrements between the target level of performance and a minimum level of performance; and (ii) an “award scale,” which proceeds at one percent increments beginning at 20% in correspondence to the minimum performance level on the target scale, through 60% in correspondence to the target level of performance on the target scale, and up to 100% in correspondence to the maximum level of performance on the target scale. Plan participants will earn a percentage on the award scale for a particular performance target of between 20% (if performance is at the minimum level of performance on the target scale) and 100% (if performance is at or above the maximum level of performance on the target scale). The percentage earned on the award scale for a particular performance target will be zero if performance is below the minimum level of performance on the target scale. The average of the percentages earned on the award scales for the three performance targets represents the total percentage of the maximum possible STPP award each participant has earned for the Company performance component of the STPP award. In order to pay the full amount of an award under the STPP based on performance above the target level, the Committee must determine that the Company had actual net income for the fiscal year in excess of targeted net income for the fiscal year equal to at least five times the aggregate dollar amount of the portion of the total STPP awards for that year that would be made above the target level.
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Capitol Federal Financial Inc has a market cap of $2.1 billion; its shares were traded at around $12.55 with a P/E ratio of 33.7 and P/S ratio of 5.2. The dividend yield of Capitol Federal Financial Inc stocks is 2.4%.Hedge Fund Gurus that owns CFFN: Michael Price of MFP Investors LLC, Daniel Loeb of Third Point, LLC, Jim Simons of Renaissance Technologies LLC, Louis Moore Bacon of Moore Capital Management, LP, Steven Cohen of SAC Capital Advisors, David Einhorn of Greenlight Capital Inc. Mutual Fund and Other Gurus that owns CFFN: First Pacific Advisors of First Pacific Advisors, LLC.
Highlight of Business Operations:
All officers of the Company are eligible to receive cash bonuses on an annual basis under the Short Term Performance Plan (“STPP”), based upon the Company s financial performance and the individual officer s performance during the fiscal year. The cash awards are made in January of the year following the fiscal year end of September 30 (i.e., in January 2011, in the case of the STPP award for the fiscal year ended September 30, 2010). A participant s STPP award may not exceed the percentage of salary specified in the plan for his or her position level. For the Chairman, President and CEO, the maximum percentage is 60%, and for each of the other NEOs, the maximum percentage is 40%. The STPP is intended to:In general, the Company performance targets for the STPP are based upon the ensuing year s forecast of business activity, interest rates, pricing assumptions, operating assumptions and forecasted net income. The Committee requires that the target efficiency ratio for each fiscal year be no worse than the actual efficiency ratio of the just completed fiscal year. The purpose of the efficiency ratio performance target is to focus the officers on keeping operating expenses under control and at the lowest level possible, regardless of the impact of interest rates on the operations of the Company. The targets for earnings per share and return on average equity are established based upon the forecasted performance of the Company and anticipated capital management plans for the Company. Except as noted above with regard to the target efficiency ratio, the targets for each of the performance goals are independent of the prior year s results. Forecasted performance may include the Company s internal forecasts and the forecasts of outside analysts. For fiscal year 2010, the targets were established based upon internally generated (budgeted) performance results and externally generated performance results from analysts who cover the Company. The results were weighted 80% for the internally generated results and 20% for the external results. For fiscal year 2011, because of the then-pending Conversion, the targets were established based entirely on the Company s internal forecasts.
There are two “scales” for each performance target: (i) a “target” scale, which includes increments between the target level of performance and a maximum level of performance, and decrements between the target level of performance and a minimum level of performance; and (ii) an “award scale,” which proceeds at one percent increments beginning at 20% in correspondence to the minimum performance level on the target scale, through 60% in correspondence to the target level of performance on the target scale, and up to 100% in correspondence to the maximum level of performance on the target scale. Plan participants will earn a percentage on the award scale for a particular performance target of between 20% (if performance is at the minimum level of performance on the target scale) and 100% (if performance is at or above the maximum level of performance on the target scale). The percentage earned on the award scale for a particular performance target will be zero if performance is below the minimum level of performance on the target scale. The average of the percentages earned on the award scales for the three performance targets represents the total percentage of the maximum possible STPP award each participant has earned for the Company performance component of the STPP award. In order to pay the full amount of an award under the STPP based on performance above the target level, the Committee must determine that the Company had actual net income for the fiscal year in excess of targeted net income for the fiscal year equal to at least five times the aggregate dollar amount of the portion of the total STPP awards for that year that would be made above the target level.
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