Westpac Banking Corporation (WBK) Increases Dividend to $0.72 Per Share
Westpac Banking Corporation (NYSE:WBK) declared a dividend on Monday, November 6th, NASDAQ reports. Investors of record on Monday, November 13th will be paid a dividend of 0.717 per share by the bank on Tuesday, January 2nd. The ex-dividend date is Friday, November 10th. This is an increase from Westpac Banking Corporation’s previous dividend of $0.71.
Westpac Banking Corporation has decreased its dividend payment by an average of 48.7% annually over the last three years. Westpac Banking Corporation has a payout ratio of 74.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Westpac Banking Corporation to earn $1.93 per share next year, which means the company should continue to be able to cover its $1.42 annual dividend with an expected future payout ratio of 73.6%.
Westpac Banking Corporation (NYSE:WBK) opened at $24.82 on Tuesday. Westpac Banking Corporation has a 1-year low of $22.17 and a 1-year high of $27.05.
Several research firms have commented on WBK. Zacks Investment Research downgraded shares of Westpac Banking Corporation from a “buy” rating to a “hold” rating in a report on Friday, August 18th. Credit Suisse Group cut shares of Westpac Banking Corporation from an “outperform” rating to a “neutral” rating in a research report on Monday. Morgan Stanley raised shares of Westpac Banking Corporation from an “equal weight” rating to an “overweight” rating in a research report on Thursday, July 20th. Citigroup Inc. raised shares of Westpac Banking Corporation from a “sell” rating to a “neutral” rating in a research report on Wednesday, July 19th. Finally, BidaskClub raised shares of Westpac Banking Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 13th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Westpac Banking Corporation currently has an average rating of “Hold” and an average price target of $28.00.
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About Westpac Banking Corporation
Westpac Banking Corporation is a banking organization. The Company provides a range of banking and financial services in markets, including consumer, business and institutional banking and wealth management services. The Company is engaged in the provision of financial services, including lending, deposit taking, payments services, investment portfolio management and advice, superannuation and funds management, insurance services, leasing finance, general finance, interest rate risk management and foreign exchange services.
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