In contrast, analysts from Macquarie, Credit Suisse, Morgan Stanley and Citi all forecast no change in Westpac's dividend. The company was formerly known as Bank of New South Wales and changed its name to Westpac Banking Corporation in October 1982. The article is current as at date of publication. Westpac Banking Corp (WBC:ASX) forecasts: consensus recommendations, research reports, share price forecasts, dividends, and earning history and estimates. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. "While the rest of the world is also facing significant economic disruption, Australia's exports will likely benefit from the recovery in the Chinese economy," he said. What is Westpac Banking current dividend yield, its reliability and sustainability? In July 2019, APRA announced the major banks would each hold an additional $500 million in capital until they have resolved poor governance issues. (Add your “outperform” vote. DRP's give shareholders the option to take dividends in the form of additional shares rather than cash. Westpac Banking saw a increase in short interest during the month of September. He says Westpac still trades on a relatively attractive fully franked fiscal 2020 dividend yield of 5.5 per cent. Westpac Banking is scheduled to release its next quarterly earnings announcement on Monday, November 2nd 2020. Westpac to cut dividend for first time since 2009, tips UBS. Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter. To see all exchange delays and terms of use please see disclaimer. Mr Lynch said the fact that Westpac has been in discussions with AUSTRAC for many months over the possibility of a settlement indicated to him that the regulator may be seeking a larger penalty than the $900 million Westpac has set aside. Morgans analyst Azib Khan said his "base case" was for Commonwealth Bank, ANZ, NAB and Westpac to suspend their next dividends. © 2020 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Zaia says underwriting DRP is a relatively low-risk near-term measure to support the capital base. Those impairment charges included $2.24 billion for likely loan losses, $1.6 billion of which related directly to the severe economic downturn due to COVID-19. The global ratings agency's change in its outlook statement could lead to the banks paying more for money if it leads to an actual downgrade in their rating. Westpac Banking has a market capitalization of $45.40 billion and generates $24.94 billion in revenue each year. "We believe WBC [Westpac] may be able to sustain a payout ratio in the low 80s given the low credit growth environment. Westpac has also granted relief packages to 31,000 business customers on $8 billion worth of loans. The dividend payout ratio of Westpac Banking is 41.35%. Higher operational risks are … Westpac failed to submit millions of reports detailing international funds transfers, many of which appear to be for illegal purposes. You may vote once every thirty days. Identify stocks that meet your criteria using seven unique stock screeners. It pays a dividend yield of 8.97%, putting its dividend yield in the top 25% of dividend-paying stocks. It offers everyday banking, savings, term deposit, moving to Australia, under 21 and student, business one, community solutions one, and foreign currency accounts; home, personal, and business loans; credit cards; international and travel services; and share trading services, and investment and insurance services. Deutsche Bank had already forecast a 15¢ a share cut, to total payouts of $1.73 in 2020. However, he says longer-term Westpac needs a more sustainable solution to its capital requirements. These may change or we may introduce new ones in the future. Jeff Brown is a member of the U.S. Chamber of Digital Commerce... Dividend Sustainability. That will be the same for the full year, as no interim dividend was paid. No reproduction is permitted without the prior written consent of Morningstar. forced Westpac's profit down 22 per cent to $3.3 billion on Monday. Corporation (NYSE:VFC) Falls On Strong Results, Buy Some Now, 7 Stocks to Buy For the Current Housing Boom, 7 Stocks That May Provide the Real Solution to The Coronavirus Puzzle, 7 Stocks That Could Provide a Year-End Rally, 8 Stocks That Robinhood Investors Got Right, 7 Stocks That Will Help You Forget About the Fed, 7 Stocks That Don’t Care Who Wins the Election, 7 Semiconductor Stocks to Power Your Portfolio, 7 Gold Stocks to Buy Before the Fed Changes Its Mind, Australia and New Zealand Banking Group (ANZBY), Associated British Foods plc (ABF.L) (ABF), Receive Analysts' Upgrades and Downgrades Daily. Based on aggregate information from My MarketBeat watchlists, some companies that other Westpac Banking investors own include Intelsat (I), Bank of America (BAC), Fossil Group (FOSL), AMC Entertainment (AMC), Associated British Foods plc (ABF.L) (ABF), Chaarat Gold (CGH), Apollo Global Management (APO), First Data (FDC), China Unicom (Hong Kong) (CHU) and Ciena (CIEN). UBS analyst Jonathan Mott cut his first-half dividend forecasts for ANZ, NAB and Westpac to zero, but he is forecasting payments in future halves. The bank is also facing an appeal by corporate regulator ASIC over allegations it failed to properly assess customers for their suitability for mortgages. Our notice explains how we use cookies and how you can manage them. WBC has today made clear that APRA's current dividend guidance will allow it to pay out up to 50% of the statutory NPAT for FY20 when it considers its final dividend for FY20. The bank's profits slumped 62 per cent due to the impact of provisions for future coronavirus-related losses and a large potential AUSTRAC money laundering penalty. # Note: Two interim dividends, totalling 25 cents, were paid, reflecting the change in rate at which franking was applied. "Over time we are improving our reporting. The bank can be reached via phone at 212-551-1835 or via email at [email protected]. The bank has set aside $900 million as a provisional figure to cover potential penalties, which would make it the biggest sanction on an Australian institution for financial crimes, eclipsing CBA's then-record $700 million settlement with AUSTRAC. The dividend payout ratio of Westpac Banking is 41.35%. How things have change in the space of six weeks as the Coronavirus became the “black swan”. By continuing to use this site we assume you're ok with our notice. Of the major banks, the only anticipated cut was by Westpac, which would reduce its full year dividend to around $1.60 per share, in line with the ANZ and NAB. 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One share of WBK stock can currently be purchased for approximately $13.17. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. Westpac joins ANZ in deferring its interim dividend as it braces for the financial impact of COVID-19, but mounting issues around money laundering and tax reporting may cost it almost as much. We use cookies to secure and tailor your web use. Banks are responding to the pressure by slashing costs, with staff numbers at the big four falling by more than 2800 over the past year, with Commonwealth Bank the only lender to add staff over this period. Two-thirds of those are owner-occupiers, with the other third investors. View Westpac Banking's dividend history. ), Westpac Banking has received 391 “underperform” votes. Mr Mott said three factors would determine what happens to the bank's dividend: the speed of a rise in bad debt costs to more normal levels; changes in official interest rates; and whether regulators allow it to count capital held in New Zealand within its Australian operations. He points out that National Australia Bank took a similar step in May 2019. View analyst ratings for Westpac Banking. Learn about financial terms, types of investments, trading strategies and more. Westpac Banking's stock was trading at $12.40 on March 11th, 2020 when COVID-19 (Coronavirus) reached pandemic status according to the World Health Organization (WHO). To obtain advice tailored to your situation, contact a licensed financial adviser. This information does not take your personal objectives, circumstances or needs into account. Mr Lynch also noted that Westpac has now found potential problems with its global tax reporting obligations, such as under the Foreign Account Tax Compliance Act (FATCA) in the US and the Common Reporting Standards framework. Westpac Banking has received 53.93% “underperform” votes from our community. Popular online brokerages with access to the U.S. stock market include Vanguard Brokerage Services, TD Ameritrade, E*TRADE, Robinhood, Fidelity, and Charles Schwab. And has been asked to share his expertise with officials at the highest level of our national defense and intelligence communities. Shares issued under the DRP are allotted or transferred to you at a price calculated as the arithmetic average of the daily volume weighted average market price per Westpac share of all shares traded over the pricing period. Do Not Sell My Information. Dividend Growth. "As with the Commonwealth Bank case, this could open the door to a revised claim from the regulator, with new allegations.". If you've got money invested in the market – and especially in popular tech stocks – this is critical information for the days ahead... BEc, FCA, CEO, MD of Westpac Group & Director, DipAcc, FCA, Acting Chief Information Officer, Group Exec. "We, like Westpac, assumed earnings growth would eventually bring the payout ratio back to a more sustainable level without a dividend cut. Westpac Banking Corp (WBC:ASX) forecasts: consensus recommendations, research reports, share price forecasts, dividends, and earning history and estimates. Westpac expects that to feed through to property prices and is currently forecasting a 15 per cent national home price decline this year with a further 5 per cent next year. Macquarie analysts said "we suspect banks are likely to choose to suspend their dividends and look to reinstate it (and possibly pay a special dividend) if conditions normalise." Westpac Banking's stock is owned by a number of retail and institutional investors. Westpac Banking earned a news sentiment score of -1.2 on InfoTrie's scale. MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Mr Wiles, who has previously said the bank has "no margin for error" on dividends, also downgraded his forecast for earnings per share, due to weak loan growth and lower fee income.
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