Hi Just wondering if any one can give me some decent advice (fairly new to investing). I currently have 15k in Westpac at approx $18, I was just looking to leave that 15k in a long term safe stock, is it worth holding onto, or is there something else I should get on. I was considering Wesfarmers at the time, but went with Westpac and thus far Wesfarmers is doing much better. I had assumed Westpac (and banks in general) wont go any lower and will rise shortly.
WBC - Westpac Banking Corporation
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UMike
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Probably should of put $7500 in each and diversify.
Def not giving advice but I sold most of my banks the latest being ANZ last week as I am sure when the rent negotiation period ends and repayments get back to normal I am preparing for some shocks to the market. But then again these shocks could already be priced in!
Def not giving advice but I sold most of my banks the latest being ANZ last week as I am sure when the rent negotiation period ends and repayments get back to normal I am preparing for some shocks to the market. But then again these shocks could already be priced in!
Knobby22
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Westpac has reached a deal with AUSTRAC to settle more than 23 million alleged breaches of anti-money laundering laws by paying a record $1.3 billion penalty.
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Yep, it was released to the market early this morning, hopefully this has already been priced in.
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At least it brings the saga to an end, the whole situation was getting ridiculous.
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Huge relief WBC has stabilized at it's $16 support,
Due to the size of the fine, initial concern was price crashing through eight option strikes, only set up for four.
Due to the size of the fine, initial concern was price crashing through eight option strikes, only set up for four.
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They had already provisioned for most of it, the good thing was the judge telling them to put a line under it, the way it was going it would have trundled on for years. WBC tells AUSTRAC they have found more incidents, AUSTRAC saying thanks we will add them to the list and start again, well that is how it appeared.Huge relief WBC has stabilized at it's $16 support,
Due to the size of the fine, initial concern was price crashing through eight option strikes, only set up for four.
WBC gets the fine, fixes its proceedures/ I.T and AUSTRAC get a pat on the back, everyone is happy, except the shareholders.
Now WBC can get back to helping the Government fix the pandemic mess, by assisting borrowers, then when that is over bank bashing can start again. ?
Knobby22
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It appears the bank tried to get a fine of $900 mil (CBAs was $700 mil) but were laughed out of the park by the Attorney General due to the many child molesters and drug runners using Westpac as their bank of choice.
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Wespac looks like giving us all an indication of what we can expect from banks this year:
Their CEO said “First half earnings were considerably higher than the prior corresponding period, mainly due to an impairment benefit reflecting improved asset quality and a better economic outlook. Notable items were also lower. We improved balance sheet strength, with our Common Equity Tier 1 capital ratio rising 153 basis points to 12.34 per cent."
Their CEO said “First half earnings were considerably higher than the prior corresponding period, mainly due to an impairment benefit reflecting improved asset quality and a better economic outlook. Notable items were also lower. We improved balance sheet strength, with our Common Equity Tier 1 capital ratio rising 153 basis points to 12.34 per cent."
Dona Ferentes
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And 58¢ per share for the reinstated dividend is paying out 60 per cent of its profits.
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WBC has sold off dramatically after rising costs and mgt stuff ups have cost heaps. This is spite of a 3.5B buyback and a raised div of 0.60/s.
This is a falling knife that I've bought in a conservative large cap portfolio. I've bought a half position here and will wait to see what happens to price next. This is a not a trade but an active hold.
This is a falling knife that I've bought in a conservative large cap portfolio. I've bought a half position here and will wait to see what happens to price next. This is a not a trade but an active hold.
Craton
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Another 2.86% drop at the time of writing.
Not spruiking but Motley Fool reported Goldman Sachs downgrade:
Not spruiking but Motley Fool reported Goldman Sachs downgrade:
What did the broker say?
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If it keeps going like this, the buy back won't be very attractive for the punters.
Craton
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Too right @sptrawler. Possibly having an impact as am thinking WBC is also further being marked down for not returning the proposed $3.5b buyback to shareholders.
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Brokers and analysts have no idea what to value WBC currently.
Waiting for RBA news this arvo.
WBC will go XD 5/11 and price will drop another 0.60. I'm not concerned but will wait for price to base before adding to my initial position. Rising interest rates (next year) are good for banks provided they've anticipated the increase in home loan defaults.
Waiting for RBA news this arvo.
WBC will go XD 5/11 and price will drop another 0.60. I'm not concerned but will wait for price to base before adding to my initial position. Rising interest rates (next year) are good for banks provided they've anticipated the increase in home loan defaults.
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I'll definitely be putting a minimum price on the shares I want to sell into the buyback, I'm not here to do favours for them, they certainly haven't done any for us shareholders. 
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There'll be plenty of time for us to discuss the buy-back. I want $26, the price before the news.
Considering the legacy issues (2015 - 2020) I wonder if we can claw back all the bonuses paid to executives in that period. Executive bonuses are an absolute rort. The board at CHC are considering a $16M bonus for it's CEO. Absolutely scandalous.
Considering the legacy issues (2015 - 2020) I wonder if we can claw back all the bonuses paid to executives in that period. Executive bonuses are an absolute rort. The board at CHC are considering a $16M bonus for it's CEO. Absolutely scandalous.
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WBC punters aren't buying the div. Price remains near the recent low.
Dona Ferentes
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last day today, before WBC goes Ex-divi.
With the 45-day rule, I'd think there would be nervousness?
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Any thoughts on how to approach the buy back? Other than cautiously.
I'm thinking a lot will depend on personal tax implications, initial purchase price and a definite minimum price.
With the current price, I would guess there wont be many offering their shares at a 8%-14% discount.
Some who bought in at the March covid crash, may be interested.
It will be interesting, a bit of a dumb play by WBC IMO, but they are getting a reputation for dumb plays.
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