Westpac Banking Dividends and Buybacks
Dividend criteria checks 3/6
Westpac Banking is a dividend paying company with a current yield of 4.35% that is well covered by earnings.
Key information
4.4%
Dividend yield
0.2%
Buyback Yield
| Total Shareholder Yield | 4.6% |
| Future Dividend Yield | 4.6% |
| Dividend Growth | -4.2% |
| Next dividend pay date | n/a |
| Ex dividend date | n/a |
| Dividend per share | n/a |
| Payout ratio | 75% |
Recent dividend and buyback updates
Recent updates
Narrative Update • May 16
WBC: Higher Risk Assumptions And Dividend Outlook Will Shape Future Upside
Analysts have reduced their Westpac Banking price target from about A$34.87 to roughly A$34.15, reflecting updated views on discount rates, revenue growth, profit margins and future P/E assumptions. Analyst Commentary Analysts are updating their views on Westpac Banking with a mixed tone, focusing on how current assumptions around discount rates, revenue trends, profit margins and future P/E multiples feed into the updated valuation.Narrative Update • Apr 27
WBC: Higher Risk Assumptions Will Constrain Upside From Current Levels
Analysts have trimmed their Westpac Banking price target by A$0.35 to A$34.87, citing slightly revised assumptions for discount rate, revenue growth, profit margin and future P/E. These factors collectively point to a modest recalibration of fair value rather than a major shift in the investment case.Narrative Update • Apr 12
WBC: Slight Discount Rate Shift Will Limit Upside Potential
Analysts have slightly reduced their Westpac Banking price target by about A$0.06, reflecting updated assumptions around discount rates, revenue growth and profit margins in their valuation models. Analyst Commentary Analysts are using the small A$0.06 trim to Westpac Banking's price target as a chance to fine tune their views on how much risk, growth and profitability to build into their models rather than signaling a major shift in stance.Narrative Update • Mar 29
WBC: Refined Discount Rate And P/E Assumptions Will Constrain Future Upside
Analysts have nudged their Westpac Banking price target slightly lower to A$35.27 from A$35.33, citing small refinements to the discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts view the modest cut to the A$35.27 target as a technical clean up after updating discount rate and P/E inputs, rather than a shift in conviction on Westpac Banking's core franchise.Narrative Update • Mar 15
WBC: Steady Assumptions And Elevated P/E Will Limit Future Upside
Analysts have modestly increased their 12 month price target for Westpac Banking to around A$35.33, reflecting small adjustments to fair value, discount rate and assumed future P/E, rather than any major change in the underlying thesis. Valuation Changes Fair Value: A$35.31 adjusted marginally to A$35.33, reflecting a very small change in the underlying valuation inputs.Narrative Update • Mar 01
WBC: Steady Assumptions And Higher P/E Will Restrain Future Returns
Analysts have maintained Westpac Banking's fair value at A$35.31 and made minor adjustments to assumptions such as discount rate, revenue growth, profit margin and future P/E, reflecting a largely steady view of the bank's outlook and risk profile. What's in the News Shareholders approved an amendment to Westpac Banking Corporation's constitution at the annual general meeting held on December 11, 2025.Narrative Update • Feb 14
WBC: Higher P/E Assumptions Will Limit Future Share Price Upside
Analysts have raised their price target for Westpac Banking to A$35.31 from A$33.86, reflecting updated assumptions around revenue growth, profit margin and future P/E. What's in the News Shareholders approved an amendment to Westpac Banking Corporation's constitution at the annual general meeting held on December 11, 2025 (Key Developments).Narrative Update • Nov 12
WBC: Competitive And Regulatory Risks Will Limit Market Upside
Westpac Banking's analyst price target has been increased from A$32.23 to A$33.86, as analysts cite improved profit margins and a recent upgrade in rating following stronger financial outlooks. Analyst Commentary Recent analyst actions reflect a shift in sentiment towards Westpac Banking, particularly with the latest upgrade and price target adjustments.Narrative Update • Oct 29
Near-Term Margin Pressures Will Limit Upside Amid Competitive Headwinds
Westpac Banking's analyst price target has increased modestly from $32.00 to $32.23. Analysts cite improving profit margins and an upgraded rating from Neutral to Sell as key drivers for the upward revision.Narrative Update • Oct 08
Rising Tech Costs And Competition Will Pressure Bank Earnings In Australia
Analysts have raised their fair value estimate for Westpac Banking, increasing the price target from A$31.49 to A$32.00. They cite recent upgrades in market sentiment and improved valuation factors as reasons for the adjustment.Narrative Update • Sep 19
Rising Tech Costs And Competition Will Pressure Bank Earnings In Australia
The slight increase in Westpac Banking’s consensus price target to A$31.49 is primarily supported by a higher future P/E multiple, reflecting improved market expectations for earnings growth. What's in the News HSBC is preparing to sell its Australian retail banking arm, valued in the billions, with $40 billion in loans and $30 billion in deposits.Narrative Update • Sep 04
Rising Tech Costs And Competition Will Pressure Bank Earnings In Australia
Westpac Banking’s fair value estimate was revised marginally higher amid minimal changes in both the consensus future P/E and the discount rate, resulting in a new analyst price target of A$30.71. What's in the News Westpac Banking is considered a leading contender to acquire HSBC's Australian retail banking arm, which is expected to sell for billions of dollars and includes approximately $40 billion in loans and $30 billion in deposits.Narrative Update • Aug 17
Rising Tech Costs And Competition Will Pressure Bank Earnings In Australia
The upward revision in Westpac Banking’s consensus price target reflects improved revenue growth forecasts and a higher future P/E multiple, raising fair value from A$28.65 to A$30.17. What's in the News Westpac Banking is rumored to be a leading contender to acquire HSBC's Australian retail banking arm, which may be valued in the billions of dollars and includes approximately $40 billion in loans and $30 billion in deposits.
New Narrative • Nov 07
Competitive Pressures And Cost Challenges Loom But Calculated Investments Could Bolster Long-Term Growth
Intense competition and changed deposit mix are compressing net interest margins, challenging revenue growth.Stability and Growth of Payments
Fetching dividends data
Stable Dividend: WBC's dividend payments have been volatile in the past 10 years.
Growing Dividend: WBC's dividend payments have fallen over the past 10 years.
Dividend Yield vs Market
| Westpac Banking Dividend Yield vs Market |
|---|
| Segment | Dividend Yield |
|---|---|
| Company (WBC) | 4.4% |
| Market Bottom 25% (AU) | 2.5% |
| Market Top 25% (AU) | 6.7% |
| Industry Average (Banks) | 3.8% |
| Analyst forecast (WBC) (up to 3 years) | 4.6% |
Notable Dividend: WBC's dividend (4.35%) is higher than the bottom 25% of dividend payers in the Australian market (2.53%).
High Dividend: WBC's dividend (4.35%) is low compared to the top 25% of dividend payers in the Australian market (6.65%).
Current Payout to Shareholders
Earnings Coverage: At its current payout ratio (75.1%), WBC's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: WBC's dividends in 3 years are forecast to be covered by earnings (72.9% payout ratio).
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/08/15 21:25 |
| End of Day Share Price | 2026/08/14 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/09/30 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
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Analyst Sources
Westpac Banking Corporation is covered by 21 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Nicholas McGarrigle | Barrenjoey Markets Pty Limited |
| Craig Stafford | Barrenjoey Markets Pty Limited |
| Jonathan Mott | Barrenjoey Markets Pty Limited |