Insights

Could the Westpac (ASX:WBC) share price be about to take off?

The bank is a good prospect to some investing experts.
The post Could the Westpac (ASX:WBC) share price be about to take off? appeared first on The Motley Fool Australia. –

The Westpac Banking Corp (ASX: WBC) share price is looking good, at least according to some experts.

At the close of trade on Friday, shares in one of Australia’s ‘big 4’ banks were at $25.67 – down 2.14%. For context, the S&P/ASX 200 Index (ASX: XJO) had a monster of a day. It ended yesterday 1.44% lower.

Let’s take a closer look.

Why experts are seeing upside in the Westpac share price

Fairmont Equities managing director Michael Gable was previously reported by Motley Fool on how he believes the Westpac share price would be about to “break out”.

“What’s interesting is that we had a share price peak in June,” he told Finance News Network.

“As it tried to recover, instead of it being sold back down … it’s just managed to head sideways. This is a good sign.”

Gable believes once the recent $25.74 resistance level is breached, Westpac shares could gain momentum upwards. This has already occurred.

As well, analysts at Morgans think a Westpac share buyback is “likely”.

The bank is scheduled to release its full-year results on November 1 and Morgans is urging investors to buy.

“WBC is our preferred major bank,” said Morgans. “We expect WBC to announce a $5bn off-market share buyback on 1 November and we expect investors to increasingly warm up to WBC’s medium-term cost out story.”

The broker has an add rating on the Westpac share price with a price target of $29.50 a share.

What else has happened recently?

Westpac has also announced changes to its board.

In a statement to the ASX, Westpac announced Steve Harker’s retirement from the board. Harker joined the board in March 2019.

Westpac Chair John McFarlane said at the time:

On behalf of the board, I would like to thank Steve for his considerable contribution to Westpac, in what has been a challenging time for the company.

Early this year, Steve signalled he was considering retiring from the board as he requires a double lung transplant and wants to focus on his health. We commend Steve for his professionalism and commitment to shareholders throughout his tenure and wish him a fast recovery.

Westpac share price snapshot

Over the past 12 months, the Westpac share price has increased 43%. Year-to-date, shares in the company are 32.52% higher.

Its 52-week high is $27.12 and its 52-week low is $17.18.

Westpac Banking Corp has a market capitalisation of approximately $95 billion.

The post Could the Westpac (ASX:WBC) share price be about to take off? appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

This big bank ASX share is ready to break out

Westpac (ASX: WBC) share price rises as it announces changes to its board

Latest ASX 200 shares to make it on top brokers’ buy list

What is the current Westpac (ASX:WBC) dividend payout ratio?

Own Afterpay (ASX:APT) shares? Here’s how the big banks are honing in on the BNPL sector

Motley Fool contributor Marc Sidarous owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!