Coming off of a low base in 2020, the bank’s shares are flying in 2021.
The post The Westpac (ASX:WBC) share price is up 30% in 2021 appeared first on The Motley Fool Australia. –
The Westpac Banking Corp (ASX: WBC) share price rise of 30% in 2021 is better than any of the big four banks.
In fact, the next best big bank, Australia and New Zealand Banking GrpLtd (ASX: ANZ), has a rise that is a full third lower than Westpac’s. As an example, if you had invested $10,000 in ANZ on the first trading day of this year, you would have an extra $2,000 to your name. If you had invested that money in Westpac on the other hand, you’d have an extra $3,000.
Westpac stays winning
While Westpac’s rise this year has been impressive, it should be noted the company was coming off a low base in 2020. Last year, shares in the bank fell by 20% – largely attributable to the COVID-19 pandemic. Commonwealth Bank of Australia (ASX: CBA) shares, on the other hand, ended 2020 about 2.8% higher.
Analysts though are quite bullish on the Westpac share price. As Motley Fool Australia reported, analyst Morgan Stanley believes shares in the company could reach a level as high as $29.20 – nearly 15% above their current price. The analyst also believes the company could pay a dividend with a yield as high as almost 5%.
The bank has also been in the news recently over allegations of fraud within the business.
Should you invest $1,000 in Westpac right now?
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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.