Here are the details about the Westpac dividend being paid today

A man happily kisses a $50 note scrunched up in his hands representing the best ASX dividend stocks in Australia todayA man happily kisses a $50 note scrunched up in his hands representing the best ASX dividend stocks in Australia today

Westpac Banking Corp (ASX: WBC) shareholders will become a little richer today as the company pays out its latest dividend.

The banking giant is rewarding eligible investors with a fully franked interim dividend of 61 cents per share.

At Thursday’s market close, the Westpac share price ended 0.46% higher at $19.62.

This came off the back of a positive day across the S&P/ASX 200 Index (ASX: XJO) which finished up 0.31%.

Below we take a look at the details surrounding the company’s interim dividend.

Westpac distributes its H1 FY22 dividend

Westpac delivered a subdued performance across its key metrics for the first half of the 2022 financial year.

In summary, revenue fell 8% to $10,230 million over the prior corresponding period. This was driven by challenging trading conditions across the company’s consumer and business segments.

And despite operating costs falling by 10% to $5,373 million, Westpac reported a 12% decrease in cash earnings to $3,095 million.

Nonetheless, the board opted to ramp up its interim dividend by 5.2% over the prior comparable period (H1 FY21).

This is in line with the capital management framework, which has a targeted dividend payout ratio of between 60% and 75%.

Based on the current share price, Westpac has a healthy dividend yield of 6.14% – the second largest among the big four banks behind Australia and New Zealand Banking Group Ltd (ASX: ANZ) at 6.56%.

Westpac share price snapshot

A disappointing past few weeks on the ASX has led the Westpac share price to tumble almost 20% in June.

This has dragged the bank’s shares to a loss of 8% this year to date. They are also down 24% over the past 12 months.

It’s worth noting that Westpac shares hit a 52-week low of $18.80 last Friday before rebounding in the days following.

Westpac has a price-to-earnings (P/E) ratio of 14.37 and a market capitalisation of roughly $68.38 billion.

The post Here are the details about the Westpac dividend being paid today appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. 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 recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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