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The Macquarie Group Ltd (ASX: MQG) share price is setting new records on Thursday as the $60.28 billion banking beast notches up a new all-time high.

At the time of writing, shares in the company are trading for $163.40, up 2.15%. However, the newly minted all-time high of $163.65 was set earlier in the session.

What’s been happening with Macquarie?

While the other banks are reporting earnings, Macquarie dished out its full-year results back in May. For a quick recap, the investment-focused bank delivered a 4% increase in net operating income year-over-year to $12,774 million. Pleasingly, earnings per share (EPS) grew by 7% to $8.43 per share compared to the prior year.

According to the company’s investor relations page, the next item on the financial calendar is Macquarie’s FY22 half-year results on 29 October 2021. That’s a while away yet… so, what is closer to the present to explain the recent push in the Macquarie share price?

Firstly, the investment bank’s latest bank capital note offering (BCN3) opened to investors yesterday. This will be an exchange-tradeable unsecured debt offering from Macquarie used to raise $500 million. The bank wants to use these funds as a buffer to protect senior creditors against losses. Additionally, the net proceeds of the offer will be used for general corporate purposes.

A positive for Macquarie is the payout for this debt instrument has been set relatively low at 2.9% per annum. As a result, the funds from this sure-up the investment bank’s balance sheet at a reasonably low cost.

Positive rating on Macquare share price

Another positive for the Macquarie share price is broker sentiment. As my Foolish colleague James covered last week, the analysts over at Morgans find the investment bank appealing.

The leading broker is attracted to Macquarie’s potential backed by exposure to infrastructure and renewables. Lastly, Morgans analysts have an ‘add’ rating and a $172.30 price target on the Macquarie share price.

The post The Macquarie (ASX:MQG) share price is up 5% in a week. Here’s why appeared first on The Motley Fool Australia.

More reading

• Leading brokers name 3 ASX shares to sell today
• If you invested $1,000 in Macquarie (ASX:MQG) shares a decade ago, here’s what it would be worth now
• ASX 200 Weekly Wrap: Blockbuster Afterpay deal turbocharges ASX to new record highs
• Leading broker names 3 of the best ASX shares to buy in August
• Macquarie (ASX:MQG) share price underwhelms as Senator fires up on Nuix

Motley Fool contributor Mitchell Lawler owns shares of Macquarie Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The AGL Energy Limited (ASX: AGL) share price is not having a fun day today. At the time of writing, AGL shares are down a nasty 5.26% to $7.20 a share.

We don’t have to look too far to see why this is happening today either. This share price move appears to be a clear reaction to the FY2021 earnings report AGL delivered to its investors this morning.

AGL share price tanks on FY2021 earnings report

As we covered extensively on the Fool this morning, AGL’s earnings report delivered some pretty sobering numbers. The company reported that revenues were down by 10% on the prior corresponding period to $10.9 billion over FY21. That resulted in the company’s underlying profits falling 33.5% to $537 million, and earnings per share (EPS) falling 31.6% to 86.2 cents.

Even AGL’s hefty dividend went backwards. The company will be paying a full-year dividend of 75 cents per share for FY21, down 23.5% from the previous year’s payout. Management blamed lower wholesale electricity prices and reduced generation output as the primary drivers of these results.

Even so, investors have evidently voiced their displeasure through the fall in AGL’s share price today. At the current price of $7.25 a share, the company is presently trading at levels we last saw way back in 2004. The company has now lost more than 40% of its value in 2021 so far, and more than 57% over the past 12 months.

Of course, the next major event shareholders have to look forward to is the upcoming company split that AGL expects will be completed by the last quarter of FY2022. This will result in a new company called Accel Energy owning AGL’s generation assets, while the ‘new AGL’ will house the company’s retail business.

At the current AGL share price, the company has a market capitalisation of $4.51 billion, and a dividend yield of 10.36%.

The post The AGL share price is falling 5% lower this afternoon appeared first on The Motley Fool Australia.

More reading

• Who are the biggest movers on the ASX 300 this Thursday?
• AGL (ASX:AGL) dividend slashed. Share price down 3% on Thursday
• AGL (ASX:AGL) share price on watch following FY21 earnings
• 5 things to watch on the ASX 200 on Thursday
• How did the AGL (ASX:AGL) share price perform last earnings season?

Motley Fool contributor Sebastian Bowen 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 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.

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The Commonwealth Bank of Australia (ASX: CBA) share price has run out of steam and is trading lower on Thursday.

In afternoon trade, the banking giant’s shares are down 2.5% to $105.43.

Why is the CBA share price under pressure?

The weakness in the CBA share price on Thursday is likely to have been driven by the release of a couple of bearish broker notes this morning.

In response to the bank’s full year results, both Citi and Credit Suisse downgraded the company’s shares to the equivalent of sell ratings.

Citi has downgraded CBA’s shares to a sell rating and cut the price target on them to $94.50. Whereas Credit Suisse has downgraded its shares to an underperform rating with a $95.00 price target.

Both brokers have reduced their near term earnings estimates to reflect higher costs.

Is anyone bullish?

One leading broker that remains positive is Bell Potter. This morning the broker upgraded the bank’s shares to a buy rating with an improved price target of $118.00.

Based on the current CBA share price, this implies potential upside of 12% over the next 12 months.

Bell Potter commented: “The main changes to our cash NPAT (continuing) projections relate to higher noninterest income (mainly higher card fees, fee waivers and removal of wealth contributions) as well as a still lower LIE charge in FY22 and beyond.”

“Given these, cash NPAT is now 2% higher in FY22, FY23 and FY24. We have also matched the statutory and cash dividend payout ratios as follows: FY22 75%; FY23 75%; and FY24 75%. As a result, we have increased the valuation and price target by $13.00 to $118.00 per share and this includes adding the value impact of higher excess CET1 capital. CBA’s target share price has done well in the past three months and up by more than 25% in absolute terms. The rating is now back to a Buy,” it added.

The post Brokers give their verdict on the CBA (ASX:CBA) share price appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to sell today
• What impact has BNPL giant Klarna had on the CBA (ASX:CBA) share price?
• ASX 200 rises, CBA climbs after FY21 report, Iress jumps
• The ASX reporting wrap-up: CBA, Mineral Resources, IAG
• CBA (ASX:CBA) share buyback ahead of forecast: broker

Motley Fool contributor James Mickleboro 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 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.

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The Woolworths Group Ltd (ASX: WOW) share price is well in the green today.

Shares in the supermarket giant are currently trading 1.19% higher at a new, all-time high of $40.70. This comes despite the company receiving a negative ruling on one of its proposed land developments in Melbourne.

Let’s take a closer look at the news.

Woolworths share price jumps despite ruling

The Woolworths share price appears to be shrugging off an unfavorable tribunal ruling on Thursday.

As reported by The Age, the company’s development plans for a property in south-east Melbourne have been thwarted for a second time.

Woolworths put forward a proposal to develop two apartment towers and a grocery store at its property in Elsternwick.

The proposal was delivered to and rejected by councillors from the City of Glen Eira.

Councillors rejected the proposal based on the low-rise status of the heritage street.

This is the second rejection Woolworths has received for its development plans at the site.

Residents of the area have protested against the development since Woolworths bought the land in 2017.

Woolworths had previously presented its plans to the Victorian Civil and Administrative Tribunal (VCAT) last year.

Following the original rejection of its proposal, the company amended the development plans by reducing the proposed height from 14 storeys down to 10 however this has not been sufficient for approval.

The Woolworths share price is having a positive day on the ASX despite the plan’s rejection.

At the time of writing, shares in the supermarket giant are trading at both an intraday and a new, all-time high.

Snapshot of the Woolworths share price

The Woolworths share price has had a stellar year thus far. Since the start of the year, shares in the supermarket giant have stormed more than 17% higher.

There have been several catalysts that have boosted shares in Woolworths.  

Of particular note was the company’s $10 billion demerger of its Endeavour business.

The demerger saw Endeavour Group Ltd (ASX: EDV) become a separately-listed entity that owns retail and drinks businesses.

These include popular bottle shop chains Dan Murphy’s and BWS as well as 300 licensed venues and 12,000 gaming machines.

In addition, Woolworths’ grocery business has seen elevated consumer demand given COVID-19 induced lockdowns.

Woolworths has looked to capitalise on this increased demand by launching a digital wallet for its Everyday Rewards loyalty program.

No doubt shareholders will be keeping a close eye on the Woolworths share price this reporting season.

The supermarket giant is slated to release its results for the full year on 26 August.

The post Woolworths (ASX:WOW) share price at new high despite development ruling appeared first on The Motley Fool Australia.

More reading

• Why the Woolworths (ASX: WOW) share price has underperformed the ASX 200 in the last year
• Woolworths (ASX:WOW) share price struggles after online order outage
• ASX 200 Weekly Wrap: Blockbuster Afterpay deal turbocharges ASX to new record highs
• Woolworths (ASX:WOW) share price rises as it launches new homewares range
• Woolworths (ASX:WOW) share price unhurt by call for COVID bouncers

Motley Fool contributor Nikhil Gangaram 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 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.

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The QBE Insurance Group Ltd (ASX: QBE) share price is charging higher, up more than 8% in early afternoon trading.

Investor interest appears to have been piqued by the strong growth reported by the S&P/ASX 200 Index (ASX: XJO) insurance heavyweight in its half year financial results, released this morning.

What’s did the ASX 200 insurance company report?

QBE’s shares are surging after the company reported its adjusted cash profit lifted to US$463 million (AU$625 million) for the first half of the financial year. That’s up from a loss of US$66 million in the prior half year.

Also flipping from a negative to a positive figure was QBE’s underwriting result. This went from a loss of US$189 million in the prior half to a positive US$642 million in H1FY21.

Income hungry investors may also be helping drive the QBE share price higher today.

The company declared an interim dividend of 11 Australian cents per share. That’s up from 4 cents per share in the previous half.

QBE did not provide guidance for the second half of the 2021 financial year.

QBE share price snapshot

Over the past 12 months QBE has gained 24%. That’s right in line with the gains posted by the ASX 200.

Year-to-date, the QBE share price has been a stellar performer, up 46% in 2021.

The post QBE (ASX:QBE) share price leaping 8% higher on results appeared first on The Motley Fool Australia.

More reading

• Who are the biggest movers on the ASX 300 this Thursday?
• ASX 200 midday update: Telstra, NAB, & QBE results
• QBE (ASX:QBE) share price up 7% after dividend boost
• Why GrainCorp, Myer, QBE, & Telstra shares are storming higher
• QBE (ASX:QBE) share price in focus after delivering strong first half growth

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.

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The S&P/ASX 300 Index (ASX: XKO) is slightly higher today after reaching a record high yesterday morning.

At the time of writing, the ASX 300 is settling around 7,583 points, up 0.1%.

Let’s take a look at which top ASX 300 shares are some of the biggest movers today.

Who are the biggest gainers today?

GrainCorp Ltd (ASX: GNC)

The best performer on the ASX 300 today is none other than GrainCorp. The company surprised the market by upgrading its FY21 guidance. As a result, GrainCorp is surging 14.99% to a multi-year high of $6.29. The company will report its final FY21 results on 11 November.

QBE Insurance Group Ltd (ASX: QBE)

Following suit, QBE shares have catapulted 8.04% to a 52-week high of $12.50. This comes as the insurance giant announced a strong first-half performance for FY21. The company highlighted a turnaround in its underwriting result and adjusted cash profit after tax. QBE declared a dividend of 11 cents per share to be paid on 24 September.

Coronado Global Resources Inc (ASX: CRN)

Coronado is also on the rise, pushing 5.94% higher to $1.07. With no news out of the company today, however, it appears shareholders are reacting to its half-year result released on Tuesday. The company reported revenue of $800.4 million, up 12% year-on-year.

A recent broker note from Morgans, raised their price target for Coronado shares by 14% to $1.21. This implies an upside of around 13% based on the current share price.

And the biggest fallers?

Rio Tinto Limited (ASX: RIO)

Heading south today is Rio Tinto’s shares. The mining giant is down a sizeable 6.82% to $120.33. This follows the company’s shares trading ex-dividend in which shareholders have sold off their holdings, but are still eligible for the upcoming dividend. Rio Tinto is set to pay a total dividend of roughly $7.60 per share comprising of an interim and special dividend. Shareholders can expect their accounts to be rewarded on 23 September.

AGL Energy Limited (ASX: AGL)

The last big mover for the day is AGL shares, down 4.21% to $7.28. The energy producer released its FY21 full-year results this morning, disappointing investors with a 34% drop in underlying profits. The company said it will pay a dividend of 34 cents per share on 29 September.

The post Who are the biggest movers on the ASX 300 this Thursday? appeared first on The Motley Fool Australia.

More reading

• AGL (ASX:AGL) dividend slashed. Share price down 3% on Thursday
• Why the Rio Tinto (ASX:RIO) share price is down 7% today
• ASX 200 midday update: Telstra, NAB, & QBE results
• QBE (ASX:QBE) share price up 7% after dividend boost
• Why GrainCorp, Myer, QBE, & Telstra shares are storming higher

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 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.

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Yesterday I looked at three ASX shares brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why these brokers are bearish on them:

Commonwealth Bank of Australia (ASX: CBA)

According to a note out of Credit Suisse, its analysts have downgraded this banking giant’s shares to an underperform rating with a $95.00 price target. The broker made the move on valuation grounds, believing that there is limited upside ahead due to the multiples its shares trade on. In addition, the broker has downgraded its earnings estimates to reflect CBA’s higher expenses and lower net interest margin. The CBA share price is fetching $105.54 today.

Computershare Ltd (ASX: CPU)

A note out of Citi reveals that its analysts have retained their sell rating but lifted their price target on this stock transfer company’s shares slightly to $15.30. This follows the release of its full year results for FY 2021. While Computershare delivered a result and guidance in line with its expectations, it isn’t enough for a change of rating. Citi continues to believe its shares are a touch expensive relative to its near term growth prospects. The Computershare share price is trading at $16.24 this afternoon.

Fortescue Metals Group Limited (ASX: FMG)

Analysts at Morgans have retained their reduce rating and $19.30 price target on this iron ore producer’s shares. According to the note, the broker suspects that Fortescue’s shares could tumble once they trade ex-dividend. It highlights that in February, all three large miners fell by more than three times their dividend in the month after going ex-dividend. In addition to this, it has concerns over its increasing costs and market sentiment relating to Fortescue’s push into green energy. The Fortescue share price is fetching $22.63 today.

The post Top brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.

More reading

• What impact has BNPL giant Klarna had on the CBA (ASX:CBA) share price?
• ASX 200 rises, CBA climbs after FY21 report, Iress jumps
• The ASX reporting wrap-up: CBA, Mineral Resources, IAG
• CBA (ASX:CBA) share buyback ahead of forecast: broker
• What you need to know about the CBA (ASX:CBA) dividend dates in 2021

Motley Fool contributor James Mickleboro 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 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.

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The AMP Ltd (ASX: AMP) share price is lifting higher as we walk through afternoon trade.

AMP shares are on the move after the company posted its half-year results. Let’s investigate further.

What did AMP announce?

In a positive for the AMP share price, the company recognised a 57% year-on-year increase in net profit, reaching $181 million.

Moreover, its Australian wealth management assets under management (AUM) grew 8% also.

This carried through to surplus capital of $452 million above target requirements. As a result, the group’s underlying return on equity was 8.3%, up from 6% the year prior.

In contrast to these results, AMP decided against paying a dividend, as the board seeks to ring-fence capital budgeting, which is consistent with previous language on its balance sheet. For instance, AMP has other drains and pulls on liquidity in its AMP Capital Private Markets demerger to consider.

However, AMP authorised a share repurchase program of $200 million on 30 June, to offset this cancelled dividend. Little colour was given in the report on when investors can expect the dividend to be reinstated.

AMP did however give colour on FY21 guidance expectations. It sees controllable costs of $775 million, in line with previous guidance.

Moreover, AMP estimates the cadence of loan growth for AMP Bank will remain strong into the second half, whereas AMP Capital FY21 earnings are tipped for a down-step from the year prior.

Investors have rallied the AMP share price as we walk through afternoon trade, on heavy volume.

Shares in the financial services giant are now exchanging hands at $1.12 apiece, a 3.89% gain on the day, and nearly a 2% gain from midday.

AMP share price snapshot

The AMP share price has posted a year-to-date loss of 28%, extending the previous 12 month’s loss of 19%.

These results have lagged the S&P/ASX 200 Index (ASX: XJO)’s return of around 25% over the past year.

The post The AMP (ASX:AMP) share price is pushing 4% higher this afternoon appeared first on The Motley Fool Australia.

More reading

• AMP (ASX:AMP) share price higher despite cancelled dividend
• AMP (ASX:AMP) share price on watch as net profit jumps 57%
• How did the AMP share price respond last earnings season?
• The AMP (ASX:AMP) share price is trading on a forecast 9.4% dividend yield
• If you invested $1000 in AMP (ASX:AMP) shares a decade ago, this is how much it would be worth now

The author Zach Bristow has no positions 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 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.

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The Galan Lithium Ltd (ASX: GLN) share price won’t be going anywhere on Thursday after the company requested a trading halt.

What’s the trading halt for?

The trading halt was requested on the basis of an upcoming capital raising.

The company advised that its shares will remain halted until Monday, 16 August or upon the release of the announcement.

The decision to raise capital comes right after the Galan Lithium share price surged 23.08% to $1.28 in August.

What’s next for Galan Lithium?

Galan Lithium operates the Humbre Muerto Salar project, located in the world-renowned lithium triangle in Argentina.

According to a recent company presentation for the battery minerals conference in Perth, Galan Lithium has described its project as one with some of the “best grades” and “lowest impurities” in Argentina.

The company’s preliminary economic studies and scoping study highlight a long life project yielding more than 40 years at a production rate of 20,000 tonnes per annum of battery grade lithium carbonate.

The project is expected to have a competitive capex of US$388 million with a 30% contingency.

The area possesses a rich setting for lithium brine development with features such as groundwaters sourced from volcanic rocks, hydrothermal activity and an arid climate.

The project is well-advanced in terms of exploration activities and is currently focused on the completion of a pre-feasibility study and pilot plant permits.

According to the company’s June quarter results, it is currently engaged with WSP Consulting Chile and SRK Consulting in transforming the project’s significant resource into reserves, the main foundation of its feasibility study.

The company expects drilling to follow soon after and is currently in advanced discussions with drilling companies to execute the program.

At the end of the June quarter, Galan Lithium had a cash on hand position of $15.5 million.

Galan Lithium share price snapshot

The Galan Lithium share price has joined in on the red hot lithium sector, surging 245% year-to-date.

Galan Lithium has a market capitalisation of approximately $313 million.

The post Why is the Galan Lithium (ASX:GLN) share price frozen? appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to sell today
• The AMP (ASX:AMP) share price is pushing 4% higher this afternoon
• The Telstra (ASX:TLS) share price is driving 4% higher on Thursday
• The Downer (ASX:DOW) share price is driving 4% higher this afternoon
• AGL (ASX:AGL) dividend slashed. Share price down 3% on Thursday

Motley Fool contributor Kerry Sun 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 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.

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The Telstra Corporation Ltd (ASX: TLS) share price is surging higher this Thursday. At the time of writing, Telstra shares are up a healthy 3.66% to $3.97 a share. That share price represents a new 52-week high for this ASX 200 telco. That well eclipses the previous 52-week high of $3.88 a share that we saw earlier this week.

Telstra share price surges on FY2021 earnings report

It’s fairly obvious why Telstra shares are rising so steeply today. This morning, the telco released its FY2021 earnings report to the markets, and it has evidently been well received by investors.

As we covered extensively on the Fool earlier this morning, Telstra reported that its total income and earnings before interest, tax, depreciation and amortisation (EBITDA) both fell by 11.6% and 14.2% respectively. Even so, it managed to increase its net profit after tax by 3.4% to $1.9 billion. It also managed to bump up its free cash flow by 11.6% to $3.8 billion.

Those last numbers meant that the telco was able to keep its dividend steady at 8 cents per share. As well as initiate a $1.25 billion share buyback program.

This last news will probably come as a relief for income investors. These investors, perhaps still burned from Telstra’s 2017 dividend cuts, may have been nervously eyeing Telstra’s still-generous dividend yield. At an annualised 16 cents per share, Telstra is still offering a forward yield of 4.02% on current pricing.

The share buybacks have no doubt been welcomed by investors too. Buybacks, by decreasing the overall share count, increase each Telstra shares’ earnings per share (EPS), and are usually conducive to higher share prices due to the laws of supply and demand (less supply means higher prices).

At the current Telstra share price, the company has a market capitalisation of 36.4 million, and a price-to-earnings (P/E) ratio of 26.64.

The post The Telstra (ASX:TLS) share price is driving 4% higher on Thursday appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Telstra, NAB, & QBE results
• Telstra (ASX:TLS) share price lifts off after dividend announcement
• Everything to know about the Telstra (ASX:TLS) $1.35bn share buyback
• Why GrainCorp, Myer, QBE, & Telstra shares are storming higher
• Telstra (ASX:TLS) share price on watch after hitting guidance & $1.35bn buyback

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

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