Several household name S&P/ASX 200 shares followed US stocks lower this week after a tech stock slump on Wall Street saw heavy falls across all sectors. But these 3 bank shares are climbing back into the black today to head into the Easter holiday period on a healthier footing. Commonwealth Bank of Australia (ASX: CBA) Shares in big four retail banking giant Commonwealth Bank of Australia were up 1.1% at the time of writing to $72.76 after a succession of share price slides throughout February and March. Long considered one of Australia’s best blue-chip retirement shares, the Commonwealth Bank has…
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Several household name S&P/ASX 200 shares followed US stocks lower this week after a tech stock slump on Wall Street saw heavy falls across all sectors.
But these 3 bank shares are climbing back into the black today to head into the Easter holiday period on a healthier footing.
Commonwealth Bank of Australia (ASX: CBA)
Shares in big four retail banking giant Commonwealth Bank of Australia were up 1.1% at the time of writing to $72.76 after a succession of share price slides throughout February and March.
Long considered one of Australia’s best blue-chip retirement shares, the Commonwealth Bank has been stuck in reverse lately, with the share price sinking 16% from its price of $86.14 at this time last year.
There’s no doubt findings from the Financial Services Royal Commission has weighed heavily on the minds of investors, particularly as skeletons have emerged from the closets of several of the big players in the sector – including CBA.
A Bell Potter downgrade to hold last week will also knock investor sentiment for CBA, but investors will likely stand by the stock in the main, for its dividends in one part, and its undeniable track record as a retail bank performer overall.
Westpac Banking Corp (ASX: WBC)
Shares in one of Australia’s oldest banking and financial services players, Westpac Banking Corp were back on the up today, with the share price rising 0.6% to $28.85 at the time of writing, but still well within 52-week low territory.
Westpac shares have tracked downwards in the last 12-months, dropping 18.3% from its $35.14 share price at this time last year as the large cap has suffered alongside its big bank brothers with waning investor sentiment.
Analysts have classed Westpac’s shares as heavily discounted at present, with investors circling the stock for bargain bin price-ins, but many buyers will keep a close eye on Royal Commission findings before they pull the trigger on Westpac.
Australia and New Zealand Banking Group (ASX: ANZ)
Shares in banking and finance stalwart Australia and New Zealand Banking Group are up half a percent to $27.25 at the time of writing, despite hovering in 52-week low territory.
Last week ANZ revealed it would consider following in the footsteps of supermarket giant Wesfarmers Ltd (ASX: WES) by spinning off its UDC Finance business after its $620 million sale to China’s HNA Group was blocked in late 2017.
ANZ is considering an IPO of ordinary shares in UDC as part of its strategic options, but investors have seemed lukewarm about the possibility so far.
Fellow big bank National Australia Bank Ltd (ASX: NAB) is also on the up today, with shares rising half a percent to $28.61 at the time of writing, but players such as Bank of Queensland Limited (ASX: BOQ) opened down slightly today at $11.04 after a period of volatility in prices over the last 6 months.
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Motley Fool contributor Carin Pickworth owns shares of Australia & New Zealand Banking Group Limited, Commonwealth Bank of Australia, and National Australia Bank Limited. The Motley Fool Australia owns shares of and has recommended Wesfarmers Limited. The Motley Fool Australia owns shares of National Australia Bank Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.