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

The bank is a good prospect to some investing experts.

| More on:
A girl looks through a microscope at money.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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.

More on Bank Shares

A woman looks questioning as she puts a coin into a piggy bank.
Bank Shares

What does CommBank’s latest update mean for NAB shares?

Is CBA coming for NAB’s lunch?

Read more »

A woman in a bright yellow jumper looks happily at her yellow piggy bank representing bank dividends and in particular the CBA dividend
Bank Shares

Is the CBA share price a buy after the bank’s FY22 results?

Is now a good time to buy CBA's shares?

Read more »

Smiling man sits in front of a graph on computer while using his mobile phone.
Bank Shares

Why did the ANZ share price have such a stellar run today?

ANZ shares were on form on Wednesday. Here's why...

Read more »

Happy couple at Bank ATM machine.
Bank Shares

Is the Bank of Queensland share price a smart ASX 200 bank buy?

Is this regional bank an underrated pick in the sector?

Read more »

Female ASX travel shares investor with surprised expression drinks a cup of tea while reading the newspaper at her desk
Bank Shares

‘It’s a bit unfair’: Here’s why ANZ shares are making news this week

The bank's boss has responded to criticism from the federal treasurer.

Read more »

Food price shock ASX shares expensive, shock, price, cost
Bank Shares

The CBA share price looks downright expensive

We check the credentials of shares in Australia's largest bank, among other market prospects.

Read more »

Woman sitting at a desk shrugs.
Bank Shares

CBA share price slides today despite an 11% FY22 earnings leap

CommBank's net interest margins (NIM) declined year on year, which could be contributing to today's selling.

Read more »

A couple sits in their lounge room with a large piggy bank on the coffee table. They smile while the male partner feeds some money into the slot while the female partner looks on with an iPad style device in her hands as though they are budgeting.
Bank Shares

Here’s everything you need to know about the latest CBA dividend

How big is the latest dividend from CBA?

Read more »