Commonwealth Bank of Australia (ASX: CBA) shares are $152.48 apiece, up 0.28% on Thursday.
Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is 0.047% higher.
It's been an interesting year for CBA shares in 2025. To date, the market's largest stock has decreased in value by 0.74%.
In 2024, the CBA share price soared by almost 40%.
The momentum continued this year until late June, when CBA shares peaked at a historical high of $192 apiece.
It's been downhill ever since.
Meanwhile, the other three major bank shares have risen strongly to reach new all-time highs last month.
The ANZ Group Holdings Ltd (ASX: ANZ) share price reached a new record of $38.93.
Westpac Banking Corp (ASX: WBC) shares went to a record $41, and National Australia Bank Ltd (ASX: NAB) reached a high of $45.25.
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Looking ahead to 2026
CBA has released its corporate calendar for 2026. Here are the dates to note in your diary.
CBA will release its 1H FY26 results and announce its interim dividend on 11 February.
The ex-dividend date for the interim dividend will be 18 February.
The record date will be 19 February.
If you'd like to reinvest your dividends automatically via dividend reinvestment plan (DRP), you must enrol by 20 February.
CBA will pay the dividend on or about 30 March.
The company will announce its FY26 full-year results and final dividend on 12 August.
The ex-dividend date for the final dividend will be 19 August.
The record date will be 20 August, and the DRP election deadline will be 21 August.
CBA shares will pay the dividend on or about 29 September.
The annual general meeting is scheduled for 14 October.
What's next for CBA shares?
Morgans does not mince words on CBA shares, recommending that clients "aggressively reduce overweight positions".
The broker has a sell rating on CBA shares with a price target of $96.07.
That suggests a potential 37% downside over the next 12 months.
In a recent note, Morgans said:
We remain SELL rated on CBA, recommending clients aggressively reduce overweight positions given the risk of poor future investment returns arising from the even-now overvalued share price and low-to-mid single digit EPS/DPS growth outlook.
In terms of dividends, CBA paid an annual fully franked dividend for FY25 of $4.85 per share.
The consensus expectation for FY26 among analysts on the CommSec platform is $5.25 per share.
Based on today's share price, that gives CBA a trailing dividend yield of 3.2% and a forward dividend yield of 3.4%.
