Westpac Banking Corp (ASX: WBC) shares have put in a strong performance in 2025.
Stock in Australia's oldest bank has lifted by about 17% in the year-to-date (YTD) and reached a record $41 in November.
The ANZ Group Holdings Ltd (ASX: ANZ) share price is up about 23% YTD and reached a new record of $38.93 last month.
The National Australia Bank Ltd (ASX: NAB) share price has risen 9% in 2025 and reached an all-time high of $45.25 last month.
Commonwealth Bank of Australia (ASX: CBA) shares have risen by just 0.25% in 2025 after reaching a record $192 in June.
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What about dividends?
Westpac shares paid a full-year FY25 dividend of 153 cents per share.
The consensus estimate among analysts on CommSec is for Westpac to pay a full-year FY26 dividend of 155 cents per share.
This equates to a forward dividend yield of about 4.1%.
Looking ahead to 2026
Westpac has released its corporate calendar for 2026. Here are the dates for investors to note.
Westpac will release its 1H FY26 results and announce its interim dividend on 5 May.
The ex-dividend date for the interim Westpac dividend will be 8 May.
The record date will be 11 May.
Westpac will pay the dividend on 26 June.
The ASX 200 bank will announce its FY26 full-year results and final dividend on 2 November.
The ex-dividend date for the final dividend will be 5 November.
The record date will be 6 November.
Westpac shares will pay the dividend on 21 December.
The annual general meeting is scheduled for 16 December.
Should you buy Westpac shares?
Macquarie has an underperform rating on Westpac shares.
The broker's 12-month price target is $31, indicating significant potential downside in 2026.
In a recent note, Macquarie mentioned that Westpac has seen strong growth in its business lending segment.
The bank now has about 16% market share of business lending compared to the segment leader, NAB, with 22%.
The broker also noted a modest improvement in Westpac's net funding position over the past three months.
Morgan Stanley also has a sell rating on Westpac shares with a price target of $34.10.
Ord Minnett has a sell rating with a price target of $31 per share.
Jarden has a sell rating with a price target of $32.
Citi has a hold rating on the ASX 200 bank share with a price target of $38.50.
UBS also has a hold rating on Westpac with a share price target of $40.
