How did the Westpac (ASX:WBC) share price perform in the last quarter?

Westpac had a relatively stable quarter to start the new financial year

| More on:
A youngA young boy dressed as a nerd wears a makeshift helmet and invention which uses many calculators to compute his solutions.

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 didn't really move much in the first quarter of this financial year.

Kicking off the new year at $25.81, shares spent the back end of July below $25.00 a unit. They quickly rose to nearly $26.00 through to mid-September, before a brief fall then rebound.

There's been a bit of news about Westpac during the quarter that could have impacted the company's share price.

Let's take a closer look.

What happened to Westpac in the first quarter?

The first story that might have had an impact on the Westpac share price was the bank's announcement it was selling its Westpac Life NZ business to Fidelity Life Assurance Company. Fidelity Life Assurance Company is New Zealand's largest locally owned life insurer, backed by cornerstone investor the NZ Super Fund.

According to the release, the two parties agreed a sale price of NZ$400 million (approximately A$373 million) for the business. Westpac and Fidelity have also entered into an exclusive 15-year agreement for the distribution of life insurance products to Westpac's New Zealand customers.

In the only price-sensitive news, Westpac also released an update for its third quarter.

As Motley Fool previously reported, the Westpac share price fell on the company's outlook from the statement. The bank reiterated it was facing net interest margin (NIM) headwinds and therefore expected its second half NIM to be lower than what was achieved in the first half. It also reaffirmed its expectation for its expenses to be higher year-on-year in FY 2021.

What did brokers say about the Westpac share price?

Analysts at Citi have been positive on Westpac shares. According to a recent memo from the analysts there, they've slapped a buy rating on the bank's shares and a price target of $30 per unit – a 16% increase on the current share price.

As we have told you previously, Citi is positive about the Westpac share price due to the bank's bold cost-cutting plans.

The company currently has a cost base of approximately $12.7 billion but is aiming to reduce this down to $8 billion in the coming years.

Citi expects the bank's cost-cutting to help offset a number of revenue headwinds it is facing. This is particularly the case in its Markets and Treasury segments, which remain under pressure.

Citi isn't the only broker who is liking the Westpac share price — the team at Morgans is also bullish on the bank. It thinks shares in the company can reach $29.50 in the coming months.

Westpac share price snapshot

Over the past 12 months, the Westpac share price has increased by 44%. Year-to-date, shares in the company are up by more than 30%. Its 52-week high is $27.12 and its 52-week low is $16.91.

At the time of writing, Westpac shares are up 0.74% today to $25.84.

Westpac has a market capitalisation of about $94 billion.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 30 April 2025

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 sits in a cafe wearing a polka dotted shirt and holding a latte in one hand while reading something on a laptop that is sitting on the table in front of her
Bank Shares

Here's the earnings forecast out to 2029 for CBA shares

How much earnings could CBA generate in the coming years?

Read more »

A man in a suit smiles at the yellow piggy bank he holds in his hand.
Bank Shares

CBA shares hit a new $176 record high. Too late to buy?

What can stop this bank now?

Read more »

man thinking about whether to invest in bitcoin
Bank Shares

Is this the right time to invest in Westpac shares after the interest rate cut?

Should investors bank on rate cuts helping Westpac?

Read more »

A woman sits at her computer with her hand to her mouth and a contemplative smile on her face as she reads about the performance of Allkem shares on her computer
Bank Shares

How did ASX bank shares react to the RBA decision?

The Reserve Bank of Australia just reduced interest rates by 0.25% in the second cut for 2025.

Read more »

A young woman sits at her desk in deep contemplation with her hand to her chin while seriously considering information she is reading on her laptop.
Dividend Investing

Dividends from ASX 200 bank shares 'looking very stretched': expert

The banks have always been a favourite choice among ASX dividend investors. But the outlook ain't great.

Read more »

A pink piggybank sits in a pile of autumn leaves.
Bank Shares

How much higher can the CBA share price rise?

One fund manager has given their view on the biggest bank.

Read more »

A young man goes over his finances and investment portfolio at home.
Bank Shares

Why is the Macquarie share price sinking today?

Let's see what is causing its shares to start the week in the red.

Read more »

Woman with spyglass looking toward ocean at sunset.
Bank Shares

Here's the earnings forecast out to 2029 for NAB shares

Let’s look at what experts are predicting for the bank.

Read more »