FYI:Westpac is one of Australia’s largest banks with a market...

FYI:

Westpac is one of Australia’s largest banks with a market capitalisation of $72 billion. Times have certainly been hard for the bank in recent years, but its outlook is improving significantly. This is thanks to an improving housing market, the relaxing of responsible lending rules, and the prospect of an effective COVID-19 being developed in the very near future.

And although its shares have staged a strong recovery in recent weeks, one broker that believes they can still go higher from here is Morgans. Earlier this month its analysts put an add rating and $21.00 price target on the company’s shares. The broker is also forecasting dividends of 88 cents per share and 144 cents per share for FY 2021 and FY 2022, respectively. The latter represents a fully franked 7.2% dividend yield.