WBC was the worst-performing major bank on Wednesday, retreating 3.7%, not far behind CBA, which fell 3.5%. We believe the banks’ advance from their major lows in 2023 is maturing, but with attractive dividends looming for three of the Big 4 in November, plus Macquarie, we feel buyers will re-enter when the traditional September washout is finished. Our best guess is another ~2% downside for WBC, with similar moves likely for its peers.
- We like the risk/reward towards WBC in the $36-36.50 region: MM holds WBC in its Active Growth Portfolio.
MM is long and bullish WBC
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