SBI Share Price Target 2024, 1370% Dividend: BUY PSU stock after Q4 2024 results?
sbi share price target 2024, 1370% dividend: buy psu stock after q4 2024 results?
SBI Share Price Target 2024: Brokerage firms Nomura and Kotak Securities remain bullish on India’s largest public sector stock, State Bank of India (SBI), after the company posted its financial results for the quarter and year ended on March 31, 2024. The bank has also announced that the central board has declared a whopping 1370 per cent dividend for FY24.
SBI Q4 Results 2024
The public sector lender’s profit after tax in Q4FY24 stood at Rs 20,0698 crore, beating the ET Now Poll estimates of Rs 16,695 crore. SBI’s NII stood at Rs 41,655 crore against the ET Now Poll of Rs 40,393 crore. The bank’s deposits surged 11.1 per cent year-on-year to Rs 49.16 lakh crore in Q4 FY24, against Rs 44.24 lakh crore reported in the corresponding quarter of FY23. SBI’s net NPA dropped 7 basis points to 0.57 per cent in Q4 FY24, as against 0.64 per cent reported in Q4FY23.
SBI Share Price Target 2024
Kotak Securities on SBI
Kotak Securities has maintained a Buy rating on SBI’s stock and said that low provisions and healthy revenue growth drive strong earnings growth. The brokerage also pointed out that the bank has been surpassing expectations each quarter. “There is less to worry about even when we look at the incremental news flows,” said Kotak Securities.
The brokerage, however, also said that “As impressive as it gets, but strong outperformance is unlikely.” Kotak Securities has hiked the price target on SBI’s stock to Rs 950 from Rs 850.
Nomura on SBI
Nomura said that SBI has posted a strong all-round performance. “Lower opex in 4Q was aided by lower wage revision provisions as a result of reassessment,” said the brokerage. Nomura believes that loan-to-deposit ratio (LDR) at 75 per cent is still the lowest among a large banks and has substantial room to expand. The brokerage pointed out that the management expects opex ratios to trend lower going forward.
Nomura has raised the price target on the SBI’s stock to Rs 1,000 from Rs 825.
SBI Dividend Announcement 2024
SBI has said its central board has declared a dividend of Rs 13.70 per equity share for the financial year ended on March 31, 2024.
“We inform that the Central Board of the Bank has declared a Dividend of Rs 13.70 per equity share (1370 percent) for the financial year ended 31.03.2024,” SBI said in the exchange filing on the BSE.
SBI Dividend Record Date
SBI has fixed Wednesday, May 22, 2024, as the record date for determining the eligibility of members entitled to receive dividends on equity shares. The bank, in the exchange filing, has said that June 5, 2024, is the payment date for the dividend.
SBI Dividend History
As per the data available on the BSE, the public sector lender has paid a dividend of Rs 11.30 in 2023, Rs 7.10 in 2022, Rs 4 in 2021, Rs 2.60 in 2017, and Rs 2.60 in 2016 to its shareholders.
SBI Dividend Yield
At the current market price, SBI has a dividend yield of 1.38 per cent.
SBI Share Price History
The public sector lender is a constituent of S&P BSE Sensex. According to BSE analytics, SBI’s share price has increased by 13.17 per cent in the last three months, 41.62 per cent in the last six months, and 42.93 per cent in the last one year.
SBI’s stock has sprinted 128.82 per cent in the last three years, 173.90 per cent in the last five years, and 277.25 percent in the last 10 years. Shares of SBI have a 52-week range of Rs 839.60 – Rs 543.15 on the BSE.
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