Highest Dividend In 8 Yrs: Axis Securities Recommends Buying PSU Bank Stock, TP Rs 860

Axis Securities has assigned buy call to public sector lender State Bank of India shares with target price of Rs 860 apiece. Current market price of State Bank of India stock on BSE is Rs 784.05 apiece (as on March 6, 2024). SBI shares witnessed rally of 20.46% in last 1-month and soared 40% in last 1-year span. SBI also recommended highest dividend in 8-years at Rs 11.30 per share in 2023. Check details below:

State Bank of India Shares Performance & Return: The 52-week high price of State Bank of India shares on BSE is Rs 790.15 apiece and 52-week low price is Rs 501.85 apiece, respectively. SBI has a market capitalisation of Rs 7,05,044.34 crore. SBI has a ROE of 15.89 and PE of 12.26. The EPS (TTM) is 63.95.

State Bank of India shares BSE witnessed rally of 29% in last 3-months, gained 37% in last 6-months, jumped 70% in last 2-years, and offered return of 104% in last 3-years. In last 5-years, the scrip gained 182%.

State Bank of India Financials: The country's largest lender SBI on February 3, 2024 declared its net profit at Rs 9163 crore for the October to December quarter for the financial year 2023-24, down 35% as against Rs 14,205 crore reported in the corresponding quarter of last year. SBI said in the press release, it had an one-time exceptional item of Rs 7,100 crore.

Meanwhile, net interest income (NII) of SBI declared at Rs 39,815 crore and net interest margin stood at 3.22%.
SBI's gross non-performing asset (NPA) announced at 2.42%, down 3.14% declared in the similar quarter of last year. Net NPA for the quarter declared at 0.64% compared to 0.77% last year.

SBI Dividend History: State Bank of India announced 22 dividends since July 2, 2001. In the last 12 months period, SBI announced an equity dividend amounting to Rs 11.30 per share. If the current share price of Rs 784.05 is taken into consideration, its dividend yield is 1.44%. SBI declared highest ever dividend of Rs 11.30 per share in 2023 and shares traded ex-dividend on May 31, 2023. In 2014, it announced Rs 15/ share final dividend and Rs 15/share interim dividend. Its highest dividend was declared in 2013 amounting to Rs 41.50 per share.

Disclaimer:

The stock has been picked from the brokerage report of Axis Securities. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.