1:5 Split Soon: Multibagger PSU Bank To Consider Dividend Too, Buy For TP Rs 650: Motilal Oswal

Leading public sector lender Canara Bank today informed about its upcoming meeting of Board of Directors scheduled to be held on May 8, 2024 to consider, approve financial results and recommend dividend for the financial year 2023-24, if any. Last trading price of Canara Bank share on BSE is Rs 616.45 per share with intraday gain of 3.26% as on April 25, 2024.

Canara Bank Ltd share offered return of 100.37% in last 1-year. Canara Bank share gave maximum 327% return in last 30-years. Canara Bank also recommended 1:5 stock split too and fixed May 15 as the record date for sub-division of shares. More details below:

Canara Bank To Consider Financial Results, Dividend, If any On May 8, 2024: As per the regulatory filing of the PSU bank dated April 25, 2024, "Board Meeting of the Bank is scheduled to be held on Wednesday, the 8th May 2024 at its Head Office, Bengaluru, inter-alia, to
(i) consider and approve the Audited Standalone & Consolidated Financial Results of the Bank for the Fourth Quarter / Financial Year ended 31.03.2024.
(ii) recommend consideration of Dividend for the financial year 2023-24, if any, subject to the approval of Shareholders at the Annual General Meeting of the Bank."

Canara Bank Share Performance: The 52-week high price of Canara Bank share on BSE is Rs 620.90 per share (as on 25/04/2024) and 52-week low price is Rs 291.30 per share (as on 19/05/2023), respectively. Canara Bank shares zoomed impressively by 74% in last 6-months, soared 170% in last 2-years only, and gained 127% in last 5-years.

Canara Bank Sets Record Date For Stock Split: As per the regulatory filing of Canara Bank dated April 19, 2024, "this is to inform you that the Bank has fixed Wednesday, 15th May 2024 as the "Record Date" for determining entitlement of Equity Shareholders for the purpose of sub division/ split of existing Equity Shares of the Bank, such that 1 (one) equity share having face value of Rs. 10/- (Rupees Ten only) each, fully paid up, will be sub-divided into 5 (Five) equity shares having face value of Rs. 2/- (Rupees Two only) each, fully paid up, ranking pari-passu in all respects, which was approved by the Reserve Bank of India (RBI).

Canara Bank Gets Buy Call: According to Sumeet Bagadia, Executive Director at Choice Broking said, "Canara Bank shares have made a strong base at Rs 585 per share mark. I am expecting a bounce back in Canara Bank share price from Rs 605 to Rs 610 apiece range. One can buy Canara Bank shares in this range for the short-term target of Rs 650 per share. However, one must maintain stop loss at Rs 585 level."

Meanwhile, Motilal Oswal recommended buy call with target price of Rs 650 per share.

Commenting on the upcoming financial results that the bank scheduled to declare On May 8, Shreyansh Shah, Research Analyst at StoxBox said, "On account of healthy recoveries, we expect the bank to have a healthy asset quality going forward. With the management looking confident of maintaining NIMs at around 3% and credit growth of 12% in the future, we remain positive on the company from a medium to long-term perspective."

Canara Bank Dividend In 2023: Canara Bank announced its highest dividend of Rs 12/share in last 10-years in 2023 and fixed the ex-dividend date as une 14, 2023. Eatlier, Canara Bank declared Rs 13/share dividend in 2013.

Canara Bank Financials: The PSU on January 24, 2024 announced a rally of 26.87% in its net profit to Rs 3,656 crore for the October to December quarter as against Rs 21881.52 crore declared in the corresponding quarter of preceding fiscal. Canara Bank's non-performing asset (NPA) declared at 4.39%, down from 5.89% announced in similar quarter of last year. Net NPA of Canara announced at 1.32%. Canara's net interest income declared at Rs 9,417 crore, up 9.50%. Net Interest Margin announced at 3.02%, up by 9 bps. The PSU's global business rallied by 9.87% YoY to Rs 22,13,360 crore as of December 2023. Global deposits declared at Rs 12,62,930 crore and global advance (gross) announced at Rs 9,50,430 crore, respectively.

Disclaimer: The stock has been picked from the brokerage report of Motilal Oswal, StoxBox, & Choice Broking. 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 check with certified experts before taking any investment decision.