Rs 7.60/Sh Dividend, Ex-Date Next Week: Buy Multibagger PSB, TP Rs 340: Top Analysts

Several leading analysts have recommended buy, hold and overweight rating to leading public sector lender Bank of Baroda shares with highest target price set at Rs 340. Bank of Baroda shares will hit ex-dividend on June 28, 2024 for Rs 7.60 per share of the face value of Rs 2/- each for the FY 2023-24. Bank of Baroda shares rallied 41% in last 1-year and gained 190% in last 2-years. Its market capitalisation stood at Rs 1,44,462.00 crore as on June 21, 2024. Current market price of Bank of Baroda share on BSE is Rs 279.35 per share as on June 21, 2024. Check key details below:

Bank of Baroda Gives Notice Of Capital Raising: As per the BSE filing of the PSU issued as on June 21, "We advise that the Board Meeting is scheduled to be held on 05th July 2024, interalia to consider and approve raising of Long Term Bonds for financing of Infrastructure and affordable housing."

Bank of Baroda Dividend: As per the BSE filing of the company issued as on May 10, 2024, "recommended a dividend at Rs. 7.60/-(Rupees Seven and Paise Sixty only) per equity share (Face Value Rs.2/- each fully paid up) for the FY2023-24 subject to declaration / approval at the ensuing 28th Annual General Meeting."

Bank of Baroda Sets Record Date For Dividend: The BSE filing added, "Bank has fixed 29th June 2024 to 05th July 2024 (both days inclusive) as Book Closure dates for the purpose of 28th AGM and dividend payment. Hence, shareholders having shares as on the cut date i.e 28th June 2024 shall be eligible for dividend payment."

Bank of Baroda Share Performance: The 52-week high price of Bank of Baroda share on BSE is Rs 298.45 per share (as on 03/06/2024) and 52-week low price is Rs 185.65 (as on 30/06/2023), respectively. Bank of Baroda shares slipped 2.41% in last 1-week, gained 19% year-to-date, surged 24% in last 6-months, rose 41% in last 1-year, offered return of 238% in last 3-years, and gained 136% in last 5-years.

Should You Buy Bank of Baroda Shares? JP Morgan assigned an overweight rating on Bank of Baroda. The brokerage upgraded target price of Bank of Baroda from Rs 270 to Rs 340 per share. The PSB declared good quarterly (Q4FY23) results as its PAT was also 6% higher than street estimates.

Morgan Stanley assigned an equivalent on Bank of Baroda. The brokerage too upgraded the target price to Rs 300 per share. Meanwhile, Jefferies upgrade rating to Rs 310, City issued buy call with target price of Rs 300, and HSBC recommended hold call with target price of Rs 270.

Motilal Oswal recommended buy with target price of Rs 300. The analyst said, "Bank of Baroda (BOB) reported in-line 4QFY24 PAT of INR48.9b, up 2% YoY, driven by higher other income. NIMs improved 17bp QoQ, partly supported by recoveries.Provisioning expenses were high as the bank further provided for aviation exposure. Opex was also high due to pension provisions and a decline in the discount rate." Anand Rathi too has given buy call on the PSU with target price of Rs 294.

Bank of Baroda Stock Split History: Bank of Baroda split face value of its shares once since January 22, 2015. Bank of Baroda last split the face value of its shares from Rs 10 to Rs 2 in 2015. The share traded ex-split on January 22, 2015.

Dividend History: Bank of Baroda announced 25 dividends since July 13, 2001. In last 1-year, Bank of Baroda declared an equity dividend amounting to Rs 5.50 per share. At the current share price of Rs 279.35, Bank of Baroda offers a dividend yield of 1.97%.

About Bank of Baroda: It is India's leading public sector bank with a strong domestic presence supported by self- service channels. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 20 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and Baroda Asset Management India Ltd. Bank of Baroda also has joint ventures for life insurance viz. IndiaFirst Life Insurance Company Limited and India Infradebt Ltd., engaged in infrastructure financing. The Bank owns 98.57% in The Nainital Bank.

Disclaimer:

The stock has been picked from the brokerage report of Motilal Oswal, HSBC, Jefferies, City, Anand Rathi, Jefferies, and HSBC. 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.