Five buzzing financial stocks for July

Summary

  • The financial sector has contributed significantly to ASX’s recent rally.
  • Banking stocks have performed on a healthy note.
  • Commonwealth Bank of Australia, Westpac Banking Corp and National Australia Bank are a few stocks that could be considered by investors.

The Australian economy is gradually recovering from the negative impacts of the coronavirus pandemic. With this, the equities have rallied on the Australian Stock Exchange (ASX) too. The financial sector is among the sectors that have contributed significantly to ASX’s recent rally.

Banking stocks have performed on a healthy note. Commonwealth Bank of Australia, Westpac Banking Corp and National Australia Bank are a few stocks that have attracted investors’ focus in the recent past.

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Here we will discuss five financial stocks that could be considered in July 2021:

Commonwealth Bank of Australia (ASX:CBA)

The largest Bank of Australia is nearly double its second-placed peer in terms of value.  As a result, the bank’s shares have surged 18.79% on a year-to-date basis (as of 8 July 2021). Incorporated in 1991, the bank deals in retail banking services, business and private banking, Institutional Banking and Markets, Wealth Management segment and general insurance business. 

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The Bank last paid a dividend of AU$1.500 on 2 July 2021. The annual dividend yield stands at 2.49%.

Meanwhile, the Bank generated AU$2.4 billion of statutory net profit after tax (NPAT) in the third quarter of FY21. The cash net profit from continuing operations was AU$2.4 billion in the quarter, up 24% from the FY21 first half quarterly average.

READ MORE: A glance at the top dividend stocks for the financial year 2022

Westpac Banking Corp (ASX:WBC)

Westpac Banking Corp gave a return of 30.05 in the first-half year (as of 8 July 2021). The stock has been among the best performers on ASX this year. Incorporated in 2002, the bank deals in taking deposits, lending, payments, portfolio management and advice, superannuation and funds management, insurance services and interest rate risk management.

The Bank last paid a dividend of AU$0.580 on 2 July 2021. The annual dividend yield stands at 3.48%. Meanwhile, in the half-year result for FY21, the statutory net profit surged 189%, and cash earnings rose 256%.

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National Australia Bank Ltd (ASX:NAB)

The third-placed National Australia Bank’s stock gave a return of 14.30 so far this year (as of 8 July 2021). A few of the major segments that Bank operates in includes Business & Private Banking, Consumer Banking & Wealth Management, and NZ Banking.

The Bank last paid a dividend of AU$0.6 on 2 July 2021. The dividend amount was double what it paid shareholders last year. The annual dividend yield stands at 3.43%.

Meanwhile, the Bank’s statutory profit rose 144.3 in the half-year ending 31 March. The Bank's preferred measure, cash profit, climbed nearly 95%.

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Australia & New Zealand Banking Group Ltd (ASX:ANZ)

The fourth-largest bank in its segment, Australia & New Zealand Banking Group has given a year-to-date (YTD) return of 21.26% (as of 8 July 2021).  Incorporated in 1977, the Bank operates in Australia and New Zealand and other countries in Asia Pacific region, the United States, and the United Kingdom.

The Bank last paid a dividend of AU$0.7 on 1 July 2021. The annual dividend yield stands at 3.75%. Meanwhile, ANZ’s statutory profit rose to AU$2.9 billion for the half-year ending 31 March.

Platinum Asset Management Ltd (ASX:PTM)

Platinum Asset Management is into the funds management business. The investment management firm, founded in 1994, specialises in managing international equities.  The firm provides services to its related party unit trust, the Platinum Trust Funds and Platinum Global Fund, its offshore fund, and two ASX listed investment companies.

In the first half of FY2021, the company reported a growth of 8.5% in its total revenue. The net profit surged by 14.4%.  In addition, Platinum Asset Management announced a fully franked interim dividend of 12 cents per share, which was paid on 18 March 2021. The annual dividend yield on 8 July 2021 was 4.96%.

The stock gave a return of 12.65 so far this year (as of 8 July 2021).

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