If you’re looking to invest in Canara Bank, here’s what you need to know about the company’s share price.
What is the current Canara Bank share price
The current Canara Bank share price (as of writing) is Rs. 253.15. Canara Bank is a public sector bank headquartered in Bengaluru, Karnataka. It was founded in 1906 by Ammembal Subba Rao Pai, and has since then grown to become one of the largest banks in India. Canara Bank has over 10,000 branches and 5 associate banks spread across the country. The bank also has a strong presence in Hong Kong, Mauritius, and Dubai.
When did Canara Bank’s share price peak
Canara Bank’s share price peaked in 2010. The bank was one of the few Indian banks to report strong growth during the global financial crisis, and its share price reflected this. However, since then, the bank has been struggling to maintain its momentum, and its share price has stagnated.
How has Canara Bank’s share price performed over the past year
Canara Bank’s share price has been on a rollercoaster ride over the past year. The stock hit a 52-week high of Rs 313.85 in February 2020 but tumbled to a 52-week low of Rs 118.50 in March 2020 amid the Covid-19 pandemic. The stock has recovered some ground since then and is currently trading at around Rs 170 levels.
Looking back, Canara Bank’s shares have underperformed the broader markets over the last one year. While the BSE Sensex has gained around 9% during this period, Canara Bank’s shares are down nearly 32%. This underperformance can be attributed to the weak operating environment for banks amid the pandemic.
Going forward, Canara Bank’s shares are likely to remain under pressure in the near term as the recovery in economic activity is likely to be slow. However, the long-term prospects for the bank remain strong given its large network, strong deposit base and improving asset quality.
What analysts are saying about Canara Bank’s share price
What analysts are saying about Canara Bank’s share price:
Canara Bank’s share price is down sharply today after the company announced disappointing quarterly results. Analysts say that the company’s earnings were well below expectations, and that the outlook for the rest of the year is not particularly encouraging either.
That said, some analysts believe that Canara Bank’s shares may be oversold at current levels, and that the long-term prospects for the company remain intact. They argue that the current weakness in the stock may present a good buying opportunity for investors with a long-term time horizon.
What factors are affecting Canara Bank’s share price
There are a few factors that are affecting Canara Bank’s share price. The first is the overall performance of the bank. Canara Bank reported a net profit of Rs. 1,552 crore for the quarter ended June 30, 2019, up 7% from Rs. 1,446 crore in the same quarter last year. However, this was below analysts’ expectations of Rs. 1,764 crore. The second factor is the Reserve Bank of India’s (RBI) decision to cut interest rates by 0.25%. This is likely to impact the margins of banks as they will have to offer lower interest rates on deposits. Canara Bank has already started reducing its deposit rates. The third factor is the RBI’s directive to banks to set aside an additional Rs. 10,000 crore towards provisioning for bad loans. This is likely to hit the profitability of banks in the near term. Canara Bank’s shares were down 3% at Rs. 251 on the BSE on July 25, 2019, in line with the broader market trend.
Will Canara Bank’s share price continue to rise
Yes, I believe that Canara Bank’s share price will continue to rise for the foreseeable future. There are a number of reasons why I believe this to be the case.
First, the Indian economy is currently experiencing strong growth. This is good news for all banks operating in India, including Canara Bank. As the economy grows, so too will demand for banking services. This will lead to increased profits for Canara Bank, which should in turn lead to a higher share price.
Second, Canara Bank has been executing well on its turnaround plan. The bank has been making progress in reducing bad loans and improving its overall financial performance. This has been reflected in the bank’s share price, which has risen steadily over the past year.
Third, Canara Bank is well-positioned to benefit from the government’s push to promote digital banking in India. The bank has been investing heavily in its digital infrastructure, and this should start to pay off in the form of higher transaction volumes and improved profitability.
In conclusion, I believe that Canara Bank’s share price will continue to rise in the coming months and years. The bank is benefitting from strong tailwinds and is taking the necessary steps to position itself for long-term success.
Is now a good time to buy Canara Bank shares
Is now a good time to buy Canara Bank shares?
The current market conditions are favourable for the banking sector, and specifically for public sector banks. The government’s recent announcement of a Rs 2.11 lakh crore recapitalisation plan for PSBs is expected to help them clean up their balance sheets and revive growth. This, in turn, is expected to benefit shareholders.
Canara Bank is one of the leading PSBs in India, and its stock has already started reflecting the positive sentiments around the sector. At its current price, Canara Bank offers an attractive opportunity for long-term investors.
What is Canara Bank’s dividend yield
Canara Bank’s dividend yield is a measure of the bank’s annual dividend payments relative to its share price. The higher the dividend yield, the more attractive the stock is to income-seeking investors. For example, a stock with a dividend yield of 5% would pay out $5 in dividends for every $100 of stock price.
Canara Bank is one of India’s largest banks, with over 11,000 branches and nearly 30,000 ATMs across the country. The state-owned bank has a strong presence in rural and semi-urban areas, which makes it a popular choice among Indian savers.
Canara Bank’s dividend yield has been rising in recent years, reaching 5.4% in 2019. This is due to a combination of factors, including an increase in the bank’s dividend payments and a decline in its share price.
Investors should be aware that Canara Bank’s dividend yield is likely to be volatile in the future, given the bank’s exposure to the Indian economy. However, for income-seeking investors looking for a high dividend yield, Canara Bank is worth considering.
How many shares of Canara Bank does one need to own to get the dividend
To get the dividend from Canara Bank, one would need to own at least shares.
What is the ex-dividend date for Canara Bank shares
An ex-dividend date is the date on which a shareholder is no longer eligible to receive the next dividend payment from a company. The dividend is paid to shareholders who owned the stock before the ex-dividend date. For Canara Bank shares, the ex-dividend date is March 18, 2020.