SBI shares to turn ex-dividend today. Payment date, dividend history & more

Shares of State Bank of India (SBI) will turn ex-dividend on Wednesday, which means the SBI stock price will get adjusted for the dividend payout today. The bank had announced a dividend of Rs 11.30 per share for FY23, along with its March quarter results. The dividend will be paid on June 14.

SBI dividend history

SBI's dividend for FY23 totalled Rs 11.30 per share, which was against Rs 7.10 per share dividend it announced for FY22 and Rs 4 per share for FY21. SBI did not announce dividends in FY20 and FY19. As per corporate database AceEquity, dividend in FY22 amounted to Rs 6,336.47 crore and to Rs 3,569.84 crore in FY21. SBI's dividend yield stood at 1.91 per cent on Tuesday against 1.44 per cent for FY22 and 1.10 per cent for FY21, as per AceEquity.

SBI stock price targets

Among foreign brokerages, Morgan Stanley has a target of Rs 715 on the stock, JPMorgan sees SBI at Rs 720 while Bernstein finds the stock worth Rs 700. Among domestic brokerages, ICICI direct has a target of Rs 730. Elara Securities finds it worth Rs 730; Motilal Oswal Securities and JM Financial pegged the stock at Rs 700 each.

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The PSU bank reported a mixed set of March quarter results but its 'balance sheet was stronger than ever' as one brokerage put it. SBI, another brokerage said, has answers for capital and ECL questions. A third brokerage said March was a historic quarter led by strong return on equity and low non-performing loan (NPL) ratio. The stock stayed flattish on Friday morning at Rs 574.10. Analysts targets on the stock lies in the Rs 700-800 range, suggesting up to 39 per cent upside potential over prevailing price.

The SBI management stated that the bank does not have to grow deposits at a very fast pace, YES Securities noted while suggesting a revised price target of Rs 795 on the stock.

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Prabhudas Lilladher said while SBI saw a mixed quarter, the management sounded confident about maintaining core profitability driven by stronger underwriting, lower net slippages, multi-year low GNPAs and healthy standard asset provision cushion of 80 bps which could more than suffice for ECL impact. This brokerage has increased the target price for the stock to Rs 770 from Rs 730 earlier.

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