Commonwealth Bank of Australia (OTCMKTS:CMWAY) Shares Gap Down - Here's Why

Key Points

• The share price of Commonwealth Bank of Australia gapped down from $110.63 to $106.01 before the market opened, with the last traded price at $109.52.
• Zacks Research downgraded the stock's rating from "strong-buy" to "hold", reflecting a more cautious outlook on its performance.
• The bank has increased its dividend to $1.6817, scheduled to be paid on October 9th, up from the previous $1.41 dividend, marking a significant yield increase.

Commonwealth Bank of Australia Sponsored ADR (OTCMKTS:CMWAY - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $110.63, but opened at $106.01. Commonwealth Bank of Australia shares last traded at $109.52, with a volume of 2,135 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Zacks Research cut shares of Commonwealth Bank of Australia from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 18th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold".

Commonwealth Bank of Australia Trading Down 0.1%

The business's 50 day moving average price is $113.43 and its 200-day moving average price is $108.35. The company has a debt-to-equity ratio of 2.18, a current ratio of 1.10 and a quick ratio of 1.10.

Commonwealth Bank of Australia Increases Dividend

The business also recently announced a dividend, which will be paid on Thursday, October 9th. Stockholders of record on Tuesday, August 26th will be paid a $1.6817 dividend. This is a boost from Commonwealth Bank of Australia's previous dividend of $1.41. The ex-dividend date is Monday, August 25th. This represents a dividend yield of 282.0%.

Commonwealth Bank of Australia Company Profile

Commonwealth Bank of Australia provides financial services in Australia, New Zealand, and internationally. It operates through Retail Banking Services, Business Banking, Institutional Banking and Markets, and New Zealand segments. The company offers transaction, savings, and foreign currency accounts; term deposits; personal and business loans; overdrafts; equipment finance; credit cards; international payment and trade; and private banking services, as well as home and car loans.