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

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.

Shares of Commonwealth Bank of Australia Sponsored ADR (OTCMKTS:CMWAY - Get Free Report) gapped down before the market opened 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.

Analyst Upgrades and Downgrades

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 investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Commonwealth Bank of Australia presently has a consensus rating of "Hold".

Commonwealth Bank of Australia Price Performance

The company's 50-day moving average price is $113.43 and its 200 day moving average price is $108.41. 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 given a $1.6817 dividend. The ex-dividend date of this dividend is Monday, August 25th. This represents a dividend yield of 282.0%. This is a positive change from Commonwealth Bank of Australia's previous dividend of $1.41.

About Commonwealth Bank of Australia

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.