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

Key Points

• The shares of Commonwealth Bank of Australia gapped down from a previous close of $113.98 to open at $109.06, with the stock last trading at $110.20.
• Analysts have downgraded the stock from a "strong-buy" to a "hold" rating, leading to a current consensus rating of "Hold".
• The bank has announced an increase in its dividend to $1.6817, up from a prior dividend of $1.41, reflecting a significant dividend yield of 282.0%.

Shares of Commonwealth Bank of Australia Sponsored ADR (OTCMKTS:CMWAY - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $113.98, but opened at $109.06. Commonwealth Bank of Australia shares last traded at $110.20, with a volume of 10,561 shares changing hands.

Analysts Set New Price Targets

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

Commonwealth Bank of Australia Stock Down 3.1%

The company has a 50 day moving average price of $116.22 and a two-hundred day moving average price of $107.51.

Commonwealth Bank of Australia Increases Dividend

The firm also recently declared 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 an increase from Commonwealth Bank of Australia's previous dividend of $1.41. This represents a dividend yield of 282.0%. The ex-dividend date is Monday, August 25th.

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.

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