It's a great day to own Westpac shares! Here's why
Owners of Westpac Banking Corp shares are in for some extra Christmas cheer on Tuesday. That's because the ASX big four bank's dividend is being paid to investors today. It's a fairly large payout, which is pleasingly coming right before Christmas. In this article, you can learn all about the payment.This dividend that's being paid is the final dividend payment of the 2023 financial year.Some investors may have opted to re-invest their dividends via the dividend reinvestment plan . These DRP shares are priced at $21.27, which is a discounted price compared to the current Westpac share price of $22.48.At the current Westpac share price, the incoming dividend represents a dividend yield of 3.2% or 4.6% grossed-up. That's a sizeable yield for just one payment.At the current Westpac share price, it's valued at around 12.5x FY24's estimated earnings. That's still a relatively low price/earnings (P/E) ratio considering the double-digit profit decline that is being forecast.Compared to the s