AFG – Macquarie rates the stock as Outperform

Australian Finance Group reported September quarter lodgements of $18.2bn, to mark a record going back to 2013, with lodgements up 8% from the June quarter and 16% from last September. Home Loan lodgements were up 9% year on year and 43% quarter on quarter.

Customers on loan deferral fell to 0.87% from 4.34% in June. “Conditions remain attractive for AFG,” the broker unsurprisingly suggests. Outperform retained, target rises to $2.41 from $2.34.

Sector: Banks.

Target price is $2.41.Current Price is $2.26. Difference: $0.15 – (brackets indicate current price is over target). If AFG meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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