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Bendigo and Adelaide Bank Ltd ASX:BEN

0 opened or increased2 held2 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 4 managers in total.

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2026

30 Nov 2025 to today

Commentary Showing 2 of 6

DateManagerActionSummary

24 Aug 2026Pendal GroupHeldPendal Group continues to hold Bendigo and Adelaide Bank after it pre-disclosed its result alongside a raft of one-off costs tied to new APRA licence conditions; the manager notes underlying trends were strong, with a 6bp 2H margin lift driving a 5% pre-provision profit beat, though this reflects peak-cycle conditions with volume and margin now under pressure industry-wide. The bigger focus was costs, including a $70m AML remediation provision plus restructuring, RACQ Bank migration, Homesafe markdowns and equity grants, totalling $220m in FY26 and $120m in FY27 and cutting profit by 30% and 17% respectively; Pendal argues this persistence of one-offs reflects regional-bank diseconomies of scale and means the 12-13x PE isn't as cheap as it looks.

Newsletter, price recorded $10.45

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13 Apr 2026Pendal GroupHeldPendal Group continues to hold Bendigo and Adelaide Bank Ltd but views the positive 3Q trading update — 12% ahead of consensus — as largely non-recurring. Pendal Group notes that while margin improved 6 basis points, the underlying improvement was closer to 2 basis points as the move was mostly driven by liquids rather than structural margin expansion. Costs beat consensus entirely, though partly due to lower investment spend with no change to full-year guidance. The bank also flagged a large new investment program that will reduce headline FY27 forecasts, with benefits directed at offsetting higher amortisation rather than delivering cost improvement beyond sub-inflation growth.

Newsletter, price recorded $11.31

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4 more comments on BENPro shows every comment, with a link to each source document.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 4 managers first commented on BEN.

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Articles

13 Apr 2026Bendigo Bank's AML Disclosure Overshadows a Later Margin Beat

About Bendigo and Adelaide Bank Ltd

Financials, Banks

Bendigo and Adelaide Bank (ASX:BEN) faces regulatory issues, though underlying trends have improved. In August 2026, Pendal Group noted Bendigo pre-disclosed its result alongside one-off costs tied to new APRA licence conditions, though underlying trends were strong. In April 2026, Pendal reported a strong early third-quarter update, 12% ahead of consensus, but suggested positive margin and cost trends may not last. Ten Cap held a short position after anti-money laundering breaches and regulatory scrutiny, and Atlas noted regional banks face a competitive disadvantage from higher costs. Bendigo and Adelaide Bank operates in the Financials sector within the Banks industry, and Thesis Tracker has captured 6 comments from 4 fund managers, including Pendal Group, Ten Cap and Atlas. Established in 1858 and headquartered in Bendigo, Victoria, Bendigo and Adelaide Bank provides retail and business banking, home loans and agribusiness lending, including through Community Bank branches and Up digital bank.

Market cap: $6.2b
Price to earnings: 17.4x
Return on equity: 5.6%
Dividend yield: 6.0%
Price to book: 0.94x
Net margin: 19.2%
52-week range: $9.81 to $13.11

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Bendigo and Adelaide Bank Ltd (ASX:BEN)?

Fund managers including Ten Cap, Atlas Funds Management, Ellerston Capital and Pendal Group have invested in Bendigo and Adelaide Bank Ltd (ASX:BEN).

What opportunities or catalysts do fund managers highlight for Bendigo and Adelaide Bank Ltd?

Pendal highlights strong underlying trends and a third-quarter update well ahead of consensus on margins and costs.

What are the key risks to the Bendigo and Adelaide Bank Ltd investment thesis, according to fund managers?

Ten Cap and Atlas highlight anti-money laundering breaches, regulatory oversight and new APRA licence conditions, along with a structural cost disadvantage for regional banks.

What does Bendigo and Adelaide Bank Ltd (ASX:BEN) do?

Bendigo and Adelaide Bank Ltd, established in 1858 and headquartered in Bendigo, Australia, provides diverse financial services including lending, deposits, payments, foreign exchange, wealth management, and superannuation. The bank operates through three primary segments: Consumer, comprising branch networks, digital banking, and wealth services; Business and Agribusiness, focusing on commercial and rural lending; and Corporate, which encompasses treasury, technology, risk, and support functions. These operations deliver comprehensive banking solutions to consumer, residential, business, and rural clients, underpinned by strategic finance, human resources, and investor relations functions.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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