Westpac Banking (WBK) Upgraded by Citigroup to “Buy”

Citigroup upgraded shares of Westpac Banking (NYSE:WBK) from a neutral rating to a buy rating in a report issued on Tuesday, MarketBeat reports.

Several other equities analysts have also issued reports on WBK. Zacks Investment Research raised Westpac Banking from a sell rating to a buy rating and set a $25.00 price target for the company in a research report on Sunday, July 15th. Macquarie lowered Westpac Banking from an outperform rating to a neutral rating in a research report on Friday, August 17th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $25.00.

WBK opened at $19.26 on Tuesday. Westpac Banking has a 1 year low of $18.22 and a 1 year high of $25.59.

The business also recently declared a special dividend, which will be paid on Monday, December 31st. Stockholders of record on Tuesday, November 13th will be given a $0.6766 dividend. This represents a dividend yield of 7.09%. The ex-dividend date of this dividend is Friday, November 9th. Westpac Banking’s dividend payout ratio is presently 79.31%.

Institutional investors and hedge funds have recently bought and sold shares of the company. Northern Trust Corp raised its position in Westpac Banking by 6.8% in the 2nd quarter. Northern Trust Corp now owns 3,137,776 shares of the bank’s stock worth $68,027,000 after buying an additional 201,083 shares during the last quarter. Glenmede Trust Co. NA raised its position in Westpac Banking by 1,960.1% in the 2nd quarter. Glenmede Trust Co. NA now owns 320,887 shares of the bank’s stock worth $6,957,000 after buying an additional 305,311 shares during the last quarter. Wells Fargo & Company MN raised its position in Westpac Banking by 11.1% in the 3rd quarter. Wells Fargo & Company MN now owns 309,659 shares of the bank’s stock worth $6,197,000 after buying an additional 30,820 shares during the last quarter. Crossmark Global Holdings Inc. raised its position in Westpac Banking by 17.5% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 281,597 shares of the bank’s stock worth $5,635,000 after buying an additional 41,898 shares during the last quarter. Finally, Comerica Bank raised its position in Westpac Banking by 5.9% in the 3rd quarter. Comerica Bank now owns 194,640 shares of the bank’s stock worth $3,642,000 after buying an additional 10,792 shares during the last quarter. 0.56% of the stock is owned by hedge funds and other institutional investors.

About Westpac Banking

Westpac Banking Corporation provides various banking and financial services in Australia, New Zealand, Asia, the Pacific region, and internationally. It operates through five divisions: Consumer Bank, Business Bank, BT Financial Group, Westpac Institutional Bank, and Westpac New Zealand. It offers everyday banking, savings, term deposit, moving to Australia, under 21 and student, business, community solutions one, not-for-profit savings, and foreign currency accounts; term, tailor-made, and farm management deposits; debit, credit, and travel money cards; home, personal, investment, small business, and commercial loans; and equipment, automotive, cash flow, property, and insurance premium financing services.

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Analyst Recommendations for Westpac Banking (NYSE:WBK)

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