Westpac Banking (WBK) Upgraded by Zacks Investment Research to Hold

Westpac Banking (NYSE:WBK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.

According to Zacks, “Westpac Banking Corp. provides a broad range of banking and financial services. The company offers general banking services to retail, commercial, and institutional customers and provides investment management and insurance. For institutional and international clients, Westpac provides working capital loans, trade financing, foreign currency loans, leveraged leasing, project finance loans, and interest rate and currency products. “

A number of other equities analysts also recently issued reports on WBK. Citigroup upgraded shares of Westpac Banking from a “neutral” rating to a “buy” rating in a research note on Tuesday. Macquarie downgraded shares of Westpac Banking from an “outperform” rating to a “neutral” rating in a research note on Friday, August 17th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Westpac Banking has an average rating of “Hold” and an average target price of $25.00.

Shares of NYSE WBK traded down $0.77 during midday trading on Friday, reaching $19.16. 152,717 shares of the company’s stock traded hands, compared to its average volume of 466,141. Westpac Banking has a one year low of $18.22 and a one year high of $25.59. The company has a market cap of $66.47 billion, a PE ratio of 11.01, a P/E/G ratio of 5.82 and a beta of 1.20.

Institutional investors and hedge funds have recently made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. boosted its stake in Westpac Banking by 526.0% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 4,075 shares of the bank’s stock valued at $131,000 after acquiring an additional 3,424 shares in the last quarter. Atlas Capital Advisors LLC acquired a new stake in Westpac Banking in the second quarter valued at approximately $183,000. BTC Capital Management Inc. acquired a new stake in Westpac Banking in the second quarter valued at approximately $203,000. Ridgewood Investments LLC acquired a new stake in Westpac Banking in the second quarter valued at approximately $224,000. Finally, Rhumbline Advisers acquired a new stake in Westpac Banking in the third quarter valued at approximately $225,000. Institutional investors own 0.56% of the company’s stock.

Westpac Banking Company Profile

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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