Wetherby Asset Management Inc. reduced its stake in shares of Westpac Banking Corp (NYSE:WBK) by 43.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 38,643 shares of the bank’s stock after selling 29,296 shares during the period. Wetherby Asset Management Inc.’s holdings in Westpac Banking were worth $773,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Advisor Partners LLC grew its position in Westpac Banking by 19.2% in the third quarter. Advisor Partners LLC now owns 20,779 shares of the bank’s stock worth $416,000 after acquiring an additional 3,344 shares in the last quarter. HL Financial Services LLC purchased a new position in Westpac Banking in the third quarter worth $630,000. Wells Fargo & Company MN grew its position in Westpac Banking by 11.1% in the third quarter. Wells Fargo & Company MN now owns 309,659 shares of the bank’s stock worth $6,197,000 after acquiring an additional 30,820 shares in the last quarter. Comerica Bank grew its position in Westpac Banking by 5.9% in the third quarter. Comerica Bank now owns 194,640 shares of the bank’s stock worth $3,642,000 after acquiring an additional 10,792 shares in the last quarter. Finally, Moody National Bank Trust Division purchased a new position in Westpac Banking in the third quarter worth $2,771,000. 0.54% of the stock is owned by institutional investors and hedge funds.
Shares of Westpac Banking stock traded down $0.09 during trading on Thursday, reaching $18.67. 569,545 shares of the stock were exchanged, compared to its average volume of 319,048. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 2.67. The firm has a market cap of $63.78 billion, a P/E ratio of 10.73, a P/E/G ratio of 5.58 and a beta of 1.24. Westpac Banking Corp has a 1 year low of $18.22 and a 1 year high of $25.59.
The company also recently announced a special dividend, which will be paid on Monday, December 31st. Stockholders of record on Tuesday, November 13th will be issued a dividend of $0.6766 per share. The ex-dividend date of this dividend is Friday, November 9th. This represents a dividend yield of 7.09%. Westpac Banking’s dividend payout ratio is currently 77.01%.
Several research analysts recently issued reports on WBK shares. Zacks Investment Research upgraded shares of Westpac Banking from a “sell” rating to a “hold” rating in a research report on Friday, November 9th. Deutsche Bank lowered shares of Westpac Banking from a “buy” rating to a “sell” rating in a research report on Monday, November 26th. Macquarie lowered shares of Westpac Banking from an “outperform” rating to a “neutral” rating in a research report on Friday, August 17th. Finally, Citigroup upgraded shares of Westpac Banking from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 6th. Four analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $25.00.
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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 one, community solutions one, not-for-profit savings, and foreign currency accounts; term and farm management deposits; debit, credit, and travel money cards; home, personal, investment, small business, and commercial loans; and equipment, automotive, cash flow, property, insurance premium, corporate and structured finance, and trade and supply chain financing services.
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