Westpac Banking Corporation (WBK) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Westpac Banking Corporation (NYSE:WBK) from a hold rating to a sell rating in a research report released on Thursday, November 9th.

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 have also commented on the stock. Credit Suisse Group lowered shares of Westpac Banking Corporation from an outperform rating to a neutral rating in a report on Monday, November 6th. Morgan Stanley raised shares of Westpac Banking Corporation from an equal weight rating to an overweight rating in a research report on Thursday, July 20th. Citigroup Inc. raised shares of Westpac Banking Corporation from a sell rating to a neutral rating in a research report on Wednesday, July 19th. BidaskClub raised shares of Westpac Banking Corporation from a hold rating to a buy rating in a research report on Thursday, July 13th. Finally, Goldman Sachs Group, Inc. (The) raised shares of Westpac Banking Corporation from a neutral rating to a buy rating in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Westpac Banking Corporation currently has an average rating of Hold and an average target price of $28.00.

Westpac Banking Corporation (WBK) traded down $0.02 during trading hours on Thursday, hitting $24.17. 145,700 shares of the company traded hands, compared to its average volume of 186,604. Westpac Banking Corporation has a 1-year low of $22.17 and a 1-year high of $27.05. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 2.74.

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The business also recently declared a None dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Monday, November 13th will be paid a $0.717 dividend. This is a positive change from Westpac Banking Corporation’s previous None dividend of $0.71. This represents a dividend yield of 5.82%. The ex-dividend date of this dividend is Friday, November 10th. Westpac Banking Corporation’s dividend payout ratio is currently 82.08%.

Several large investors have recently modified their holdings of WBK. Dimensional Fund Advisors LP lifted its stake in shares of Westpac Banking Corporation by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 478,261 shares of the bank’s stock worth $12,779,000 after acquiring an additional 2,934 shares during the period. Credit Suisse AG acquired a new stake in Westpac Banking Corporation during the first quarter valued at approximately $1,132,000. Fisher Asset Management LLC lifted its stake in Westpac Banking Corporation by 20.5% during the second quarter. Fisher Asset Management LLC now owns 13,863 shares of the bank’s stock valued at $324,000 after purchasing an additional 2,354 shares during the last quarter. Aperio Group LLC lifted its position in shares of Westpac Banking Corporation by 11.9% in the 2nd quarter. Aperio Group LLC now owns 1,160,935 shares of the bank’s stock valued at $27,166,000 after acquiring an additional 123,092 shares in the last quarter. Finally, Gradient Investments LLC lifted its position in shares of Westpac Banking Corporation by 208.3% in the 2nd quarter. Gradient Investments LLC now owns 31,156 shares of the bank’s stock valued at $729,000 after acquiring an additional 21,049 shares in the last quarter. 0.59% of the stock is owned by institutional investors.

About Westpac Banking Corporation

Westpac Banking Corporation is a banking organization. The Company provides a range of banking and financial services in markets, including consumer, business and institutional banking and wealth management services. The Company is engaged in the provision of financial services, including lending, deposit taking, payments services, investment portfolio management and advice, superannuation and funds management, insurance services, leasing finance, general finance, interest rate risk management and foreign exchange services.

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