Envestnet Asset Management Inc. raised its stake in shares of Westpac Banking Corporation (NYSE:WBK) by 57.2% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 347,512 shares of the bank’s stock after purchasing an additional 126,489 shares during the period. Envestnet Asset Management Inc.’s holdings in Westpac Banking were worth $8,765,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in WBK. Dimensional Fund Advisors LP boosted its stake in Westpac Banking by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 478,261 shares of the bank’s stock valued at $12,779,000 after purchasing an additional 2,934 shares during the last quarter. Credit Suisse AG acquired a new position in Westpac Banking during the 1st quarter valued at about $1,132,000. NGAM Advisors L.P. boosted its stake in Westpac Banking by 5.0% during the 2nd quarter. NGAM Advisors L.P. now owns 55,056 shares of the bank’s stock valued at $1,288,000 after purchasing an additional 2,641 shares during the last quarter. Sei Investments Co. boosted its stake in Westpac Banking by 21.9% during the 2nd quarter. Sei Investments Co. now owns 20,141 shares of the bank’s stock valued at $472,000 after purchasing an additional 3,612 shares during the last quarter. Finally, TD Asset Management Inc. boosted its stake in Westpac Banking by 7.2% during the 2nd quarter. TD Asset Management Inc. now owns 36,174 shares of the bank’s stock valued at $1,077,000 after purchasing an additional 2,416 shares during the last quarter. Institutional investors and hedge funds own 0.62% of the company’s stock.
A number of equities analysts have issued reports on the company. Zacks Investment Research downgraded Westpac Banking from a “buy” rating to a “hold” rating in a research note on Tuesday, October 24th. ValuEngine downgraded Westpac Banking from a “buy” rating to a “hold” rating in a research note on Thursday, November 30th. Finally, Credit Suisse Group downgraded Westpac Banking from an “outperform” rating to a “neutral” rating in a research note on Monday, November 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $28.00.
Shares of Westpac Banking Corporation (WBK) traded up $0.09 during midday trading on Thursday, hitting $23.39. The stock had a trading volume of 246,300 shares, compared to its average volume of 187,767. Westpac Banking Corporation has a 12-month low of $22.17 and a 12-month 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.
The firm also recently announced 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 represents a dividend yield of 5.82%. The ex-dividend date of this dividend is Friday, November 10th. This is an increase from Westpac Banking’s previous None dividend of $0.71.
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Westpac Banking Profile
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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