JPMorgan Chase & Co. Upgrades Westpac Banking (WBK) to Overweight

JPMorgan Chase & Co. upgraded shares of Westpac Banking (NYSE:WBK) from a neutral rating to an overweight rating in a research report report published on Tuesday, January 30th.

Other analysts have also recently issued research reports about the stock. ValuEngine cut shares of Westpac Banking from a buy rating to a hold rating in a report on Thursday, November 30th. Zacks Investment Research raised shares of Westpac Banking from a hold rating to a buy rating and set a $28.00 target price on the stock in a report on Sunday, January 21st. Macquarie raised shares of Westpac Banking from a neutral rating to an outperform rating in a report on Wednesday, January 17th. Finally, Credit Suisse Group cut shares of Westpac Banking from an outperform rating to a neutral rating in a report on Monday, November 6th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has an average rating of Buy and an average target price of $28.00.

Shares of Westpac Banking (NYSE WBK) opened at $24.15 on Tuesday. Westpac Banking has a 1-year low of $22.17 and a 1-year high of $27.05. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.26 and a quick ratio of 1.26.

A number of hedge funds have recently added to or reduced their stakes in WBK. Royal Bank of Canada raised its holdings in Westpac Banking by 402.4% during the second quarter. Royal Bank of Canada now owns 820,458 shares of the bank’s stock worth $19,198,000 after purchasing an additional 657,161 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new stake in Westpac Banking during the third quarter worth approximately $8,283,000. Parametric Portfolio Associates LLC raised its holdings in Westpac Banking by 15.4% during the third quarter. Parametric Portfolio Associates LLC now owns 1,999,094 shares of the bank’s stock worth $50,417,000 after purchasing an additional 266,397 shares in the last quarter. Deutsche Bank AG raised its holdings in Westpac Banking by 530.3% during the fourth quarter. Deutsche Bank AG now owns 228,800 shares of the bank’s stock worth $5,578,000 after purchasing an additional 192,501 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Westpac Banking by 14.4% during the fourth quarter. Renaissance Technologies LLC now owns 1,406,100 shares of the bank’s stock worth $34,281,000 after purchasing an additional 177,401 shares in the last quarter. 0.59% of the stock is currently owned by institutional investors.

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Westpac Banking Company 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.

Analyst Recommendations for Westpac Banking (NYSE:WBK)

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