Westpac Banking Corp (NYSE:WBK) has been assigned an average recommendation of “Hold” from the eleven brokerages that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $28.00.
A number of research firms have weighed in on WBK. JPMorgan Chase & Co. upgraded shares of Westpac Banking from a “neutral” rating to an “overweight” rating in a research note on Tuesday, January 30th. Zacks Investment Research reiterated a “hold” rating on shares of Westpac Banking in a research note on Saturday, January 13th. Morgan Stanley cut shares of Westpac Banking from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 16th. Macquarie upgraded shares of Westpac Banking from a “neutral” rating to an “outperform” rating in a research note on Wednesday, January 17th. Finally, ValuEngine cut shares of Westpac Banking from a “buy” rating to a “hold” rating in a research note on Thursday, November 30th.
Westpac Banking (NYSE:WBK) traded down $0.29 during trading on Friday, reaching $23.18. 226,934 shares of the company traded hands, compared to its average volume of 255,861. 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 quick ratio of 1.26 and a current ratio of 1.26.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in WBK. Parametric Portfolio Associates LLC boosted its stake in Westpac Banking by 15.4% in the third quarter. Parametric Portfolio Associates LLC now owns 1,999,094 shares of the bank’s stock valued at $50,417,000 after acquiring an additional 266,397 shares during the last quarter. Deutsche Bank AG lifted its stake in shares of Westpac Banking by 530.3% during the 4th quarter. Deutsche Bank AG now owns 228,800 shares of the bank’s stock valued at $5,578,000 after buying an additional 192,501 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Westpac Banking by 14.4% during the 4th quarter. Renaissance Technologies LLC now owns 1,406,100 shares of the bank’s stock valued at $34,281,000 after buying an additional 177,401 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Westpac Banking by 57.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 347,512 shares of the bank’s stock valued at $8,765,000 after buying an additional 126,489 shares in the last quarter. Finally, Martin Capital Partners LLC purchased a new stake in shares of Westpac Banking during the 4th quarter valued at approximately $2,682,000. Hedge funds and other institutional investors own 0.60% of the company’s stock.
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About Westpac Banking
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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