Bank of New York Mellon Corp reduced its stake in shares of Westpac (NYSE:WBK) by 4.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 72,270 shares of the bank’s stock after selling 3,216 shares during the quarter. Bank of New York Mellon Corp’s holdings in Westpac were worth $1,762,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of WBK. St. James Investment Company LLC bought a new stake in shares of Westpac during the fourth quarter valued at about $202,000. Advisor Partners LLC bought a new stake in shares of Westpac during the fourth quarter valued at about $209,000. Jane Street Group LLC raised its stake in shares of Westpac by 27.0% during the third quarter. Jane Street Group LLC now owns 14,512 shares of the bank’s stock valued at $366,000 after purchasing an additional 3,081 shares in the last quarter. Ballentine Partners LLC raised its stake in shares of Westpac by 27.4% during the fourth quarter. Ballentine Partners LLC now owns 15,460 shares of the bank’s stock valued at $377,000 after purchasing an additional 3,327 shares in the last quarter. Finally, Kovack Advisors Inc. acquired a new position in Westpac during the fourth quarter worth about $425,000. Institutional investors and hedge funds own 0.60% of the company’s stock.
WBK has been the topic of a number of research analyst reports. Morgan Stanley lowered Westpac from an “overweight” rating to an “equal weight” rating in a report on Friday, February 16th. Bank of America lowered Westpac from a “buy” rating to an “underperform” rating in a report on Wednesday, March 7th. JPMorgan Chase raised Westpac from a “neutral” rating to an “overweight” rating in a report on Tuesday, January 30th. Macquarie raised Westpac from a “neutral” rating to an “outperform” rating in a report on Wednesday, January 17th. Finally, Zacks Investment Research lowered Westpac from a “hold” rating to a “sell” rating in a report on Wednesday, March 21st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $28.00.
Shares of WBK opened at $22.33 on Thursday. The stock has a market capitalization of $75,087.99, a P/E ratio of 12.76, a P/E/G ratio of 3.64 and a beta of 1.28. Westpac has a 1-year low of $21.73 and a 1-year high of $26.72. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.26 and a current ratio of 1.26.
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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, community solutions one, not-for-profit savings, and foreign currency accounts; term, tailor-made, and farm management deposits; debit, credit, and travel money cards; home, personal, investment, small business, and commercial loans; and equipment, automotive, cash flow, property, and insurance premium financing services.
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