Shares of Westpac Banking Corp (NYSE:WBK) have received a consensus rating of “Hold” from the nine analysts that are presently covering the company, MarketBeat Ratings reports. Five investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company.
WBK has been the topic of several research reports. Zacks Investment Research downgraded shares of Westpac Banking from a “buy” rating to a “hold” rating in a research note on Saturday, February 2nd. Morgan Stanley downgraded shares of Westpac Banking from an “equal weight” rating to an “underweight” rating in a research note on Thursday, January 31st. ValuEngine downgraded shares of Westpac Banking from a “hold” rating to a “sell” rating in a research note on Monday, February 4th. JPMorgan Chase & Co. downgraded shares of Westpac Banking from an “overweight” rating to a “neutral” rating in a research note on Wednesday, February 6th. Finally, CLSA downgraded shares of Westpac Banking from an “underperform” rating to a “sell” rating in a research note on Monday, May 6th.
Institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position in Westpac Banking by 4.2% during the fourth quarter. Geode Capital Management LLC now owns 34,702 shares of the bank’s stock worth $606,000 after purchasing an additional 1,412 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Westpac Banking by 12.8% during the fourth quarter. Fisher Asset Management LLC now owns 17,442 shares of the bank’s stock valued at $305,000 after acquiring an additional 1,986 shares during the last quarter. Lenox Wealth Advisors LLC acquired a new stake in shares of Westpac Banking during the fourth quarter valued at about $39,000. Wright Investors Service Inc. increased its position in shares of Westpac Banking by 4.1% during the first quarter. Wright Investors Service Inc. now owns 24,532 shares of the bank’s stock valued at $454,000 after acquiring an additional 969 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Westpac Banking by 18.4% during the fourth quarter. Bank of New York Mellon Corp now owns 55,903 shares of the bank’s stock valued at $977,000 after acquiring an additional 8,671 shares during the last quarter. Hedge funds and other institutional investors own 0.54% of the company’s stock.
Shares of NYSE:WBK traded down $0.64 during midday trading on Friday, hitting $18.20. The company’s stock had a trading volume of 5,011 shares, compared to its average volume of 253,613. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 3.21. The company has a market cap of $64.20 billion, a P/E ratio of 10.43, a P/E/G ratio of 8.42 and a beta of 1.07. Westpac Banking has a 12-month low of $16.41 and a 12-month high of $22.46.
The company also recently disclosed a semiannual dividend, which will be paid on Friday, July 5th. Investors of record on Thursday, May 16th will be given a dividend of $0.6581 per share. This represents a yield of 7%. The ex-dividend date of this dividend is Wednesday, May 15th. Westpac Banking’s payout ratio is currently 76.44%.
About Westpac Banking
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 one, community solutions one, not-for-profit savings, and foreign currency accounts; term and farm management deposits; debit, credit, and travel money cards; home, personal, investment, small business, and commercial loans; and equipment, automotive, cash flow, property, insurance premium, corporate and structured finance, and trade and supply chain financing services.
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