Westpac Banking Corporation (NYSE:WBK) Raised to “Hold” at Zacks Investment Research

Westpac Banking Corporation (NYSE:WBK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Thursday, July 13th.

According to Zacks, “Westpac Banking Corp. provides a broad range of banking and financial services. The company offers general banking services to retail, commercial, and institutional customers and provides investment management and insurance. For institutional and international clients, Westpac provides working capital loans, trade financing, foreign currency loans, leveraged leasing, project finance loans, and interest rate and currency products. “

WBK has been the topic of several other research reports. Macquarie downgraded Westpac Banking Corporation from an “outperform” rating to a “neutral” rating in a research report on Tuesday, May 9th. Credit Suisse Group raised Westpac Banking Corporation from a “neutral” rating to an “outperform” rating in a research report on Thursday, June 22nd. Goldman Sachs Group, Inc. (The) upgraded Westpac Banking Corporation from a “neutral” rating to a “buy” rating in a report on Wednesday, July 12th. ValuEngine upgraded Westpac Banking Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, BidaskClub upgraded Westpac Banking Corporation from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Westpac Banking Corporation currently has an average rating of “Buy” and an average target price of $29.00.

Shares of Westpac Banking Corporation (WBK) traded up 0.52% during trading on Thursday, hitting $25.06. 247,702 shares of the stock traded hands. Westpac Banking Corporation has a 1-year low of $21.23 and a 1-year high of $27.05. The stock has a 50 day moving average price of $24.53 and a 200-day moving average price of $24.88. The stock has a market cap of $83.90 billion, a price-to-earnings ratio of 14.17 and a beta of 1.29.

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Large investors have recently modified their holdings of the company. Gilman Hill Asset Management LLC boosted its stake in shares of Westpac Banking Corporation by 16.1% in the second quarter. Gilman Hill Asset Management LLC now owns 50,860 shares of the bank’s stock worth $1,190,000 after buying an additional 7,065 shares during the period. Fisher Asset Management LLC raised its position in shares of Westpac Banking Corporation by 0.4% in the first quarter. Fisher Asset Management LLC now owns 11,509 shares of the bank’s stock valued at $308,000 after buying an additional 44 shares in the last quarter. Comerica Bank raised its position in shares of Westpac Banking Corporation by 1.3% in the first quarter. Comerica Bank now owns 193,081 shares of the bank’s stock valued at $5,101,000 after buying an additional 2,552 shares in the last quarter. US Bancorp DE raised its position in shares of Westpac Banking Corporation by 9.0% in the first quarter. US Bancorp DE now owns 95,081 shares of the bank’s stock valued at $2,540,000 after buying an additional 7,870 shares in the last quarter. Finally, Wealthsource Partners LLC acquired a new position in shares of Westpac Banking Corporation during the first quarter valued at about $467,000. Hedge funds and other institutional investors own 0.58% of the company’s stock.

Westpac Banking Corporation 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.

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