Westpac Banking (NYSE:WBK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
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. “
A number of other brokerages have also recently weighed in on WBK. Macquarie cut shares of Westpac Banking from an “outperform” rating to a “neutral” rating in a report on Friday, August 17th. Citigroup upgraded shares of Westpac Banking from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 6th. Finally, Deutsche Bank lowered shares of Westpac Banking from a “buy” rating to a “sell” rating in a research report on Monday, November 26th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $25.00.
Several institutional investors have recently added to or reduced their stakes in WBK. Atlas Capital Advisors LLC bought a new position in shares of Westpac Banking during the second quarter worth about $183,000. BTC Capital Management Inc. bought a new position in shares of Westpac Banking during the second quarter worth about $203,000. Ridgewood Investments LLC bought a new position in shares of Westpac Banking during the second quarter worth about $224,000. Rhumbline Advisers bought a new position in shares of Westpac Banking during the third quarter worth about $225,000. Finally, Virtu Financial LLC bought a new position in shares of Westpac Banking during the third quarter worth about $226,000. Institutional investors and hedge funds own 0.54% of the company’s stock.
Westpac Banking Company Profile
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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