Jefferies Financial Group Initiates Coverage on Westpac Banking (NYSE:WBK)

Jefferies Financial Group started coverage on shares of Westpac Banking (NYSE:WBK) in a research report report published on Tuesday morning, The Fly reports. The firm issued an underperform rating on the bank’s stock. Jefferies Financial Group also issued estimates for Westpac Banking’s FY2020 earnings at $1.47 EPS, FY2021 earnings at $1.44 EPS and FY2022 earnings at $1.41 EPS.

Several other analysts have also recently weighed in on the stock. Zacks Investment Research reiterated a sell rating on shares of Westpac Banking in a report on Saturday, October 26th. Morgan Stanley upgraded shares of Westpac Banking from an underweight rating to an equal weight rating in a report on Thursday, August 1st. Credit Suisse Group upgraded shares of Westpac Banking from a neutral rating to an outperform rating in a report on Monday, September 2nd. Finally, ValuEngine cut shares of Westpac Banking from a hold rating to a sell rating in a report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Westpac Banking has an average rating of Hold and an average price target of $21.00.

NYSE:WBK traded down $0.08 during trading hours on Tuesday, hitting $18.20. The company had a trading volume of 521,792 shares, compared to its average volume of 244,733. The company has a market capitalization of $64.19 billion, a PE ratio of 10.46, a price-to-earnings-growth ratio of 2.84 and a beta of 0.92. The stock has a 50-day moving average price of $19.64 and a 200 day moving average price of $19.44. Westpac Banking has a 52 week low of $16.41 and a 52 week high of $20.56.

The business also recently declared a Semi-Annual dividend, which will be paid on Monday, December 30th. Investors of record on Tuesday, November 12th will be issued a $0.547 dividend. The ex-dividend date is Friday, November 8th. Westpac Banking’s dividend payout ratio (DPR) is currently 74.14%.

Institutional investors have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC purchased a new position in Westpac Banking during the second quarter valued at $34,000. Baldwin Brothers Inc. MA purchased a new position in Westpac Banking during the third quarter valued at $49,000. Lindbrook Capital LLC lifted its position in Westpac Banking by 74.7% during the second quarter. Lindbrook Capital LLC now owns 3,360 shares of the bank’s stock valued at $66,000 after buying an additional 1,437 shares during the period. Cornerstone Advisors Inc. lifted its position in Westpac Banking by 28.8% during the second quarter. Cornerstone Advisors Inc. now owns 3,382 shares of the bank’s stock valued at $67,000 after buying an additional 756 shares during the period. Finally, Whittier Trust Co. lifted its position in Westpac Banking by 358.1% during the third quarter. Whittier Trust Co. now owns 4,466 shares of the bank’s stock valued at $89,000 after buying an additional 3,491 shares during the period. 0.57% of the stock is owned by institutional investors and hedge funds.

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.

See Also: Asset Allocation, Balancing Your Investments

The Fly

Analyst Recommendations for Westpac Banking (NYSE:WBK)

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