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. “
Several other research analysts have also issued reports on WBK. JPMorgan Chase & Co. lowered Westpac Banking Corp. from an overweight rating to a neutral rating in a research report on Thursday, August 11th. Credit Agricole SA lowered Westpac Banking Corp. from an underperform rating to a sell rating in a research report on Thursday, July 7th.
Westpac Banking Corp. (NYSE:WBK) opened at 23.26 on Wednesday. The stock’s 50 day moving average price is $22.68 and its 200 day moving average price is $22.60. The firm has a market capitalization of $77.38 billion, a price-to-earnings ratio of 12.60 and a beta of 1.49. Westpac Banking Corp. has a 52-week low of $19.83 and a 52-week high of $25.32.
Several institutional investors have recently added to or reduced their stakes in WBK. Todd Asset Management LLC boosted its position in Westpac Banking Corp. by 76.1% in the second quarter. Todd Asset Management LLC now owns 726,214 shares of the company’s stock valued at $16,042,000 after buying an additional 313,881 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in Westpac Banking Corp. by 88.5% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 441,000 shares of the company’s stock valued at $9,742,000 after buying an additional 207,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Westpac Banking Corp. during the first quarter valued at $3,382,000. Renaissance Technologies LLC boosted its position in Westpac Banking Corp. by 15.8% in the first quarter. Renaissance Technologies LLC now owns 1,013,700 shares of the company’s stock valued at $23,579,000 after buying an additional 138,100 shares during the last quarter. Finally, Ngam Advisors L.P. boosted its position in Westpac Banking Corp. by 143.1% in the second quarter. Ngam Advisors L.P. now owns 189,703 shares of the company’s stock valued at $4,191,000 after buying an additional 111,671 shares during the last quarter. 0.48% of the stock is currently owned by hedge funds and other institutional investors.
About Westpac Banking Corp.
Westpac Banking Corporation is a banking organization. The Company provides banking and financial services in markets, including consumer, business and institutional banking and wealth management services. It has three segments: Australian Financial Services (AFS), Westpac Institutional Bank (WIB) and Westpac New Zealand.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Westpac Banking Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westpac Banking Corp. and related companies with MarketBeat.com's FREE daily email newsletter.