Westpac Banking Corp. (NYSE:WBK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
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. JPMorgan Chase & Co. lowered Westpac Banking Corp. from an “overweight” rating to a “neutral” rating in a report on Thursday, August 11th. Credit Agricole SA lowered Westpac Banking Corp. from an “underperform” rating to a “sell” rating in a report on Thursday, July 7th.
Westpac Banking Corp. (NYSE:WBK) opened at 23.30 on Wednesday. The company has a 50-day moving average of $22.69 and a 200-day moving average of $22.59. Westpac Banking Corp. has a 52 week low of $19.83 and a 52 week high of $25.32. The company has a market cap of $77.51 billion, a PE ratio of 12.62 and a beta of 1.49.
Several hedge funds have recently bought and sold shares of WBK. Checchi Capital Advisers LLC boosted its stake in Westpac Banking Corp. by 6.4% in the second quarter. Checchi Capital Advisers LLC now owns 21,527 shares of the company’s stock worth $476,000 after buying an additional 1,293 shares during the period. 1st Global Advisors Inc. boosted its stake in Westpac Banking Corp. by 15.6% in the second quarter. 1st Global Advisors Inc. now owns 10,551 shares of the company’s stock worth $233,000 after buying an additional 1,420 shares during the period. Boys Arnold & Co. Inc. acquired a new stake in Westpac Banking Corp. during the second quarter worth approximately $212,000. Kistler Tiffany Companies LLC boosted its stake in Westpac Banking Corp. by 5.2% in the second quarter. Kistler Tiffany Companies LLC now owns 4,645 shares of the company’s stock worth $103,000 after buying an additional 229 shares during the period. Finally, Avalon Advisors LLC boosted its stake in Westpac Banking Corp. by 50.2% in the first quarter. Avalon Advisors LLC now owns 34,273 shares of the company’s stock worth $797,000 after buying an additional 11,460 shares during the period. Institutional investors and hedge funds own 0.48% of the company’s stock.
Westpac Banking Corp. Company Profile
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.
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