Shares of Westpac Banking Corp (NYSE:WBK) have received a consensus recommendation of “Hold” from the nine ratings firms that are currently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a sell recommendation, three have given a hold recommendation and one has issued a buy recommendation on the company.
Several analysts have recently weighed in on WBK shares. Zacks Investment Research upgraded Westpac Banking from a “sell” rating to a “hold” rating in a research report on Saturday, March 2nd. JPMorgan Chase & Co. downgraded Westpac Banking from an “overweight” rating to a “neutral” rating in a research report on Wednesday, February 6th. CLSA downgraded Westpac Banking from an “underperform” rating to a “sell” rating in a research report on Monday, May 6th. ValuEngine downgraded Westpac Banking from a “hold” rating to a “sell” rating in a research report on Monday, February 4th. Finally, Morgan Stanley lowered Westpac Banking from an “equal weight” rating to an “underweight” rating in a research note on Thursday, January 31st.
Shares of NYSE:WBK traded down $0.60 on Friday, hitting $17.35. 417,899 shares of the company’s stock were exchanged, compared to its average volume of 294,972. Westpac Banking has a 12 month low of $16.41 and a 12 month high of $22.35. The company has a market cap of $62.55 billion, a price-to-earnings ratio of 9.97, a price-to-earnings-growth ratio of 8.20 and a beta of 1.07. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 3.21.
The company also recently declared a semiannual dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, May 16th will be paid a dividend of $0.6581 per share. The ex-dividend date of this dividend is Wednesday, May 15th. This represents a dividend yield of 7%. Westpac Banking’s dividend payout ratio is currently 75.29%.
Institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its stake in shares of Westpac Banking by 4.2% during the fourth quarter. Geode Capital Management LLC now owns 34,702 shares of the bank’s stock valued at $606,000 after buying an additional 1,412 shares during the period. Fisher Asset Management LLC increased its stake in shares of Westpac Banking by 12.8% during the fourth quarter. Fisher Asset Management LLC now owns 17,442 shares of the bank’s stock valued at $305,000 after buying an additional 1,986 shares during the period. Lenox Wealth Advisors LLC purchased a new position in shares of Westpac Banking during the fourth quarter valued at $39,000. Wright Investors Service Inc. increased its stake in shares of Westpac Banking by 4.1% during the first quarter. Wright Investors Service Inc. now owns 24,532 shares of the bank’s stock valued at $454,000 after buying an additional 969 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Westpac Banking by 18.4% during the fourth quarter. Bank of New York Mellon Corp now owns 55,903 shares of the bank’s stock valued at $977,000 after buying an additional 8,671 shares during the period. Hedge funds and other institutional investors 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 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.
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