Westpac Banking Corp (NYSE:WBK) has been assigned an average recommendation of “Hold” from the eight analysts that are presently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and three have given a buy recommendation to the company.
WBK has been the subject of several analyst reports. ValuEngine raised shares of Westpac Banking from a “sell” rating to a “hold” rating in a research note on Monday, May 4th. Zacks Investment Research lowered shares of Westpac Banking from a “buy” rating to a “hold” rating in a research report on Friday, July 17th. Jefferies Financial Group lowered shares of Westpac Banking from a “hold” rating to an “underperform” rating in a research report on Monday, June 1st. Goldman Sachs Group raised shares of Westpac Banking from a “neutral” rating to a “buy” rating in a research report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. lowered shares of Westpac Banking from an “overweight” rating to a “neutral” rating in a research report on Monday, April 27th.
WBK stock opened at $12.15 on Friday. Westpac Banking has a 1 year low of $7.98 and a 1 year high of $20.56. The company has a fifty day simple moving average of $12.58 and a 200 day simple moving average of $12.78. The firm has a market cap of $41.89 billion, a PE ratio of 9.14, a PEG ratio of 6.81 and a beta of 1.07.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Credit Suisse AG acquired a new position in Westpac Banking in the fourth quarter valued at approximately $183,000. Cubist Systematic Strategies LLC acquired a new stake in Westpac Banking in the fourth quarter worth $335,000. Carroll Financial Associates Inc. acquired a new stake in Westpac Banking in the first quarter worth $32,000. Ellevest Inc. raised its holdings in Westpac Banking by 97.6% in the first quarter. Ellevest Inc. now owns 3,520 shares of the bank’s stock worth $36,000 after purchasing an additional 1,739 shares during the period. Finally, Raymond James & Associates raised its holdings in Westpac Banking by 14.6% in the first quarter. Raymond James & Associates now owns 132,216 shares of the bank’s stock worth $1,355,000 after purchasing an additional 16,816 shares during the period. 0.45% 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.
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