Westpac Banking Corp. (WBK) Cut to “Hold” at Zacks Investment Research
Westpac Banking Corp. (NYSE:WBK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors 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. “
A number of other brokerages have also recently weighed in on WBK. Credit Agricole SA cut Westpac Banking Corp. from an “underperform” rating to a “sell” rating in a research report on Thursday, July 7th. JPMorgan Chase & Co. cut Westpac Banking Corp. from an “overweight” rating to a “neutral” rating in a research report on Thursday, August 11th.
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Westpac Banking Corp. (NYSE:WBK) traded up 1.22% on Wednesday, reaching $23.26. The company’s stock had a trading volume of 78,831 shares. The stock’s 50 day moving average is $22.68 and its 200-day moving average is $22.60. Westpac Banking Corp. has a 52 week low of $19.83 and a 52 week high of $25.32. The firm has a market capitalization of $77.38 billion, a PE ratio of 12.60 and a beta of 1.49.
Institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in Westpac Banking Corp. during the first quarter worth approximately $3,382,000. BB&T Securities LLC raised its position in Westpac Banking Corp. by 11.0% in the first quarter. BB&T Securities LLC now owns 27,548 shares of the company’s stock worth $640,000 after buying an additional 2,739 shares during the last quarter. Clark Capital Management Group Inc. acquired a new position in Westpac Banking Corp. during the first quarter worth approximately $2,101,000. M&T Bank Corp raised its position in Westpac Banking Corp. by 17.1% in the first quarter. M&T Bank Corp now owns 13,947 shares of the company’s stock worth $325,000 after buying an additional 2,035 shares during the last quarter. Finally, Huntington National Bank acquired a new position in Westpac Banking Corp. during the second quarter worth approximately $157,000. Institutional investors and hedge funds own 0.48% of the company’s stock.
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.
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