Zacks Investment Research Lowers Westpac Banking Corp. (WBK) to Sell
Westpac Banking Corp. (NYSE:WBK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” 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 analysts also recently weighed in on the company. JPMorgan Chase & Co. downgraded Westpac Banking Corp. from an “overweight” rating to a “neutral” rating in a report on Thursday, August 11th. Credit Agricole SA downgraded Westpac Banking Corp. from an “underperform” rating to a “sell” rating in a report on Thursday, July 7th.
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Shares of Westpac Banking Corp. (NYSE:WBK) opened at 23.30 on Wednesday. The company has a market capitalization of $77.51 billion, a price-to-earnings ratio of 12.62 and a beta of 1.49. The stock has a 50 day moving average price of $22.69 and a 200-day moving average price of $22.59. Westpac Banking Corp. has a one year low of $19.83 and a one year high of $25.32.
Hedge funds have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. increased its stake in Westpac Banking Corp. by 13.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,638 shares of the company’s stock worth $102,000 after buying an additional 536 shares in the last quarter. Kistler Tiffany Companies LLC increased 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 in the last quarter. Creative Planning increased its stake in Westpac Banking Corp. by 5.2% in the third quarter. Creative Planning now owns 5,915 shares of the company’s stock valued at $135,000 after buying an additional 294 shares in the last quarter. MSI Financial Services Inc increased its stake in Westpac Banking Corp. by 2,366.0% in the third quarter. MSI Financial Services Inc now owns 6,313 shares of the company’s stock valued at $144,000 after buying an additional 6,057 shares in the last quarter. Finally, Huntington National Bank acquired a new stake in Westpac Banking Corp. during the second quarter valued at $157,000. 0.48% of the stock is owned by 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.
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