Westpac Banking Corporation (NYSE:WBK) Given Consensus Recommendation of “Buy” by Brokerages
Westpac Banking Corporation (NYSE:WBK) has received an average rating of “Buy” from the ten research firms that are presently covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $29.00.
WBK has been the topic of several recent research reports. Zacks Investment Research downgraded Westpac Banking Corporation from a “buy” rating to a “sell” rating in a report on Wednesday, May 10th. Macquarie cut Westpac Banking Corporation from an “outperform” rating to a “neutral” rating in a research report on Tuesday, May 9th. Credit Suisse Group raised Westpac Banking Corporation from a “neutral” rating to an “outperform” rating in a research report on Thursday, June 22nd. Morgan Stanley raised Westpac Banking Corporation from an “equal weight” rating to an “overweight” rating in a research report on Thursday, July 20th. Finally, Goldman Sachs Group, Inc. (The) raised Westpac Banking Corporation from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 12th.
Shares of Westpac Banking Corporation (NYSE:WBK) traded down 0.54% during midday trading on Friday, reaching $25.67. The company had a trading volume of 94,430 shares. The company has a market capitalization of $85.94 billion, a P/E ratio of 14.76 and a beta of 1.28. Westpac Banking Corporation has a 52 week low of $21.23 and a 52 week high of $27.05. The company’s 50 day moving average price is $23.85 and its 200-day moving average price is $24.83.
The company also recently announced a semiannual dividend, which was paid on Friday, July 14th. Investors of record on Thursday, May 18th were given a $0.689 dividend. The ex-dividend date was Tuesday, May 16th. This represents a dividend yield of 5.72%.
Several hedge funds have recently made changes to their positions in the stock. Karp Capital Management Corp purchased a new stake in shares of Westpac Banking Corporation during the first quarter worth about $27,731,000. Parametric Portfolio Associates LLC boosted its stake in Westpac Banking Corporation by 15.9% in the first quarter. Parametric Portfolio Associates LLC now owns 1,717,559 shares of the bank’s stock worth $45,893,000 after buying an additional 236,249 shares during the last quarter. Mawer Investment Management Ltd. bought a new stake in Westpac Banking Corporation during the first quarter worth $3,798,000. Aperio Group LLC boosted its stake in Westpac Banking Corporation by 11.9% in the second quarter. Aperio Group LLC now owns 1,160,935 shares of the bank’s stock worth $27,166,000 after buying an additional 123,092 shares during the last quarter. Finally, Verity Asset Management Inc. bought a new stake in Westpac Banking Corporation during the first quarter worth $1,779,000. 0.58% of the stock is owned by hedge funds and other institutional investors.
About Westpac Banking Corporation
Westpac Banking Corporation is a banking organization. The Company provides a range of banking and financial services in markets, including consumer, business and institutional banking and wealth management services. The Company is engaged in the provision of financial services, including lending, deposit taking, payments services, investment portfolio management and advice, superannuation and funds management, insurance services, leasing finance, general finance, interest rate risk management and foreign exchange services.
Receive News & Ratings for Westpac Banking Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westpac Banking Corporation and related companies with MarketBeat.com's FREE daily email newsletter.