Westpac Banking Corporation (NYSE:WBK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

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 issued reports on WBK. Morgan Stanley raised Westpac Banking Corporation from an “equal weight” rating to an “overweight” rating in a research report on Thursday, July 20th. UBS AG cut Westpac Banking Corporation from a “buy” rating to a “neutral” rating in a research report on Monday, May 8th. Macquarie cut Westpac Banking Corporation from an “outperform” rating to a “neutral” rating in a research report on Tuesday, May 9th. Citigroup Inc. raised Westpac Banking Corporation from a “sell” rating to a “neutral” rating in a research report on Wednesday, July 19th. Finally, BidaskClub raised Westpac Banking Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 13th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $30.00.

Westpac Banking Corporation (NYSE:WBK) traded up 0.08% during mid-day trading on Friday, hitting $25.71. 379,961 shares of the stock were exchanged. The company has a 50 day moving average price of $24.95 and a 200 day moving average price of $24.93. The stock has a market cap of $86.07 billion, a price-to-earnings ratio of 14.66 and a beta of 1.29. Westpac Banking Corporation has a 52 week low of $21.23 and a 52 week high of $27.05.

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Hedge funds and other institutional investors have recently modified their holdings of the stock. Gilman Hill Asset Management LLC raised its position in shares of Westpac Banking Corporation by 16.1% in the second quarter. Gilman Hill Asset Management LLC now owns 50,860 shares of the bank’s stock worth $1,190,000 after buying an additional 7,065 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Westpac Banking Corporation by 0.4% in the first quarter. Fisher Asset Management LLC now owns 11,509 shares of the bank’s stock worth $308,000 after buying an additional 44 shares during the last quarter. Comerica Bank raised its position in shares of Westpac Banking Corporation by 1.3% in the first quarter. Comerica Bank now owns 193,081 shares of the bank’s stock worth $5,101,000 after buying an additional 2,552 shares during the last quarter. US Bancorp DE raised its position in shares of Westpac Banking Corporation by 9.0% in the first quarter. US Bancorp DE now owns 95,081 shares of the bank’s stock worth $2,540,000 after buying an additional 7,870 shares during the last quarter. Finally, Wealthsource Partners LLC purchased a new position in shares of Westpac Banking Corporation during the first quarter worth approximately $467,000. Institutional investors and hedge funds own 0.55% of the company’s stock.

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.

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Analyst Recommendations for Westpac Banking Corporation (NYSE:WBK)

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