Westpac Banking Corporation (NYSE:WBK) has been assigned an average rating of “Buy” from the nine analysts that are presently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $30.00.

Several equities analysts have commented on the stock. Zacks Investment Research upgraded shares of Westpac Banking Corporation from a “hold” rating to a “strong-buy” rating and set a $30.00 price target for the company in a research note on Saturday, August 19th. Morgan Stanley upgraded shares of Westpac Banking Corporation from an “equal weight” rating to an “overweight” rating in a research note on Thursday, July 20th. Citigroup Inc. upgraded shares of Westpac Banking Corporation from a “sell” rating to a “neutral” rating in a research note on Wednesday, July 19th. BidaskClub upgraded shares of Westpac Banking Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 13th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of Westpac Banking Corporation from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 12th.

Several hedge funds have recently modified their holdings of the stock. Parametric Portfolio Associates LLC grew its stake in shares of Westpac Banking Corporation by 1.7% during the second quarter. Parametric Portfolio Associates LLC now owns 1,747,491 shares of the bank’s stock worth $40,891,000 after purchasing an additional 29,932 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Westpac Banking Corporation by 8.2% during the second quarter. Renaissance Technologies LLC now owns 1,373,206 shares of the bank’s stock worth $32,133,000 after purchasing an additional 103,906 shares in the last quarter. Aperio Group LLC grew its stake in shares of Westpac Banking Corporation by 11.9% during the second quarter. Aperio Group LLC now owns 1,160,935 shares of the bank’s stock worth $27,166,000 after purchasing an additional 123,092 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Westpac Banking Corporation by 3.7% during the second quarter. Goldman Sachs Group Inc. now owns 883,672 shares of the bank’s stock worth $20,678,000 after purchasing an additional 31,542 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in shares of Westpac Banking Corporation by 402.4% during the second quarter. Royal Bank of Canada now owns 820,458 shares of the bank’s stock worth $19,198,000 after purchasing an additional 657,161 shares in the last quarter. Hedge funds and other institutional investors own 0.58% of the company’s stock.

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Shares of Westpac Banking Corporation (NYSE WBK) traded down 0.83% during mid-day trading on Friday, hitting $25.22. The stock had a trading volume of 241,807 shares. Westpac Banking Corporation has a 12 month low of $22.15 and a 12 month high of $27.05. The firm has a market cap of $84.43 billion, a PE ratio of 14.32 and a beta of 1.28. The stock’s 50-day moving average is $25.35 and its 200 day moving average is $24.92.

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.

Analyst Recommendations for Westpac Banking Corporation (NYSE:WBK)

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