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

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 research firms also recently issued reports on WBK. Morgan Stanley raised 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 report on Wednesday, July 19th. BidaskClub upgraded shares of Westpac Banking Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 13th. ValuEngine upgraded shares of Westpac Banking Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of Westpac Banking Corporation from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 12th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Westpac Banking Corporation presently has an average rating of “Buy” and an average price target of $28.00.

Westpac Banking Corporation (NYSE:WBK) opened at 26.00 on Tuesday. The company has a market cap of $87.04 billion, a price-to-earnings ratio of 14.53 and a beta of 1.29. The company’s 50 day moving average is $25.39 and its 200 day moving average is $24.76. Westpac Banking Corporation has a 12-month low of $22.17 and a 12-month high of $27.05.

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Several hedge funds and other institutional investors have recently bought and sold shares of WBK. Huntington National Bank grew its holdings in shares of Westpac Banking Corporation by 5.1% in the second quarter. Huntington National Bank now owns 4,784 shares of the bank’s stock worth $112,000 after purchasing an additional 230 shares during the last quarter. Proficio Capital Partners LLC grew its holdings in shares of Westpac Banking Corporation by 22.3% in the second quarter. Proficio Capital Partners LLC now owns 5,262 shares of the bank’s stock worth $134,000 after purchasing an additional 958 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Westpac Banking Corporation in the first quarter worth about $162,000. Strategic Global Advisors LLC grew its holdings in shares of Westpac Banking Corporation by 0.6% in the second quarter. Strategic Global Advisors LLC now owns 8,708 shares of the bank’s stock worth $204,000 after purchasing an additional 50 shares during the last quarter. Finally, IMS Capital Management grew its holdings in shares of Westpac Banking Corporation by 1.7% in the second quarter. IMS Capital Management now owns 9,054 shares of the bank’s stock worth $212,000 after purchasing an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 0.57% of the company’s stock.

Westpac Banking Corporation Company Profile

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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