Westpac Banking (WBK) Raised to “Buy” at Zacks Investment Research

Westpac Banking (NYSE:WBK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Sunday. The firm presently has a $28.00 target price on the bank’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.18% from the stock’s current price.

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. “

Several other equities analysts also recently weighed in on the stock. Macquarie upgraded shares of Westpac Banking from a “neutral” rating to an “outperform” rating in a report on Wednesday. ValuEngine downgraded shares of Westpac Banking from a “buy” rating to a “hold” rating in a report on Thursday, November 30th. Finally, Credit Suisse Group downgraded shares of Westpac Banking from an “outperform” rating to a “neutral” rating in a report on Monday, November 6th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Westpac Banking has a consensus rating of “Buy” and an average price target of $28.00.

Westpac Banking (WBK) opened at $24.96 on Friday. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.26 and a quick ratio of 1.26. Westpac Banking has a twelve month low of $22.17 and a twelve month high of $27.05.

Large investors have recently bought and sold shares of the business. Armor Investment Advisors LLC purchased a new position in Westpac Banking during the 3rd quarter valued at about $202,000. Rodgers Brothers Inc. purchased a new stake in shares of Westpac Banking during the third quarter worth about $210,000. American Trust Investment Advisors LLC purchased a new stake in shares of Westpac Banking during the third quarter worth about $214,000. Quadrant Capital Group LLC grew its holdings in shares of Westpac Banking by 2.6% during the second quarter. Quadrant Capital Group LLC now owns 12,743 shares of the bank’s stock worth $268,000 after buying an additional 320 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Westpac Banking during the second quarter worth about $299,000. Hedge funds and other institutional investors own 0.61% of the company’s stock.

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About Westpac Banking

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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