Westpac Banking Corp (WBK) Receives Average Rating of “Buy” from Brokerages

Westpac Banking Corp (NYSE:WBK) has earned a consensus recommendation of “Buy” from the ten ratings firms that are covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $28.00.

WBK has been the topic of a number of research analyst reports. Zacks Investment Research lowered Westpac Banking from a “buy” rating to a “hold” rating in a research note on Tuesday, October 24th. Credit Suisse Group lowered Westpac Banking from an “outperform” rating to a “neutral” rating in a research report on Monday, November 6th. Macquarie upgraded Westpac Banking from a “neutral” rating to an “outperform” rating in a research report on Wednesday, January 17th. JPMorgan Chase & Co. upgraded Westpac Banking from a “neutral” rating to an “overweight” rating in a research report on Tuesday, January 30th. Finally, ValuEngine lowered Westpac Banking from a “buy” rating to a “hold” rating in a research report on Thursday, November 30th.

Shares of Westpac Banking (WBK) remained flat at $$23.79 during midday trading on Tuesday. The stock had a trading volume of 67,931 shares, compared to its average volume of 264,180. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 2.74. Westpac Banking has a 1-year low of $22.17 and a 1-year high of $27.05.

Several institutional investors and hedge funds have recently added to or reduced their stakes in WBK. Crossmark Global Holdings Inc. purchased a new position in shares of Westpac Banking in the 3rd quarter valued at approximately $8,283,000. Parametric Portfolio Associates LLC increased its holdings in shares of Westpac Banking by 15.4% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,999,094 shares of the bank’s stock worth $50,417,000 after purchasing an additional 266,397 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Westpac Banking by 57.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 347,512 shares of the bank’s stock worth $8,765,000 after purchasing an additional 126,489 shares in the last quarter. Martin Capital Partners LLC bought a new stake in shares of Westpac Banking in the 4th quarter worth $2,682,000. Finally, Aperio Group LLC increased its holdings in shares of Westpac Banking by 9.0% in the 3rd quarter. Aperio Group LLC now owns 1,265,183 shares of the bank’s stock worth $31,908,000 after purchasing an additional 104,248 shares in the last quarter. Institutional investors own 0.59% 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.

Analyst Recommendations for Westpac Banking (NYSE:WBK)

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