Westpac Banking (WBK) Cut to Neutral at JPMorgan Chase & Co.

Westpac Banking (NYSE:WBK) was downgraded by stock analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a note issued to investors on Wednesday, The Fly reports.

Several other equities research analysts have also recently commented on WBK. Zacks Investment Research raised Westpac Banking from a “sell” rating to a “hold” rating in a report on Friday, November 9th. ValuEngine cut Westpac Banking from a “hold” rating to a “sell” rating in a report on Monday. Morgan Stanley cut Westpac Banking from an “equal weight” rating to an “underweight” rating in a report on Thursday, January 31st. Citigroup raised Westpac Banking from a “neutral” rating to a “buy” rating in a report on Tuesday, November 6th. Finally, Goldman Sachs Group cut Westpac Banking from a “buy” rating to a “neutral” rating in a report on Thursday, January 10th. Five research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $25.00.

NYSE:WBK opened at $19.22 on Wednesday. Westpac Banking has a one year low of $16.41 and a one year high of $24.55. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 2.67. The company has a market capitalization of $62.25 billion, a P/E ratio of 11.05, a P/E/G ratio of 5.45 and a beta of 1.10.

Large investors have recently bought and sold shares of the stock. Stevens Capital Management LP acquired a new stake in Westpac Banking during the fourth quarter worth $587,000. Parallel Advisors LLC increased its stake in Westpac Banking by 71.4% during the fourth quarter. Parallel Advisors LLC now owns 2,943 shares of the bank’s stock worth $51,000 after acquiring an additional 1,226 shares during the last quarter. Bollard Group LLC increased its stake in Westpac Banking by 1.5% during the fourth quarter. Bollard Group LLC now owns 135,388 shares of the bank’s stock worth $2,365,000 after acquiring an additional 1,963 shares during the last quarter. Regal Investment Advisors LLC acquired a new stake in Westpac Banking during the fourth quarter worth $177,000. Finally, Ballentine Partners LLC acquired a new stake in Westpac Banking during the fourth quarter worth $193,000. 0.54% of the stock is owned by hedge funds and other institutional investors.

Westpac Banking Company Profile

Westpac Banking Corporation provides various banking and financial services in Australia, New Zealand, Asia, the Pacific region, and internationally. It operates through five divisions: Consumer Bank, Business Bank, BT Financial Group, Westpac Institutional Bank, and Westpac New Zealand. It offers everyday banking, savings, term deposit, moving to Australia, under 21 and student, business one, community solutions one, not-for-profit savings, and foreign currency accounts; term and farm management deposits; debit, credit, and travel money cards; home, personal, investment, small business, and commercial loans; and equipment, automotive, cash flow, property, insurance premium, corporate and structured finance, and trade and supply chain financing services.

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