Westpac Banking (NYSE: WBK) downgraded by Zacks Investment Research

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Westpac Banking (NYSE: WBK) has been downgraded by Zacks investment research from a “purchase” note to a “retained” note in a report published on Wednesday, Zacks.com reports.

According to Zacks, “Westpac Banking Corp. provides a wide range of banking and financial services. The company provides general banking services to retail, commercial and institutional clients and provides investment management and insurance. For institutional and international clients, Westpac provides working capital, loans, trade finance, foreign exchange loans, leveraged leasing, project finance loans, and interest rate and foreign exchange products. “

Several other stock analysts also recently commented on the stock. Macquarie downgraded Westpac Banking shares from an “outperformance” rating to a “neutral” rating in a Tuesday March 23 report. Jefferies Financial Group upgraded Westpac Banking shares from an “underperformance” rating to a “hold” rating in a research report on Wednesday February 17th. Four investment analysts rated the stock with a sustaining rating and three issued a buy rating for the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $ 20.00.

Westpac Banking share open for $ 19.33 Wednesday. The company’s 50-day mobile average price is $ 19.03 and its 200-day mobile average price is $ 16.10. Westpac Banking has a 12 month minimum of $ 9.14 and a 12 month maximum of $ 19.73. The company has a market cap of $ 66.64 billion, a PE ratio of 14.53, a price / earnings-growth ratio of 7.01 and a beta of 0.99.

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Several hedge funds have recently increased or reduced their stakes in the company. WealthStone Inc. increased its stake in Westpac Banking by 4.5% in the fourth quarter. WealthStone Inc. now owns 14,096 shares of the bank valued at $ 210,000 after purchasing an additional 613 shares in the last quarter. Advisor Partners LLC increased its stake in Westpac Banking by 1.2% in the 3rd quarter. Advisor Partners LLC now owns 65,593 shares of the bank valued at $ 790,000 after purchasing 781 additional shares in the last quarter. JPMorgan Chase & Co. increased its stake in Westpac Banking by 36.8% in the 4th quarter. JPMorgan Chase & Co. now owns 4,279 shares of the bank valued at $ 63,000 after purchasing an additional 1,151 shares in the last quarter. Corient Capital Partners LLC increased its position in Westpac Banking shares by 6.6% in the fourth quarter. Corient Capital Partners LLC now owns 19,667 shares of the bank valued at $ 293,000 after purchasing an additional 1,210 shares during the period. Finally, Wright Investors Service Inc. increased its stake in Westpac Banking by 1.8% in the fourth quarter. Wright Investors Service Inc. now owns 76,854 shares of the bank valued at $ 1,145,000 after purchasing an additional 1,367 shares in the last quarter. 0.50% of the stock is held by institutional investors and hedge funds.

About Westpac Banking

Westpac Banking Corporation provides various banking and financial services in Australia, New Zealand and overseas. The company operates through four divisions: Consumer, Business, Westpac Institutional Bank, Westpac New Zealand, Specialist Businesses and Group Businesses. It offers day-to-day banking services, savings, term deposits, business transactions, foreign currencies and specialized accounts; housing, personal and business loans; credit card; international and travel services; stock trading services; investment; and home, auto, travel, life and business insurance products.

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Get a free copy of Zacks’ Westpac Banking (WBK) research report

For more information on Zacks Investment Research’s research offerings, visit Zacks.com

Analyst Recommendations for Westpac Banking (NYSE: WBK)

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