Westpac Banking Corp (WBK) Receives Consensus Recommendation of “Hold” from Brokerages

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Westpac Banking Corp (NYSE:WBK) has earned a consensus recommendation of “Hold” from the eight analysts that are covering the company, MarketBeat reports. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company.

A number of analysts recently issued reports on the company. ValuEngine cut Westpac Banking from a “hold” rating to a “sell” rating in a research note on Saturday, June 2nd. Zacks Investment Research cut Westpac Banking from a “hold” rating to a “sell” rating in a research note on Tuesday, August 28th. Finally, Macquarie cut Westpac Banking from an “outperform” rating to a “neutral” rating in a research note on Friday, August 17th.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Signaturefd LLC increased its stake in Westpac Banking by 28.2% during the 2nd quarter. Signaturefd LLC now owns 12,394 shares of the bank’s stock worth $269,000 after purchasing an additional 2,728 shares in the last quarter. Citigroup Inc. boosted its position in Westpac Banking by 9.1% during the 1st quarter. Citigroup Inc. now owns 35,223 shares of the bank’s stock worth $781,000 after acquiring an additional 2,926 shares during the last quarter. Suntrust Banks Inc. boosted its position in Westpac Banking by 27.0% during the 1st quarter. Suntrust Banks Inc. now owns 13,842 shares of the bank’s stock worth $306,000 after acquiring an additional 2,945 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its position in Westpac Banking by 526.0% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 4,075 shares of the bank’s stock worth $131,000 after acquiring an additional 3,424 shares during the last quarter. Finally, Advisor Partners LLC boosted its position in Westpac Banking by 24.7% during the 2nd quarter. Advisor Partners LLC now owns 17,435 shares of the bank’s stock worth $378,000 after acquiring an additional 3,454 shares during the last quarter. 0.58% of the stock is owned by institutional investors and hedge funds.

NYSE WBK traded down $0.21 during trading hours on Friday, reaching $20.05. 20,431 shares of the company’s stock were exchanged, compared to its average volume of 336,008. Westpac Banking has a one year low of $20.05 and a one year high of $26.38. The stock has a market cap of $68.63 billion, a price-to-earnings ratio of 11.57 and a beta of 1.33.

About Westpac Banking

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, community solutions one, not-for-profit savings, and foreign currency accounts; term, tailor-made, and farm management deposits; debit, credit, and travel money cards; home, personal, investment, small business, and commercial loans; and equipment, automotive, cash flow, property, and insurance premium financing services.

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Analyst Recommendations for Westpac Banking (NYSE:WBK)

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