Westpac Banking (NYSE:WBK) Upgraded to Hold at Zacks Investment Research
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. “
A number of other research analysts have also recently commented on WBK. ValuEngine raised shares of Westpac Banking from a sell rating to a hold rating in a research report on Monday, May 4th. Jefferies Financial Group lowered shares of Westpac Banking from a hold rating to an underperform rating in a report on Monday, June 1st. UBS Group upgraded shares of Westpac Banking from a neutral rating to a buy rating in a report on Thursday, June 4th. Finally, JPMorgan Chase & Co. lowered Westpac Banking from an overweight rating to a neutral rating in a research report on Monday, April 27th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Westpac Banking has a consensus rating of Hold and a consensus target price of $21.00.
Several hedge funds have recently made changes to their positions in the stock. Parametric Portfolio Associates LLC raised its stake in shares of Westpac Banking by 59.6% in the first quarter. Parametric Portfolio Associates LLC now owns 2,967,605 shares of the bank’s stock valued at $30,418,000 after acquiring an additional 1,108,297 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Westpac Banking by 16.2% during the 4th quarter. Renaissance Technologies LLC now owns 2,402,373 shares of the bank’s stock worth $40,792,000 after purchasing an additional 335,055 shares during the period. UBS Group AG raised its position in Westpac Banking by 187.0% in the 4th quarter. UBS Group AG now owns 1,104,548 shares of the bank’s stock valued at $18,756,000 after purchasing an additional 719,724 shares in the last quarter. Jane Street Group LLC boosted its stake in shares of Westpac Banking by 1,076.6% in the 4th quarter. Jane Street Group LLC now owns 318,214 shares of the bank’s stock valued at $5,403,000 after buying an additional 291,168 shares during the period. Finally, Morgan Stanley grew its position in shares of Westpac Banking by 20.1% during the first quarter. Morgan Stanley now owns 288,621 shares of the bank’s stock worth $2,958,000 after buying an additional 48,226 shares in the last quarter. Hedge funds and other institutional investors own 0.45% of the company’s stock.
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.
Recommended Story: Mutual funds are not immune from market timing
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Westpac Banking Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westpac Banking and related companies with MarketBeat.com's FREE daily email newsletter.