Todays Report: Today, Westpac Banking Corp. (WBK) Upgrade to “Hold” by The Zacks Investment Research

Today, Westpac Banking Corp. (WBK) Upgrade to “Hold” by The Zacks Investment Research

Zacks Investment Research upgraded shares of Westpac Banking Corp. (NYSE:WBK) from a sell rating to a hold rating in a report issued on Thursday morning.

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. “

Separately, JPMorgan Chase & Co. lowered shares of Westpac Banking Corp. from an overweight rating to a neutral rating in a research report on Thursday, August 11th.

Westpac Banking Corp. (NYSE:WBK) opened at 23.38 on Thursday. The firm has a market cap of $78.02 billion, a P/E ratio of 14.33 and a beta of 1.35. The firm’s 50-day moving average price is $23.25 and its 200-day moving average price is $22.63. Westpac Banking Corp. has a 1-year low of $19.83 and a 1-year high of $25.32.

The company also recently disclosed a dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Monday, November 14th will be paid a dividend of $0.712 per share. The ex-dividend date is Tuesday, November 15th.

Several institutional investors have recently modified their holdings of WBK. JPMorgan Chase & Co. increased its position in shares of Westpac Banking Corp. by 42.2% in the first quarter. JPMorgan Chase & Co. now owns 107,588 shares of the company’s stock valued at $2,503,000 after buying an additional 31,904 shares during the period. Logan Capital Management Inc. increased its position in shares of Westpac Banking Corp. by 7.7% in the first quarter. Logan Capital Management Inc. now owns 27,121 shares of the company’s stock valued at $631,000 after buying an additional 1,950 shares during the period. Avalon Advisors LLC increased its position in shares of Westpac Banking Corp. by 50.2% in the first quarter. Avalon Advisors LLC now owns 34,273 shares of the company’s stock valued at $797,000 after buying an additional 11,460 shares during the period. Kistler Tiffany Companies LLC increased its position in shares of Westpac Banking Corp. by 5.2% in the second quarter. Kistler Tiffany Companies LLC now owns 4,645 shares of the company’s stock valued at $103,000 after buying an additional 229 shares during the period. Finally, Boys Arnold & Co. Inc. purchased a new position in shares of Westpac Banking Corp. during the second quarter valued at approximately $212,000. 0.48% of the stock is owned by hedge funds and other institutional investors.

About Westpac Banking Corp.

Westpac Banking Corporation is a banking organization. The Company provides banking and financial services in markets, including consumer, business and institutional banking and wealth management services. It has three segments: Australian Financial Services (AFS), Westpac Institutional Bank (WIB) and Westpac New Zealand.

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