Trade Report: The Zacks Investment Research lowers the Stock rating of Westpac Banking Corp. (WBK)

The Zacks Investment Research lowers the Stock rating of Westpac Banking Corp. (WBK)

Westpac Banking Corp. (NYSE:WBK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

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 analysts also recently issued reports on the stock. JPMorgan Chase & Co. downgraded shares of Westpac Banking Corp. from an “overweight” rating to a “neutral” rating in a report on Thursday, August 11th. Credit Agricole SA downgraded shares of Westpac Banking Corp. from an “underperform” rating to a “sell” rating in a report on Thursday, July 7th.

Westpac Banking Corp. (NYSE:WBK) opened at 22.99 on Wednesday. The firm has a 50-day moving average of $22.67 and a 200-day moving average of $22.60. The company has a market capitalization of $76.48 billion, a PE ratio of 12.45 and a beta of 1.49. Westpac Banking Corp. has a 52 week low of $19.83 and a 52 week high of $25.32.

Several hedge funds have recently modified their holdings of WBK. Northwestern Mutual Wealth Management Co. increased its stake in shares of Westpac Banking Corp. by 13.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,638 shares of the company’s stock worth $102,000 after buying an additional 536 shares during the period. Kistler Tiffany Companies LLC increased its stake 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 worth $103,000 after buying an additional 229 shares during the period. Creative Planning increased its stake in shares of Westpac Banking Corp. by 5.2% in the third quarter. Creative Planning now owns 5,915 shares of the company’s stock worth $135,000 after buying an additional 294 shares during the period. MSI Financial Services Inc increased its stake in shares of Westpac Banking Corp. by 2,366.0% in the third quarter. MSI Financial Services Inc now owns 6,313 shares of the company’s stock worth $144,000 after buying an additional 6,057 shares during the period. Finally, Huntington National Bank purchased a new stake in shares of Westpac Banking Corp. during the second quarter worth $157,000. 0.48% of the stock is owned by institutional investors.

Westpac Banking Corp. Company Profile

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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