Trade Report: The Bank of New York Mellon Corp cuts its investment of stake in Westpac Banking Corp. (WBK)

The Bank of New York Mellon Corp cuts its investment of stake in Westpac Banking Corp. (WBK)

Bank of New York Mellon Corp lowered its position in Westpac Banking Corp. (NYSE:WBK) by 0.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,314 shares of the company’s stock after selling 611 shares during the period. Bank of New York Mellon Corp’s holdings in Westpac Banking Corp. were worth $1,730,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of WBK. 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 worth $103,000 after buying an additional 229 shares in the last quarter. Checchi Capital Advisers LLC increased its position in Westpac Banking Corp. by 6.4% in the second quarter. Checchi Capital Advisers LLC now owns 21,527 shares of the company’s stock valued at $476,000 after buying an additional 1,293 shares during the period. 1st Global Advisors Inc. increased its position in Westpac Banking Corp. by 15.6% in the second quarter. 1st Global Advisors Inc. now owns 10,551 shares of the company’s stock valued at $233,000 after buying an additional 1,420 shares during the period. Logan Capital Management Inc. increased its position in 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. Finally, M&T Bank Corp increased its position in Westpac Banking Corp. by 17.1% in the first quarter. M&T Bank Corp now owns 13,947 shares of the company’s stock valued at $325,000 after buying an additional 2,035 shares during the period. Institutional investors own 0.48% of the company’s stock.

Shares of Westpac Banking Corp. (NYSE:WBK) traded up 0.69% during trading on Friday, reaching $23.24. The company had a trading volume of 122,378 shares. The firm’s 50 day moving average price is $22.66 and its 200 day moving average price is $22.62. The firm has a market capitalization of $77.31 billion, a P/E ratio of 12.50 and a beta of 1.49. Westpac Banking Corp. has a 12 month low of $19.83 and a 12 month high of $25.32.

WBK has been the topic of several research reports. JPMorgan Chase & Co. downgraded Westpac Banking Corp. from an “overweight” rating to a “neutral” rating in a research report on Thursday, August 11th. Credit Agricole SA downgraded Westpac Banking Corp. from an “underperform” rating to a “sell” rating in a research report on Thursday, July 7th. Finally, Zacks Investment Research upgraded Westpac Banking Corp. from a “sell” rating to a “buy” rating and set a $26.00 target price on the stock in a research report on Wednesday, July 27th.

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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