Trade Report: Today, Westpac Banking Corp. (WBK) Raised to “Hold” at The Zacks Investment Research

Today, Westpac Banking Corp. (WBK) Raised to “Hold” at 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. cut shares of Westpac Banking Corp. from an overweight rating to a neutral rating in a report on Thursday, August 11th.

Shares of Westpac Banking Corp. (NYSE:WBK) opened at 23.40 on Thursday. The stock has a market cap of $78.08 billion, a price-to-earnings ratio of 14.67 and a beta of 1.35. Westpac Banking Corp. has a 52-week low of $19.83 and a 52-week high of $25.32. The stock’s 50 day moving average is $23.27 and its 200 day moving average is $22.65.

The business also recently announced a dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Monday, November 14th will be issued a $0.712 dividend. The ex-dividend date is Tuesday, November 15th.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Todd Asset Management LLC boosted its position in shares of Westpac Banking Corp. by 76.1% in the second quarter. Todd Asset Management LLC now owns 726,214 shares of the company’s stock worth $16,042,000 after buying an additional 313,881 shares during the period. Teachers Retirement System of The State of Kentucky boosted its position in shares of Westpac Banking Corp. by 88.5% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 441,000 shares of the company’s stock worth $9,742,000 after buying an additional 207,000 shares during the period. Ngam Advisors L.P. boosted its position in shares of Westpac Banking Corp. by 143.1% in the second quarter. Ngam Advisors L.P. now owns 189,703 shares of the company’s stock worth $4,191,000 after buying an additional 111,671 shares during the period. Wells Fargo & Company MN boosted its position in shares of Westpac Banking Corp. by 133.1% in the third quarter. Wells Fargo & Company MN now owns 138,537 shares of the company’s stock worth $3,150,000 after buying an additional 79,112 shares during the period. Finally, Jane Street Group LLC bought a new position in shares of Westpac Banking Corp. during the second quarter worth about $1,246,000. 0.49% of the stock is owned by 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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