Westpac Banking (NYSE: WBK) stock rating improved by Zacks Investment Research
Westpac Bank (NYSE: WBK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “conservation” rating in a research note issued to investors on Friday, Zacks.com reports.
According to Zacks, âWestpac Banking Corp. provides a wide range of banking and financial services. The company provides general banking services to retail, commercial and institutional clients and provides investment and insurance management. For institutional and international clients, Westpac provides working capital loans, trade finance, foreign exchange loans, leveraged leasing, project finance loans, and interest rate and foreign exchange products. “
Several other analysts have also weighed on the company recently. The Goldman Sachs group upgraded Westpac Banking from a âbuyâ rating to a âneutralâ rating in a report released on Monday, November 1. Credit Suisse Group downgraded Westpac Banking from an “outperforming” rating to a “neutral” rating in a report published on Monday 1 November. Five research analysts rated the stock with a conservation rating. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $ 23.00.
NYSE: WBK lost $ 0.02 at midday Friday, hitting $ 15.52. 4,140 shares were traded, for an average volume of 420,216. The company’s 50-day simple moving average is $ 15.70 and its 200-day simple moving average is $ 17.76. The company has a debt to equity ratio of 2.19, a quick ratio of 1.16, and a current ratio of 1.16. Westpac Banking has a fifty-two week minimum of $ 14.09 and a fifty-two week maximum of $ 20.82.
A number of hedge funds and other institutional investors have recently changed their positions in WBK. OLD Mission Capital LLC increased its stake in the shares of Westpac Banking by 158.2% in the 3rd quarter. OLD Mission Capital LLC now owns 176,595 shares of the bank valued at $ 2,126,000 after purchasing an additional 108,200 shares in the last quarter. The New York State Common Retirement Fund purchased a new stake in Westpac Banking during the second quarter for a value of $ 155,000. Envestnet Asset Management Inc. increased its position in Westpac Banking shares by 46.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 59,909 shares of the bank valued at $ 1,157,000 after purchasing an additional 19,059 shares in the last quarter. American Century Companies Inc. increased its position in Westpac Banking shares by 40.6% in the second quarter. American Century Companies Inc. now owns 123,311 shares of the bank valued at $ 2,382,000 after purchasing an additional 35,633 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in Westpac Banking shares by 1.4% in the second quarter. PNC Financial Services Group Inc. now owns 68,704 shares of the bank valued at $ 1,327,000 after purchasing an additional 921 shares during the last quarter. 0.52% of the shares are held by hedge funds and other institutional investors.
About Westpac Banking
Westpac Banking Corp. provides banking and financial services. It operates through the following segments: Consumer Bank, Business Bank, BT Financial Group (Australia), Westpac Institutional Bank, Westpac New Zealand and Group Businesses. The Consumer Bank segment covers consumer banking products and services under Westpac, St.
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