Westpac Banking Corporation (WBK) Cut to Sell at Zacks Investment Research
Zacks Investment Research lowered shares of Westpac Banking Corporation (NYSE:WBK) from a hold rating to a sell rating in a research report released on Thursday.
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 research firms have also commented on WBK. Morgan Stanley upgraded Westpac Banking Corporation from an equal weight rating to an overweight rating in a research note on Thursday, July 20th. Credit Suisse Group lowered Westpac Banking Corporation from an outperform rating to a neutral rating in a research note on Monday, November 6th. Citigroup Inc. upgraded Westpac Banking Corporation from a sell rating to a neutral rating in a research note on Wednesday, July 19th. BidaskClub upgraded Westpac Banking Corporation from a hold rating to a buy rating in a research note on Thursday, July 13th. Finally, Goldman Sachs Group, Inc. (The) upgraded Westpac Banking Corporation from a neutral rating to a buy rating in a research note on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $28.00.
Westpac Banking Corporation (NYSE WBK) traded down $0.56 during trading on Thursday, hitting $24.64. The stock had a trading volume of 171,300 shares, compared to its average volume of 133,701. Westpac Banking Corporation has a twelve month low of $22.17 and a twelve month high of $27.05.
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The company also recently declared a None dividend, which will be paid on Tuesday, January 2nd. Investors of record on Monday, November 13th will be paid a dividend of $0.717 per share. This represents a yield of 5.82%. This is a positive change from Westpac Banking Corporation’s previous None dividend of $0.71. The ex-dividend date is Friday, November 10th.
Institutional investors and hedge funds have recently modified their holdings of the stock. Huntington National Bank increased its stake in Westpac Banking Corporation by 5.1% during the second quarter. Huntington National Bank now owns 4,784 shares of the bank’s stock valued at $112,000 after acquiring an additional 230 shares during the period. Proficio Capital Partners LLC increased its stake in Westpac Banking Corporation by 22.3% during the second quarter. Proficio Capital Partners LLC now owns 5,262 shares of the bank’s stock valued at $134,000 after acquiring an additional 958 shares during the period. Armor Investment Advisors LLC acquired a new stake in Westpac Banking Corporation during the third quarter valued at approximately $202,000. Strategic Global Advisors LLC boosted its holdings in Westpac Banking Corporation by 0.6% during the second quarter. Strategic Global Advisors LLC now owns 8,708 shares of the bank’s stock valued at $204,000 after purchasing an additional 50 shares in the last quarter. Finally, Rodgers Brothers Inc. acquired a new stake in Westpac Banking Corporation during the third quarter valued at approximately $210,000. Hedge funds and other institutional investors own 0.59% of the company’s stock.
Westpac Banking Corporation Company Profile
Westpac Banking Corporation is a banking organization. The Company provides a range of banking and financial services in markets, including consumer, business and institutional banking and wealth management services. The Company is engaged in the provision of financial services, including lending, deposit taking, payments services, investment portfolio management and advice, superannuation and funds management, insurance services, leasing finance, general finance, interest rate risk management and foreign exchange services.
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