Westpac Banking Corporation (NYSE:WBK) has earned an average rating of “Buy” from the nine ratings firms that are presently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $30.00.

A number of equities research analysts recently weighed in on WBK shares. Macquarie lowered Westpac Banking Corporation from an “outperform” rating to a “neutral” rating in a research report on Tuesday, May 9th. Zacks Investment Research lowered Westpac Banking Corporation from a “buy” rating to a “sell” rating in a research report on Wednesday, May 10th. Credit Suisse Group upgraded Westpac Banking Corporation from a “neutral” rating to an “outperform” rating in a research report on Thursday, June 22nd. Morgan Stanley upgraded Westpac Banking Corporation from an “equal weight” rating to an “overweight” rating in a research report on Thursday, July 20th. Finally, Citigroup Inc. upgraded Westpac Banking Corporation from a “sell” rating to a “neutral” rating in a research report on Wednesday, July 19th.

Westpac Banking Corporation (NYSE:WBK) traded down 0.19% during trading on Tuesday, reaching $25.63. 162,144 shares of the company’s stock were exchanged. Westpac Banking Corporation has a 52-week low of $21.23 and a 52-week high of $27.05. The stock’s 50-day moving average price is $25.23 and its 200-day moving average price is $24.98. The company has a market capitalization of $85.80 billion, a price-to-earnings ratio of 14.61 and a beta of 1.29.

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Large investors have recently modified their holdings of the company. Karp Capital Management Corp purchased a new stake in shares of Westpac Banking Corporation during the first quarter worth $27,731,000. Royal Bank of Canada raised its stake in Westpac Banking Corporation by 402.4% in the second quarter. Royal Bank of Canada now owns 820,458 shares of the bank’s stock worth $19,198,000 after buying an additional 657,161 shares during the period. Parametric Portfolio Associates LLC raised its stake in Westpac Banking Corporation by 15.9% in the first quarter. Parametric Portfolio Associates LLC now owns 1,717,559 shares of the bank’s stock worth $45,893,000 after buying an additional 236,249 shares during the period. Mawer Investment Management Ltd. bought a new stake in Westpac Banking Corporation during the first quarter worth approximately $3,798,000. Finally, Aperio Group LLC raised its stake in Westpac Banking Corporation by 11.9% in the second quarter. Aperio Group LLC now owns 1,160,935 shares of the bank’s stock worth $27,166,000 after buying an additional 123,092 shares during the period. Institutional investors and hedge funds own 0.55% 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.

Analyst Recommendations for Westpac Banking Corporation (NYSE:WBK)

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