Zacks Investment Research upgraded shares of Westpac Banking (NYSE:WBK) from a sell rating to a hold rating in a report published on Thursday morning, Zacks.com reports.

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. “

Other analysts also recently issued reports about the stock. CLSA downgraded shares of Westpac Banking from an underperform rating to a sell rating in a research report on Monday, May 6th. Morgan Stanley upgraded shares of Westpac Banking from an underweight rating to an equal weight rating in a research report on Thursday, August 1st. Finally, ValuEngine downgraded shares of Westpac Banking from a hold rating to a sell rating in a research report on Monday. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of Hold.

Shares of NYSE WBK traded up $0.14 during midday trading on Thursday, hitting $18.90. The company’s stock had a trading volume of 112 shares, compared to its average volume of 172,464. The firm has a market cap of $66.67 billion, a P/E ratio of 10.89, a P/E/G ratio of 9.08 and a beta of 0.98. The firm’s fifty day moving average price is $19.58 and its 200-day moving average price is $19.13. Westpac Banking has a 1-year low of $16.41 and a 1-year high of $22.16.

A number of large investors have recently modified their holdings of WBK. Parametric Portfolio Associates LLC lifted its position in Westpac Banking by 19.9% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 2,789,330 shares of the bank’s stock valued at $55,591,000 after purchasing an additional 463,909 shares during the last quarter. Aperio Group LLC lifted its position in Westpac Banking by 17.6% in the 2nd quarter. Aperio Group LLC now owns 1,669,315 shares of the bank’s stock valued at $33,269,000 after purchasing an additional 249,663 shares during the last quarter. Renaissance Technologies LLC lifted its position in Westpac Banking by 12.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,820,600 shares of the bank’s stock valued at $36,285,000 after purchasing an additional 199,800 shares during the last quarter. Wealth Advisors of Tampa Bay LLC bought a new stake in Westpac Banking in the 1st quarter valued at about $3,400,000. Finally, Northern Trust Corp lifted its position in Westpac Banking by 4.7% in the 2nd quarter. Northern Trust Corp now owns 3,243,092 shares of the bank’s stock valued at $64,635,000 after purchasing an additional 144,504 shares during the last quarter. Hedge funds and other institutional investors own 0.55% of the company’s stock.

About Westpac Banking

Westpac Banking Corporation provides various banking and financial services in Australia, New Zealand, Asia, the Pacific region, and internationally. It operates through five divisions: Consumer Bank, Business Bank, BT Financial Group, Westpac Institutional Bank, and Westpac New Zealand. It offers everyday banking, savings, term deposit, moving to Australia, under 21 and student, business one, community solutions one, not-for-profit savings, and foreign currency accounts; term and farm management deposits; debit, credit, and travel money cards; home, personal, investment, small business, and commercial loans; and equipment, automotive, cash flow, property, insurance premium, corporate and structured finance, and trade and supply chain financing services.

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