Westpac Banking (WBK) Earns “Hold” Rating from Zacks Investment Research
Zacks Investment Research reissued their hold rating on shares of Westpac Banking (NYSE:WBK) in a research report sent to investors on Saturday.
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. “
WBK has been the subject of several other reports. Credit Suisse Group downgraded shares of Westpac Banking from an outperform rating to a neutral rating in a research note on Monday, November 6th. ValuEngine downgraded shares of Westpac Banking from a buy rating to a hold rating in a research note on Thursday, November 30th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $28.00.
The company also recently announced a None dividend, which was paid on Tuesday, January 2nd. Investors of record on Monday, November 13th were paid a $0.717 dividend. This is an increase from Westpac Banking’s previous None dividend of $0.71. This represents a yield of 5.82%. The ex-dividend date was Friday, November 10th. Westpac Banking’s dividend payout ratio (DPR) is 79.01%.
Large investors have recently modified their holdings of the stock. Armor Investment Advisors LLC acquired a new stake in Westpac Banking in the 3rd quarter valued at about $202,000. Rodgers Brothers Inc. bought a new position in Westpac Banking in the 3rd quarter valued at about $210,000. American Trust Investment Advisors LLC bought a new position in Westpac Banking in the 3rd quarter valued at about $214,000. Strategic Global Advisors LLC raised its holdings in Westpac Banking by 0.6% in the 2nd quarter. Strategic Global Advisors LLC now owns 8,708 shares of the bank’s stock valued at $204,000 after acquiring an additional 50 shares during the period. Finally, SG Americas Securities LLC raised its holdings in Westpac Banking by 62.7% in the 2nd quarter. SG Americas Securities LLC now owns 9,856 shares of the bank’s stock valued at $231,000 after acquiring an additional 3,800 shares during the period. Institutional investors and hedge funds own 0.61% of the company’s stock.
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About Westpac Banking
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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