Westpac Banking (WBK) Lifted to Buy at Citigroup

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Citigroup upgraded shares of Westpac Banking (NYSE:WBK) from a neutral rating to a buy rating in a research report released on Tuesday, MarketBeat Ratings reports.

A number of other brokerages also recently issued reports on WBK. Macquarie downgraded Westpac Banking from an outperform rating to a neutral rating in a research note on Friday, August 17th. Zacks Investment Research upgraded Westpac Banking from a sell rating to a buy rating and set a $25.00 price objective for the company in a research note on Sunday, July 15th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Westpac Banking presently has a consensus rating of Hold and an average price target of $25.00.

Shares of NYSE:WBK opened at $19.26 on Tuesday. Westpac Banking has a 12-month low of $18.22 and a 12-month high of $25.59.

The business also recently disclosed a special dividend, which will be paid on Monday, December 31st. Investors of record on Tuesday, November 13th will be paid a dividend of $0.6766 per share. The ex-dividend date is Friday, November 9th. This represents a dividend yield of 7.09%. Westpac Banking’s dividend payout ratio (DPR) is presently 79.31%.

Large investors have recently made changes to their positions in the stock. Whittier Trust Co. of Nevada Inc. boosted its stake in Westpac Banking by 526.0% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 4,075 shares of the bank’s stock worth $131,000 after purchasing an additional 3,424 shares during the period. Atlas Capital Advisors LLC bought a new position in Westpac Banking in the 2nd quarter worth approximately $183,000. BTC Capital Management Inc. bought a new position in Westpac Banking in the 2nd quarter worth approximately $203,000. Ridgewood Investments LLC bought a new position in Westpac Banking in the 2nd quarter worth approximately $224,000. Finally, Rhumbline Advisers bought a new position in Westpac Banking in the 3rd quarter worth approximately $225,000. Institutional investors own 0.56% 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, community solutions one, not-for-profit savings, and foreign currency accounts; term, tailor-made, and farm management deposits; debit, credit, and travel money cards; home, personal, investment, small business, and commercial loans; and equipment, automotive, cash flow, property, and insurance premium financing services.

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Analyst Recommendations for Westpac Banking (NYSE:WBK)

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