Zacks Investment Research upgraded shares of Westpac Banking (NYSE:WBK) from a sell rating to a hold rating in a research report sent to investors on Friday morning.
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 analysts have also recently commented on the stock. Macquarie cut shares of Westpac Banking from an outperform rating to a neutral rating in a report on Friday, August 17th. Deutsche Bank cut shares of Westpac Banking from a buy rating to a sell rating in a report on Monday, November 26th. Finally, Citigroup raised shares of Westpac Banking from a neutral rating to a buy rating in a report on Tuesday, November 6th. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $25.00.
The business also recently announced a special dividend, which will be paid on Monday, December 31st. Stockholders of record on Tuesday, November 13th will be issued a $0.6766 dividend. The ex-dividend date is Friday, November 9th. This represents a dividend yield of 7.09%. Westpac Banking’s dividend payout ratio (DPR) is currently 77.01%.
Several hedge funds have recently bought and sold shares of the company. Morgan Stanley raised its holdings in Westpac Banking by 2.0% in the 3rd quarter. Morgan Stanley now owns 245,006 shares of the bank’s stock valued at $4,903,000 after buying an additional 4,784 shares during the last quarter. Glenmede Trust Co. NA raised its holdings in Westpac Banking by 1.8% in the 3rd quarter. Glenmede Trust Co. NA now owns 326,769 shares of the bank’s stock valued at $6,538,000 after buying an additional 5,882 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in Westpac Banking by 3.2% in the 3rd quarter. Advisors Asset Management Inc. now owns 144,195 shares of the bank’s stock valued at $2,885,000 after buying an additional 4,442 shares during the last quarter. Martin Capital Partners LLC raised its holdings in Westpac Banking by 3.4% in the 3rd quarter. Martin Capital Partners LLC now owns 112,598 shares of the bank’s stock valued at $2,253,000 after buying an additional 3,698 shares during the last quarter. Finally, Assetmark Inc. raised its holdings in Westpac Banking by 6.5% in the 3rd quarter. Assetmark Inc. now owns 54,991 shares of the bank’s stock valued at $1,100,000 after buying an additional 3,368 shares during the last quarter. 0.54% of the stock is owned by hedge funds and other institutional investors.
Westpac Banking Company Profile
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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