Westpac Banking Corporation (WBK) Downgraded to Neutral at Credit Suisse Group

Credit Suisse Group downgraded shares of Westpac Banking Corporation (NYSE:WBK) from an outperform rating to a neutral rating in a research note published on Monday, November 6th, Marketbeat reports.

WBK has been the topic of a number of other research reports. Goldman Sachs Group Inc raised shares of Westpac Banking from a neutral rating to a buy rating in a research note on Wednesday, July 12th. BidaskClub raised shares of Westpac Banking from a hold rating to a buy rating in a research note on Thursday, July 13th. Citigroup Inc. upgraded Westpac Banking from a sell rating to a neutral rating in a research report on Wednesday, July 19th. Zacks Investment Research lowered Westpac Banking from a buy rating to a hold rating in a research report on Tuesday, October 24th. Finally, Morgan Stanley upgraded Westpac Banking from an equal weight rating to an overweight rating in a research report on Thursday, July 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $28.00.

Shares of Westpac Banking (NYSE:WBK) traded down $0.09 during midday trading on Monday, hitting $24.14. 96,833 shares of the stock were exchanged, compared to its average volume of 162,967. Westpac Banking has a twelve month low of $22.17 and a twelve month high of $27.05. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.26 and a current ratio of 1.26.

The firm also recently announced a None dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Monday, November 13th will be given a dividend of $0.717 per share. This is a positive change from Westpac Banking’s previous None dividend of $0.71. The ex-dividend date of this dividend is Friday, November 10th. This represents a dividend yield of 5.82%.

Several large investors have recently made changes to their positions in WBK. Royal Bank of Canada lifted its position in shares of Westpac Banking by 402.4% during the 2nd quarter. Royal Bank of Canada now owns 820,458 shares of the bank’s stock valued at $19,198,000 after buying an additional 657,161 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new position in Westpac Banking in the 3rd quarter valued at $8,283,000. Envestnet Asset Management Inc. lifted its holdings in Westpac Banking by 57.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 347,512 shares of the bank’s stock valued at $8,765,000 after purchasing an additional 126,489 shares in the last quarter. Aperio Group LLC lifted its holdings in Westpac Banking by 11.9% in the 2nd quarter. Aperio Group LLC now owns 1,160,935 shares of the bank’s stock valued at $27,166,000 after purchasing an additional 123,092 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Westpac Banking by 8.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,373,206 shares of the bank’s stock valued at $32,133,000 after purchasing an additional 103,906 shares in the last quarter. Hedge funds and other institutional investors own 0.59% of the company’s stock.

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Westpac Banking 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 (NYSE:WBK)

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