Westpac Banking (NYSE:WBK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Sunday. The brokerage presently has a $28.00 price objective on the bank’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.18% from the company’s previous close.
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. Macquarie raised Westpac Banking from a “neutral” rating to an “outperform” rating in a research report on Wednesday. ValuEngine lowered Westpac Banking from a “buy” rating to a “hold” rating in a research report on Thursday, November 30th. Finally, Credit Suisse Group lowered Westpac Banking from an “outperform” rating to a “neutral” rating in a research report on Monday, November 6th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $28.00.
Several institutional investors and hedge funds have recently added to or reduced their stakes in WBK. Royal Bank of Canada raised its position in shares of Westpac Banking by 402.4% in the 2nd quarter. Royal Bank of Canada now owns 820,458 shares of the bank’s stock worth $19,198,000 after acquiring an additional 657,161 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new position in Westpac Banking during the 3rd quarter valued at about $8,283,000. Parametric Portfolio Associates LLC increased its position in Westpac Banking by 15.4% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,999,094 shares of the bank’s stock valued at $50,417,000 after buying an additional 266,397 shares in the last quarter. Envestnet Asset Management Inc. increased its position in Westpac Banking by 57.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 347,512 shares of the bank’s stock valued at $8,765,000 after buying an additional 126,489 shares in the last quarter. Finally, Aperio Group LLC increased its position in Westpac Banking by 9.0% during the 3rd quarter. Aperio Group LLC now owns 1,265,183 shares of the bank’s stock valued at $31,908,000 after buying an additional 104,248 shares in the last quarter. 0.61% of the stock is owned by hedge funds and other institutional investors.
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.
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