Westpac Banking (NYSE:WBK) Stock Rating Lowered by Zacks Investment Research

Westpac Banking (NYSE:WBK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday, Zacks.com reports.

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 topic of several other research reports. ValuEngine raised Westpac Banking from a “sell” rating to a “hold” rating in a research note on Tuesday, November 5th. Morgan Stanley downgraded Westpac Banking from an “equal weight” rating to an “underweight” rating in a research note on Monday, February 3rd. Finally, Jefferies Financial Group assumed coverage on Westpac Banking in a research note on Tuesday, November 5th. They set an “underperform” rating on the stock. Four research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company. Westpac Banking currently has a consensus rating of “Hold” and a consensus price target of $21.00.

NYSE WBK opened at $17.19 on Thursday. The stock’s 50-day moving average price is $16.92 and its 200-day moving average price is $18.28. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 3.10. Westpac Banking has a 52 week low of $16.27 and a 52 week high of $20.56.

Institutional investors and hedge funds have recently modified their holdings of the stock. Peddock Capital Advisors LLC bought a new stake in Westpac Banking during the 4th quarter valued at approximately $25,000. Chevy Chase Trust Holdings Inc. bought a new stake in Westpac Banking during the 4th quarter valued at approximately $34,000. Moser Wealth Advisors LLC bought a new stake in Westpac Banking during the 4th quarter valued at approximately $42,000. IFP Advisors Inc raised its stake in Westpac Banking by 432.9% during the 4th quarter. IFP Advisors Inc now owns 3,309 shares of the bank’s stock valued at $55,000 after purchasing an additional 2,688 shares during the period. Finally, Huntington National Bank raised its stake in Westpac Banking by 850.6% during the 4th quarter. Huntington National Bank now owns 3,850 shares of the bank’s stock valued at $65,000 after purchasing an additional 3,445 shares during the period. 0.59% of the stock is currently owned by 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.

Read More: What is a support level?

Get a free copy of the Zacks research report on Westpac Banking (WBK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Westpac Banking Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westpac Banking and related companies with MarketBeat.com's FREE daily email newsletter.