Westpac Banking (NYSE:WBK) Hits New 12-Month High at $18.98

Shares of Westpac Banking Co. (NYSE:WBK) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $18.98 and last traded at $18.98, with a volume of 200 shares. The stock had previously closed at $18.70.

A number of research firms have recently weighed in on WBK. Jefferies Financial Group upgraded shares of Westpac Banking from an “underperform” rating to a “hold” rating in a report on Wednesday, February 17th. Morgan Stanley upgraded shares of Westpac Banking from an “equal weight” rating to an “overweight” rating in a research report on Monday, November 16th. Finally, Zacks Investment Research raised shares of Westpac Banking from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Friday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $20.00.

The stock has a market cap of $65.26 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 7.01 and a beta of 0.99. The stock’s fifty day moving average is $16.66 and its 200-day moving average is $14.20.

A number of institutional investors have recently added to or reduced their stakes in WBK. AXA S.A. bought a new position in Westpac Banking in the third quarter valued at $29,000. US Bancorp DE grew its position in Westpac Banking by 101.1% in the fourth quarter. US Bancorp DE now owns 3,218 shares of the bank’s stock valued at $48,000 after purchasing an additional 1,618 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Westpac Banking by 36.8% in the fourth quarter. JPMorgan Chase & Co. now owns 4,279 shares of the bank’s stock valued at $63,000 after acquiring an additional 1,151 shares during the last quarter. Ellevest Inc. lifted its stake in Westpac Banking by 55.2% in the third quarter. Ellevest Inc. now owns 10,234 shares of the bank’s stock valued at $123,000 after acquiring an additional 3,638 shares during the last quarter. Finally, Boston Private Wealth LLC acquired a new stake in Westpac Banking in the fourth quarter valued at $150,000. 0.50% of the stock is owned by institutional investors and hedge funds.

Westpac Banking Company Profile (NYSE:WBK)

Westpac Banking Corporation provides various banking and financial services in Australia, New Zealand, and internationally. The company operates through four divisions: Consumer, Business, Westpac Institutional Bank, Westpac New Zealand, Specialist Businesses, and Group Businesses. It offers everyday banking, savings, term deposit, business transaction, foreign currency, and specialized accounts; home, personal, and business loans; credit cards; international and travel services; share trading services; investment; and home, car, travel, life, and business insurance products.

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