Westpac Banking Corp (NYSE:WBK) Receives $21.00 Average Price Target from Brokerages

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Shares of Westpac Banking Corp (NYSE:WBK) have received an average recommendation of “Hold” from the eight ratings firms that are covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $21.00.

WBK has been the subject of several recent analyst reports. CLSA cut shares of Westpac Banking from an “underperform” rating to a “sell” rating in a research note on Monday, May 6th. Morgan Stanley upgraded shares of Westpac Banking from an “underweight” rating to an “equal weight” rating in a research note on Thursday, August 1st. Zacks Investment Research upgraded shares of Westpac Banking from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Thursday. Finally, ValuEngine cut shares of Westpac Banking from a “hold” rating to a “sell” rating in a research note on Monday, August 12th.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its stake in shares of Westpac Banking by 18.4% in the 4th quarter. Bank of New York Mellon Corp now owns 55,903 shares of the bank’s stock valued at $977,000 after acquiring an additional 8,671 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Westpac Banking by 4.2% in the 4th quarter. Geode Capital Management LLC now owns 34,702 shares of the bank’s stock valued at $606,000 after acquiring an additional 1,412 shares during the last quarter. Two Sigma Advisers LP bought a new stake in shares of Westpac Banking in the 4th quarter valued at about $271,000. Deutsche Bank AG lifted its stake in shares of Westpac Banking by 235.8% in the 4th quarter. Deutsche Bank AG now owns 26,196 shares of the bank’s stock valued at $457,000 after acquiring an additional 18,396 shares during the last quarter. Finally, Pennsylvania Trust Co bought a new stake in shares of Westpac Banking in the 1st quarter valued at about $5,792,000. Hedge funds and other institutional investors own 0.57% of the company’s stock.

Shares of WBK stock traded down $0.32 during mid-day trading on Friday, hitting $18.53. The stock had a trading volume of 240,516 shares, compared to its average volume of 197,412. Westpac Banking has a fifty-two week low of $16.41 and a fifty-two week high of $21.11. The company’s 50-day simple moving average is $19.44 and its 200-day simple moving average is $19.15.

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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Analyst Recommendations for Westpac Banking (NYSE:WBK)

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