Westpac Banking (NYSE:WBK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Sunday. The brokerage presently has a $28.00 price target on the bank’s stock. Zacks Investment Research‘s target price points to a potential upside of 13.22% 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. “
Several other analysts have also recently issued reports on the company. Credit Suisse Group cut Westpac Banking from an “outperform” rating to a “neutral” rating in a research note on Monday, November 6th. ValuEngine cut Westpac Banking from a “buy” rating to a “hold” rating in a research note on Thursday, November 30th. Finally, Macquarie upgraded Westpac Banking from a “neutral” rating to an “outperform” rating in a research note on Wednesday, January 17th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $28.00.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Parametric Portfolio Associates LLC raised its stake in Westpac Banking by 15.4% during the third 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. Renaissance Technologies LLC raised its position in shares of Westpac Banking by 8.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,373,206 shares of the bank’s stock worth $32,133,000 after purchasing an additional 103,906 shares during the period. Aperio Group LLC raised its position in shares of Westpac Banking by 9.0% during the 3rd quarter. Aperio Group LLC now owns 1,265,183 shares of the bank’s stock worth $31,908,000 after purchasing an additional 104,248 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Westpac Banking by 3.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 883,672 shares of the bank’s stock worth $20,678,000 after purchasing an additional 31,542 shares during the period. Finally, Royal Bank of Canada raised 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 worth $19,198,000 after purchasing an additional 657,161 shares during the period. Hedge funds and other institutional investors own 0.61% of the company’s stock.
About Westpac Banking
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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