Zacks Investment Research downgraded shares of Westpac Banking Corp. (NYSE:WBK) from a buy rating to a hold rating in a report released on Wednesday morning.

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 equities research analysts also recently issued reports on WBK. JPMorgan Chase & Co. downgraded shares of Westpac Banking Corp. from an overweight rating to a neutral rating in a research note on Thursday, August 11th. Credit Agricole SA downgraded shares of Westpac Banking Corp. from an underperform rating to a sell rating in a research note on Thursday, July 7th.

Shares of Westpac Banking Corp. (NYSE:WBK) opened at 23.26 on Wednesday. The stock has a 50 day moving average of $22.68 and a 200-day moving average of $22.60. The firm has a market capitalization of $77.38 billion, a price-to-earnings ratio of 12.60 and a beta of 1.49. Westpac Banking Corp. has a one year low of $19.83 and a one year high of $25.32.

Hedge funds have recently made changes to their positions in the company. Todd Asset Management LLC raised its stake in shares of Westpac Banking Corp. by 76.1% in the second quarter. Todd Asset Management LLC now owns 726,214 shares of the company’s stock worth $16,042,000 after buying an additional 313,881 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its position in Westpac Banking Corp. by 88.5% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 441,000 shares of the company’s stock valued at $9,742,000 after buying an additional 207,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Westpac Banking Corp. during the first quarter valued at about $3,382,000. Renaissance Technologies LLC raised its position in Westpac Banking Corp. by 15.8% in the first quarter. Renaissance Technologies LLC now owns 1,013,700 shares of the company’s stock valued at $23,579,000 after buying an additional 138,100 shares during the last quarter. Finally, Ngam Advisors L.P. raised its position in Westpac Banking Corp. by 143.1% in the second quarter. Ngam Advisors L.P. now owns 189,703 shares of the company’s stock valued at $4,191,000 after buying an additional 111,671 shares during the last quarter. Hedge funds and other institutional investors own 0.48% of the company’s stock.

About Westpac Banking Corp.

Westpac Banking Corporation is a banking organization. The Company provides banking and financial services in markets, including consumer, business and institutional banking and wealth management services. It has three segments: Australian Financial Services (AFS), Westpac Institutional Bank (WIB) and Westpac New Zealand.

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