Zacks Investment Research upgraded shares of Westpac Banking Corp. (NYSE:WBK) from a sell rating to a hold rating in a research note released on Thursday.

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. “

Separately, JPMorgan Chase & Co. cut Westpac Banking Corp. from an overweight rating to a neutral rating in a research report on Thursday, August 11th.

Westpac Banking Corp. (NYSE:WBK) traded down 0.39% on Thursday, reaching $22.95. The company’s stock had a trading volume of 11,369 shares. The company has a market capitalization of $76.58 billion, a price-to-earnings ratio of 13.84 and a beta of 1.35. The firm has a 50-day moving average of $23.21 and a 200 day moving average of $22.61. Westpac Banking Corp. has a 12-month low of $19.83 and a 12-month high of $25.32.

The company also recently disclosed a dividend, which will be paid on Tuesday, January 3rd. Investors of record on Monday, November 14th will be paid a $0.712 dividend. The ex-dividend date is Tuesday, November 15th.

A number of institutional investors have recently added to or reduced their stakes in WBK. Todd Asset Management LLC increased its position in Westpac Banking Corp. by 76.1% in the second quarter. Todd Asset Management LLC now owns 726,214 shares of the company’s stock valued at $16,042,000 after buying an additional 313,881 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in shares of 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 worth $9,742,000 after buying an additional 207,000 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Westpac Banking Corp. by 15.8% in the first quarter. Renaissance Technologies LLC now owns 1,013,700 shares of the company’s stock worth $23,579,000 after buying an additional 138,100 shares in the last quarter. Ngam Advisors L.P. boosted its position in shares of Westpac Banking Corp. by 143.1% in the second quarter. Ngam Advisors L.P. now owns 189,703 shares of the company’s stock worth $4,191,000 after buying an additional 111,671 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of Westpac Banking Corp. by 133.1% in the third quarter. Wells Fargo & Company MN now owns 138,537 shares of the company’s stock worth $3,150,000 after buying an additional 79,112 shares in the last quarter. 0.48% of the stock is owned by hedge funds and other institutional investors.

Westpac Banking Corp. Company Profile

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.

5 Day Chart for NYSE:WBK

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