Westpac Banking (NYSE:WBK) Downgraded by CLSA to Sell

Westpac Banking (NYSE:WBK) was downgraded by equities researchers at CLSA from an “underperform” rating to a “sell” rating in a research report issued to clients and investors on Monday, May 6th, The Fly reports.

WBK has been the subject of a number of other research reports. Zacks Investment Research raised shares of Westpac Banking from a “sell” rating to a “hold” rating in a research report on Saturday, March 2nd. JPMorgan Chase & Co. lowered shares of Westpac Banking from an “overweight” rating to a “neutral” rating in a research report on Wednesday, February 6th. Goldman Sachs Group downgraded shares of Westpac Banking from a “buy” rating to a “neutral” rating in a report on Thursday, January 10th. ValuEngine downgraded shares of Westpac Banking from a “hold” rating to a “sell” rating in a report on Monday, February 4th. Finally, Morgan Stanley downgraded shares of Westpac Banking from an “equal weight” rating to an “underweight” rating in a report on Thursday, January 31st. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $25.00.

Shares of Westpac Banking stock traded down $0.03 on Monday, hitting $19.09. 208,009 shares of the company traded hands, compared to its average volume of 321,361. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 3.21. Westpac Banking has a 12-month low of $16.41 and a 12-month high of $22.35. The stock has a market cap of $65.78 billion, a P/E ratio of 10.97, a P/E/G ratio of 8.80 and a beta of 1.07.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its position in shares of Westpac Banking by 25.2% during the third quarter. Bank of New York Mellon Corp now owns 47,232 shares of the bank’s stock worth $946,000 after purchasing an additional 9,505 shares in the last quarter. Morgan Stanley lifted its position in shares of Westpac Banking by 2.0% during the third quarter. Morgan Stanley now owns 245,006 shares of the bank’s stock worth $4,903,000 after purchasing an additional 4,784 shares in the last quarter. Moody National Bank Trust Division lifted its position in shares of Westpac Banking by 0.7% during the fourth quarter. Moody National Bank Trust Division now owns 139,426 shares of the bank’s stock worth $2,435,000 after purchasing an additional 926 shares in the last quarter. Lenox Wealth Advisors LLC acquired a new position in Westpac Banking in the fourth quarter valued at approximately $39,000. Finally, Quadrant Capital Group LLC lifted its holdings in Westpac Banking by 566.2% in the fourth quarter. Quadrant Capital Group LLC now owns 25,996 shares of the bank’s stock valued at $443,000 after buying an additional 22,094 shares during the period. 0.54% of the stock is currently owned by institutional investors and hedge funds.

About Westpac Banking

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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