Westpac Banking Corporation (NYSE:WBK) Rating Lowered to Neutral at Credit Suisse Group

Credit Suisse Group downgraded shares of Westpac Banking Corporation (NYSE:WBK) from an outperform rating to a neutral rating in a report issued on Monday, November 6th, MarketBeat reports.

Several other research analysts also recently commented on the company. Zacks Investment Research downgraded Westpac Banking Corporation from a buy rating to a hold rating in a report on Tuesday, October 24th. Morgan Stanley raised Westpac Banking Corporation from an equal weight rating to an overweight rating in a research report on Thursday, July 20th. Citigroup Inc. raised Westpac Banking Corporation from a sell rating to a neutral rating in a research report on Wednesday, July 19th. BidaskClub upgraded Westpac Banking Corporation from a hold rating to a buy rating in a research note on Thursday, July 13th. Finally, The Goldman Sachs Group, Inc. upgraded Westpac Banking Corporation from a neutral rating to a buy rating in a report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $28.00.

Shares of Westpac Banking Corporation (NYSE:WBK) opened at $24.26 on Monday. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.26 and a current ratio of 1.26. Westpac Banking Corporation has a fifty-two week low of $22.17 and a fifty-two week high of $27.05.

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The business also recently disclosed a None dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Monday, November 13th will be given a dividend of $0.717 per share. The ex-dividend date of this dividend is Friday, November 10th. This represents a dividend yield of 5.82%. This is a positive change from Westpac Banking Corporation’s previous None dividend of $0.71.

A number of large investors have recently bought and sold shares of the stock. Gilman Hill Asset Management LLC boosted its stake in Westpac Banking Corporation by 16.1% in the second quarter. Gilman Hill Asset Management LLC now owns 50,860 shares of the bank’s stock valued at $1,190,000 after acquiring an additional 7,065 shares in the last quarter. Royal Bank of Canada boosted its position in Westpac Banking Corporation by 402.4% during the second quarter. Royal Bank of Canada now owns 820,458 shares of the bank’s stock worth $19,198,000 after acquiring an additional 657,161 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Westpac Banking Corporation by 6.8% in the 2nd quarter. Advisors Asset Management Inc. now owns 50,088 shares of the bank’s stock valued at $1,172,000 after purchasing an additional 3,176 shares during the last quarter. Stifel Financial Corp boosted its holdings in shares of Westpac Banking Corporation by 24.2% in the 2nd quarter. Stifel Financial Corp now owns 35,948 shares of the bank’s stock valued at $842,000 after purchasing an additional 6,995 shares during the last quarter. Finally, Greenleaf Trust lifted its holdings in shares of Westpac Banking Corporation by 105.5% during the 2nd quarter. Greenleaf Trust now owns 28,707 shares of the bank’s stock valued at $672,000 after acquiring an additional 14,736 shares in the last quarter. 0.58% of the stock is currently owned by hedge funds and other institutional investors.

About Westpac Banking Corporation

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.

Analyst Recommendations for Westpac Banking Corporation (NYSE:WBK)

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