Parallel Advisors LLC raised its stake in Westpac Banking Corp (NYSE:WBK) by 86.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,297 shares of the bank’s stock after buying an additional 5,709 shares during the period. Parallel Advisors LLC’s holdings in Westpac Banking were worth $246,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. Northern Trust Corp increased its stake in shares of Westpac Banking by 4.7% during the 2nd quarter. Northern Trust Corp now owns 3,243,092 shares of the bank’s stock worth $64,635,000 after purchasing an additional 144,504 shares in the last quarter. Parametric Portfolio Associates LLC increased its stake in shares of Westpac Banking by 19.9% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 2,789,330 shares of the bank’s stock worth $55,591,000 after purchasing an additional 463,909 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Westpac Banking by 12.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,820,600 shares of the bank’s stock worth $36,285,000 after purchasing an additional 199,800 shares in the last quarter. Aperio Group LLC increased its stake in shares of Westpac Banking by 17.6% during the 2nd quarter. Aperio Group LLC now owns 1,669,315 shares of the bank’s stock worth $33,269,000 after purchasing an additional 249,663 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Westpac Banking by 4.2% during the 2nd quarter. Bank of America Corp DE now owns 1,246,926 shares of the bank’s stock worth $24,851,000 after purchasing an additional 50,015 shares in the last quarter. 0.57% of the stock is owned by institutional investors.
A number of brokerages have recently weighed in on WBK. ValuEngine raised shares of Westpac Banking from a “sell” rating to a “hold” rating in a research note on Tuesday, November 5th. Credit Suisse Group raised shares of Westpac Banking from a “neutral” rating to an “outperform” rating in a research note on Monday, September 2nd. Jefferies Financial Group initiated coverage on shares of Westpac Banking in a research note on Tuesday, November 5th. They issued an “underperform” rating for the company. Zacks Investment Research reaffirmed a “sell” rating on shares of Westpac Banking in a research note on Saturday, October 26th. Finally, Morgan Stanley raised shares of Westpac Banking from an “underweight” rating to an “equal weight” rating in a research note on Thursday, August 1st. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Westpac Banking has a consensus rating of “Hold” and a consensus target price of $21.00.
WBK stock traded down $0.08 during midday trading on Friday, hitting $18.20. The stock had a trading volume of 521,792 shares, compared to its average volume of 244,733. The firm has a market cap of $64.19 billion, a PE ratio of 10.46, a price-to-earnings-growth ratio of 2.84 and a beta of 0.92. Westpac Banking Corp has a 12-month low of $16.41 and a 12-month high of $20.56. The company’s 50-day moving average price is $19.64 and its 200 day moving average price is $19.44.
The company also recently announced a Semi-Annual dividend, which will be paid on Monday, December 30th. Shareholders of record on Tuesday, November 12th will be paid a $0.547 dividend. The ex-dividend date is Friday, November 8th. Westpac Banking’s payout ratio is currently 74.14%.
Westpac Banking Profile
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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