Parallel Advisors LLC increased its position in shares of Westpac Banking Corp (NYSE:WBK) by 86.7% during the 3rd quarter, HoldingsChannel.com reports. 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 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC purchased a new stake in Westpac Banking during the 2nd quarter worth $34,000. Baldwin Brothers Inc. MA purchased a new stake in Westpac Banking during the 3rd quarter worth $49,000. Lindbrook Capital LLC increased its stake in Westpac Banking by 74.7% during the 2nd quarter. Lindbrook Capital LLC now owns 3,360 shares of the bank’s stock worth $66,000 after buying an additional 1,437 shares during the period. Cornerstone Advisors Inc. increased its stake in Westpac Banking by 28.8% during the 2nd quarter. Cornerstone Advisors Inc. now owns 3,382 shares of the bank’s stock worth $67,000 after buying an additional 756 shares during the period. Finally, Whittier Trust Co. increased its stake in Westpac Banking by 358.1% during the 3rd quarter. Whittier Trust Co. now owns 4,466 shares of the bank’s stock worth $89,000 after buying an additional 3,491 shares during the period. 0.57% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently issued reports on WBK. Jefferies Financial Group began coverage on shares of Westpac Banking in a research note on Tuesday, November 5th. They set an “underperform” rating on the stock. Zacks Investment Research reaffirmed a “sell” rating on shares of Westpac Banking in a research note on Saturday, October 26th. Morgan Stanley raised shares of Westpac Banking from an “underweight” rating to an “equal weight” rating in a research report on Thursday, August 1st. Credit Suisse Group raised shares of Westpac Banking from a “neutral” rating to an “outperform” rating in a research report on Monday, September 2nd. Finally, ValuEngine raised shares of Westpac Banking from a “sell” rating to a “hold” rating in a research report on Tuesday, November 5th. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $21.00.
Shares of WBK traded down $0.08 during midday trading on Friday, hitting $18.20. The company had a trading volume of 521,792 shares, compared to its average volume of 244,733. The company’s 50 day moving average price is $19.64 and its 200 day moving average price is $19.44. The stock has a market cap of $64.19 billion, a price-to-earnings ratio of 10.46, a PEG ratio of 2.84 and a beta of 0.92. Westpac Banking Corp has a 52 week low of $16.41 and a 52 week high of $20.56.
The business also recently announced a Semi-Annual dividend, which will be paid on Monday, December 30th. Stockholders of record on Tuesday, November 12th will be given a $0.547 dividend. The ex-dividend date is Friday, November 8th. Westpac Banking’s payout ratio is currently 74.14%.
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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