Jefferies Financial Group Initiates Coverage on Westpac Banking (NYSE:WBK)

Jefferies Financial Group began coverage on shares of Westpac Banking (NYSE:WBK) in a research report released on Tuesday morning, The Fly reports. The brokerage issued an underperform rating on the bank’s stock. Jefferies Financial Group also issued estimates for Westpac Banking’s FY2020 earnings at $1.47 EPS, FY2021 earnings at $1.44 EPS and FY2022 earnings at $1.41 EPS.

Several other brokerages also recently commented on WBK. Credit Suisse Group raised Westpac Banking from a neutral rating to an outperform rating in a research report on Monday, September 2nd. Zacks Investment Research reaffirmed a sell rating on shares of Westpac Banking in a research report on Saturday, October 26th. Morgan Stanley raised Westpac Banking from an underweight rating to an equal weight rating in a research report on Thursday, August 1st. Finally, ValuEngine downgraded Westpac Banking from a hold rating to a sell rating in a research report on Monday, August 12th. Four analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $21.00.

Shares of NYSE WBK traded down $0.08 during trading hours on Tuesday, hitting $18.20. 521,792 shares of the company traded hands, compared to its average volume of 244,733. The stock has a market capitalization of $64.19 billion, a price-to-earnings ratio of 10.46, a price-to-earnings-growth ratio of 2.84 and a beta of 0.92. The company’s 50 day moving average price is $19.64 and its 200 day moving average price is $19.44. Westpac Banking has a 12 month low of $16.41 and a 12 month high of $20.56.

The company also recently declared a Semi-Annual dividend, which will be paid on Monday, December 30th. Stockholders of record on Tuesday, November 12th will be given a dividend of $0.547 per share. The ex-dividend date of this dividend is Friday, November 8th. Westpac Banking’s payout ratio is 74.14%.

Several hedge funds and other institutional investors have recently modified their holdings of WBK. Steward Partners Investment Advisory LLC acquired a new stake in Westpac Banking in the second quarter valued at approximately $34,000. Baldwin Brothers Inc. MA acquired a new position in Westpac Banking in the third quarter worth approximately $49,000. Lindbrook Capital LLC grew its position 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 purchasing an additional 1,437 shares in the last quarter. Cornerstone Advisors Inc. grew its holdings in shares of Westpac Banking by 28.8% during the 2nd quarter. Cornerstone Advisors Inc. now owns 3,382 shares of the bank’s stock valued at $67,000 after acquiring an additional 756 shares in the last quarter. Finally, Whittier Trust Co. grew its holdings in shares of Westpac Banking by 358.1% during the 3rd quarter. Whittier Trust Co. now owns 4,466 shares of the bank’s stock valued at $89,000 after acquiring an additional 3,491 shares in the last quarter. Hedge funds and other institutional investors own 0.57% of the company’s stock.

Westpac Banking Company 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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