Ladenburg Thalmann Financial Services Inc. lowered its holdings in shares of Westpac Banking Corp (NYSE:WBK) by 19.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,804 shares of the bank's stock after selling 3,102 shares during the period. Ladenburg Thalmann Financial Services Inc.'s holdings in Westpac Banking were worth $255,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in WBK. Steward Partners Investment Advisory LLC acquired a new position in Westpac Banking during the second quarter worth about $34,000. Lindbrook Capital LLC raised its position in Westpac Banking by 74.7% during the second quarter. Lindbrook Capital LLC now owns 3,360 shares of the bank's stock worth $66,000 after acquiring an additional 1,437 shares during the last quarter. Cornerstone Advisors Inc. raised its position in Westpac Banking by 28.8% during the second quarter. Cornerstone Advisors Inc. now owns 3,382 shares of the bank's stock worth $67,000 after acquiring an additional 756 shares during the last quarter. Parallel Advisors LLC raised its position in Westpac Banking by 9.6% during the second quarter. Parallel Advisors LLC now owns 6,588 shares of the bank's stock worth $131,000 after acquiring an additional 577 shares during the last quarter. Finally, Pacer Advisors Inc. acquired a new position in Westpac Banking during the second quarter worth about $242,000. Institutional investors own 0.57% of the company's stock.
NYSE:WBK opened at $19.79 on Friday. The firm has a 50 day simple moving average of $19.75 and a 200-day simple moving average of $19.37. The firm has a market cap of $68.06 billion, a PE ratio of 11.37, a P/E/G ratio of 8.38 and a beta of 0.95. Westpac Banking Corp has a 1-year low of $16.41 and a 1-year high of $20.56.
WBK has been the subject of a number of research reports. Credit Suisse Group upgraded shares of Westpac Banking from a "neutral" rating to an "outperform" rating in a research report on Monday, September 2nd. Morgan Stanley upgraded shares of Westpac Banking from an "underweight" rating to an "equal weight" rating in a research report on Thursday, August 1st. ValuEngine cut shares of Westpac Banking from a "hold" rating to a "sell" rating in a research report on Monday, August 12th. Finally, Zacks Investment Research cut shares of Westpac Banking from a "buy" rating to a "hold" rating in a research report on Saturday, October 5th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of "Hold" and a consensus price target of $21.00.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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