In a report released today, Richard Wiles from Morgan Stanley downgraded Westpac Banking (WEBNF – Research Report) to a Hold, with a price target of A$21.00. The company’s shares closed yesterday at $14.21.
Wiles covers the Financial sector, focusing on stocks such as Bank of Queensland Limited, Westpac Banking, and ANZ Group Holdings. According to TipRanks, Wiles has an average return of -3.8% and a 35.71% success rate on recommended stocks.
In addition to Morgan Stanley, Westpac Banking also received a Hold from Bank of America Securities’s Matt Dunger in a report issued on May 17. However, on May 9, CLSA downgraded Westpac Banking (Other OTC: WEBNF) to a Sell.
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WEBNF market cap is currently $49.5B and has a P/E ratio of 11.36.
Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of WEBNF in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Westpac Banking Corp. engages in the provision of banking and financial services. It operates through the following segments: Consumer Bank, Business Bank, BT Financial Group (Australia), Westpac Institutional Bank, Westpac New Zealand and Group Businesses. The Consumer Bank segment covers consumer banking products and services under the Westpac, St. George, BankSA, Bank of Melbourne and RAMS brands. The Business Bank segment involves in sales and customer service of small-to-medium enterprise, commercial and agribusiness customers under the Westpac, St.George, Bank of Melbourne and BankSA brands. The BT Financial Group (Australia) segment manages wealth and insurance division. The Westpac Institutional Bank segment delivers a range of financial services to commercial, corporate, institutional, and government customers. The Westpac New Zealand segment comprises sales and service of banking, wealth, and insurance products for consumer, business, and institutional customers. The Group Businesses segment treasury which is responsible for the management of the Group’s balance sheet, group technology which includes functions for the Australian businesses, and core support which covers functions performed centrally, including Australian banking operations, property services, strategy, finance, risk, compliance, legal, human resources, and customer and corporate relations. The company was founded in 1817 and is headquartered in Sydney, Australia.
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