Avalon Investment & Advisory Decreases Stock Position in Westpac Banking Corp (NYSE:WBK)

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Avalon Investment & Advisory lessened its stake in shares of Westpac Banking Corp (NYSE:WBK) by 4.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 200,459 shares of the bank’s stock after selling 10,184 shares during the quarter. Avalon Investment & Advisory’s holdings in Westpac Banking were worth $2,508,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in WBK. Berman Capital Advisors LLC raised its holdings in Westpac Banking by 420.9% during the 2nd quarter. Berman Capital Advisors LLC now owns 2,662 shares of the bank’s stock valued at $33,000 after buying an additional 2,151 shares during the period. Tower Research Capital LLC TRC increased its stake in Westpac Banking by 1,121.5% in the first quarter. Tower Research Capital LLC TRC now owns 5,509 shares of the bank’s stock worth $56,000 after purchasing an additional 5,058 shares during the period. Cornerstone Advisors Inc. increased its stake in Westpac Banking by 171.4% in the first quarter. Cornerstone Advisors Inc. now owns 5,514 shares of the bank’s stock worth $57,000 after purchasing an additional 3,482 shares during the period. Ellevest Inc. increased its stake in Westpac Banking by 87.4% in the second quarter. Ellevest Inc. now owns 6,596 shares of the bank’s stock worth $83,000 after purchasing an additional 3,076 shares during the period. Finally, Rosenberg Matthew Hamilton purchased a new stake in Westpac Banking in the second quarter worth $123,000. Institutional investors own 0.45% of the company’s stock.

Shares of WBK traded down $0.09 during midday trading on Thursday, reaching $12.35. 1,937 shares of the stock were exchanged, compared to its average volume of 215,916. Westpac Banking Corp has a 52 week low of $7.98 and a 52 week high of $20.56. The company’s 50 day moving average is $12.49 and its two-hundred day moving average is $12.34. The company has a market capitalization of $42.27 billion, a P/E ratio of 9.24, a PEG ratio of 6.68 and a beta of 1.03.

A number of analysts have weighed in on WBK shares. JPMorgan Chase & Co. lowered Westpac Banking from an “overweight” rating to a “neutral” rating in a research note on Monday, April 27th. Goldman Sachs Group upgraded Westpac Banking from a “neutral” rating to a “buy” rating in a research note on Tuesday, June 30th. Jefferies Financial Group lowered Westpac Banking from a “hold” rating to an “underperform” rating in a research note on Monday, June 1st. UBS Group upgraded Westpac Banking from a “neutral” rating to a “buy” rating in a research note on Thursday, June 4th. Finally, Zacks Investment Research downgraded Westpac Banking from a “buy” rating to a “hold” rating in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average 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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Institutional Ownership by Quarter for Westpac Banking (NYSE:WBK)

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