The stock of Westpac Banking Corp (ADR) (NYSE:WBK) gapped up by $0.07 today and has $34.44 target or 50.00% above today’s $22.96 share price. The 9 months technical chart setup indicates low risk for the $76.44B company. The gap was reported on Oct, 4 by Barchart.com. If the $34.44 price target is reached, the company will be worth $38.22 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 0.97% or $0.22 on October 3, hitting $22.96. About 103,674 shares traded hands. Westpac Banking Corp (ADR) (NYSE:WBK) has risen 6.59% since March 1, 2016 and is uptrending. It has underperformed by 5.62% the S&P500.
Westpac Banking Corp (ADR) (NYSE:WBK) Ratings Coverage
Out of 3 analysts covering Westpac Banking (NYSE:WBK), 2 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 67% are positive. Westpac Banking has been the topic of 3 analyst reports since September 2, 2015 according to StockzIntelligence Inc. Macquarie Research upgraded the shares of WBK in a report on Tuesday, May 24 to “Outperform” rating. JP Morgan downgraded Westpac Banking Corp (ADR) (NYSE:WBK) on Thursday, August 11 to “Neutral” rating. The rating was upgraded by Credit Suisse on Wednesday, September 2 to “Outperform”.
According to Zacks Investment Research, “Westpac Banking Corp. provides a broad range of banking and financial services. The company offers general banking services to retail, commercial, and institutional customers and provides investment management and insurance. For institutional and international clients, Westpac provides working capital loans, trade financing, foreign currency loans, leveraged leasing, project finance loans, and interest rate and currency products.”
More notable recent Westpac Banking Corp (ADR) (NYSE:WBK) news were published by: Streetinsider.com which released: “Westpac Banking Corp’s (WBK) $3.5B Entitlement Offer Prices at $25.50/Share” on October 15, 2015, also Benzinga.com with their article: “Worst Performing Industries For September 13, 2016” published on September 13, 2016, Seekingalpha.com published: “Westpac Banking Corporation: A 6.7% Dividend Yield” on September 03, 2015. More interesting news about Westpac Banking Corp (ADR) (NYSE:WBK) were released by: Investorplace.com and their article: “This Fast-Growing Corner Of The World Is Offering 11% Yields” published on September 29, 2016 as well as Fool.com‘s news article titled: “Forget Mobile Banking, Wearable Banking Is Coming” with publication date: November 22, 2014.
WBK Company Profile
Westpac Banking Corporation, incorporated on August 23, 2002, is a banking organization. The Firm provides a range of banking and financial services in markets, including consumer, business and institutional banking and wealth management services. The Firm operates in three divisions: Australian Financial Services (AFS), Westpac Institutional Bank (WIB) and Westpac New Zealand. It provides banking products under the Westpac and WIB brands, and insurance and wealth products under Westpac Life and BT brands. The Company’s other divisions include Westpac Pacific, Group Services, Treasury and Core Support. The Firm delivers its business activities through branches, automatic teller machines (ATMs), telephone banking and Internet banking channels in Fiji, Papua New Guinea, Vanuatu and Solomon Islands. Westpac Pacific’s financial products include personal savings, business transactional accounts, personal and business lending products, business services and a range of international products. Group Services division encompasses technology, banking operations, compliance, legal and property services. Treasury division is focused on the management of its interest rate risk and funding requirements. Core Support division comprises the functions performed centrally, including finance, risk and human resources. The Firm has branches, affiliates and controlled entities across Australia, New Zealand and the Pacific region.
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