Westpac Banking Corp Purchases 77,423 Shares of U.S. Bancorp $USB

Key Points

• Westpac Banking Corp sharply increased its stake in U.S. Bancorp by 971.1% in the fourth quarter, buying 77,423 additional shares and bringing its total holdings to 85,396 shares worth about $4.56 million.
• Analysts remain mixed on USB, with a consensus rating of Moderate Buy and an average target price of $61.20. Recent notes included both upgraded and underweight views from major brokerages.
• U.S. Bancorp reported better-than-expected quarterly earnings of $1.18 per share on revenue of $7.32 billion, and it also paid a quarterly dividend of $0.52 per share, implying a 3.8% annualized yield.

Westpac Banking Corp raised its holdings in shares of U.S. Bancorp (NYSE:USB - Free Report) by 971.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 85,396 shares of the financial services provider's stock after purchasing an additional 77,423 shares during the quarter. Westpac Banking Corp's holdings in U.S. Bancorp were worth $4,557,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Clayton Financial Group LLC acquired a new stake in U.S. Bancorp during the 4th quarter valued at $25,000. Guerra Advisors Inc acquired a new stake in U.S. Bancorp during the 3rd quarter valued at $25,000. Financial Life Planners acquired a new stake in U.S. Bancorp during the 3rd quarter valued at $25,000. JPL Wealth Management LLC acquired a new stake in U.S. Bancorp during the 3rd quarter valued at $28,000. Finally, Westfuller Advisors LLC lifted its holdings in U.S. Bancorp by 54.7% during the 4th quarter. Westfuller Advisors LLC now owns 608 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 215 shares during the last quarter. Institutional investors and hedge funds own 77.60% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on USB. Weiss Ratings raised U.S. Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 4th. Morgan Stanley set a $64.00 price target on U.S. Bancorp in a report on Friday, April 17th. JPMorgan Chase & Co. cut their price target on U.S. Bancorp from $58.00 to $57.50 and set an "underweight" rating for the company in a report on Thursday, April 30th. DA Davidson reaffirmed a "buy" rating and set a $65.00 price target on shares of U.S. Bancorp in a report on Friday, April 17th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and set a $60.00 price target on shares of U.S. Bancorp in a report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, U.S. Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.20.

Insiders Place Their Bets

In other news, EVP Venkatachari Dilip sold 34,522 shares of U.S. Bancorp stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total transaction of $1,916,661.44. Following the completion of the sale, the executive vice president owned 51,292 shares of the company's stock, valued at approximately $2,847,731.84. This trade represents a 40.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jodi L. Richard sold 40,000 shares of U.S. Bancorp stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $57.00, for a total value of $2,280,000.00. Following the sale, the insider directly owned 207,251 shares of the company's stock, valued at $11,813,307. This represents a 16.18% decrease in their position. The SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by company insiders.

U.S. Bancorp Stock Up 2.0%

USB opened at $54.62 on Wednesday. U.S. Bancorp has a fifty-two week low of $42.55 and a fifty-two week high of $61.19. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $84.79 billion, a P/E ratio of 11.45, a P/E/G ratio of 0.96 and a beta of 0.97. The stock has a fifty day moving average of $54.47 and a 200-day moving average of $54.01.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its earnings results on Thursday, April 16th. The financial services provider reported $1.18 earnings per share for the quarter, topping analysts' consensus estimates of $1.14 by $0.04. U.S. Bancorp had a return on equity of 13.55% and a net margin of 18.01%.The company had revenue of $7.32 billion during the quarter, compared to the consensus estimate of $7.27 billion. During the same quarter last year, the firm earned $1.03 earnings per share. The company's revenue was up 4.7% on a year-over-year basis. On average, equities analysts expect that U.S. Bancorp will post 5.09 EPS for the current year.

U.S. Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.8%. U.S. Bancorp's dividend payout ratio (DPR) is currently 43.61%.

About U.S. Bancorp

U.S. Bancorp NYSE: USB is a bank holding company and the parent of U.S. Bank, a national commercial bank that provides a wide range of banking, investment, mortgage, trust and payment services. The company operates through consumer and business banking, commercial banking, payment services, and wealth management segments. Its product set includes deposit accounts, consumer and commercial lending, mortgage origination and servicing, credit and debit card services, treasury and cash management, merchant processing, and institutional and trust services.

Headquartered in Minneapolis, Minnesota, U.S.

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