Westpac Banking Corp Sells 2,526 Shares of U.S. Bancorp $USB

Westpac Banking Corp decreased its holdings in U.S. Bancorp (NYSE:USB) by 24.1% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,973 shares of the financial services provider’s stock after selling 2,526 shares during the period. Westpac Banking Corp’s holdings in U.S. Bancorp were worth $361,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in USB. IMG Wealth Management Inc. acquired a new stake in U.S. Bancorp during the 2nd quarter valued at $25,000. Saudi Central Bank bought a new position in shares of U.S. Bancorp in the first quarter valued at about $26,000. Activest Wealth Management lifted its stake in shares of U.S. Bancorp by 846.5% during the 2nd quarter. Activest Wealth Management now owns 814 shares of the financial services provider’s stock worth $37,000 after buying an additional 728 shares during the last quarter. Groupe la Francaise bought a new stake in shares of U.S. Bancorp during the 1st quarter worth about $41,000. Finally, Meeder Asset Management Inc. boosted its holdings in shares of U.S. Bancorp by 118.4% during the 1st quarter. Meeder Asset Management Inc. now owns 987 shares of the financial services provider’s stock worth $42,000 after buying an additional 535 shares during the period. 77.60% of the stock is currently owned by institutional investors.

Insider Activity at U.S. Bancorp

In other U.S. Bancorp news, Chairman Andrew Cecere sold 140,445 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was sold at an average price of $46.34, for a total value of $6,508,221.30. Following the sale, the chairman owned 1,360,414 shares of the company’s stock, valued at approximately $63,041,584.76. This trade represents a 9.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP James L. Chosy sold 26,909 shares of U.S. Bancorp stock in a transaction on Monday, October 20th. The shares were sold at an average price of $46.86, for a total value of $1,260,955.74. Following the completion of the transaction, the executive vice president owned 226,375 shares in the company, valued at approximately $10,607,932.50. The trade was a 10.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.23% of the company’s stock.

U.S. Bancorp Price Performance

Shares of NYSE USB opened at $45.47 on Tuesday. The business has a fifty day moving average price of $47.76 and a two-hundred day moving average price of $46.18. The stock has a market capitalization of $70.68 billion, a PE ratio of 10.40, a P/E/G ratio of 1.25 and a beta of 1.10. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.82 and a quick ratio of 0.82. U.S. Bancorp has a fifty-two week low of $35.18 and a fifty-two week high of $53.98.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.11. U.S. Bancorp had a return on equity of 13.34% and a net margin of 16.89%.The company had revenue of $7.34 billion for the quarter, compared to analysts’ expectations of $7.17 billion. During the same quarter last year, the business earned $1.03 earnings per share. U.S. Bancorp’s revenue was up 6.8% on a year-over-year basis. As a group, equities analysts predict that U.S. Bancorp will post 4.38 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a dividend of $0.52 per share. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.6%. U.S. Bancorp’s payout ratio is currently 47.60%.

Analysts Set New Price Targets

Several brokerages have issued reports on USB. Evercore ISI raised their price objective on shares of U.S. Bancorp from $49.00 to $54.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Citigroup lifted their price target on U.S. Bancorp from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, October 17th. Morgan Stanley reaffirmed a “positive” rating on shares of U.S. Bancorp in a report on Friday, October 17th. Deutsche Bank Aktiengesellschaft raised U.S. Bancorp from a “hold” rating to a “buy” rating and set a $52.50 target price for the company in a report on Thursday, October 23rd. Finally, TD Cowen upped their price target on shares of U.S. Bancorp from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, U.S. Bancorp has an average rating of “Moderate Buy” and a consensus target price of $54.55.

U.S. Bancorp Profile

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.