Lockheed Martin Investment Management Co. Makes New $7.14 Million Investment in U.S. Bancorp $USB

Lockheed Martin Investment Management Co. purchased a new position in shares of U.S. Bancorp (NYSE:USB) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 147,690 shares of the financial services provider’s stock, valued at approximately $7,138,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in U.S. Bancorp by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 143,269,275 shares of the financial services provider’s stock worth $6,482,935,000 after acquiring an additional 2,038,996 shares during the period. Geode Capital Management LLC lifted its stake in shares of U.S. Bancorp by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 36,632,410 shares of the financial services provider’s stock valued at $1,650,305,000 after purchasing an additional 456,890 shares during the period. Norges Bank bought a new stake in shares of U.S. Bancorp during the 2nd quarter valued at about $971,285,000. Davis Selected Advisers grew its stake in U.S. Bancorp by 29.8% during the second quarter. Davis Selected Advisers now owns 19,331,637 shares of the financial services provider’s stock worth $874,757,000 after purchasing an additional 4,442,623 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC increased its holdings in U.S. Bancorp by 3.7% in the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 16,569,422 shares of the financial services provider’s stock worth $749,766,000 after purchasing an additional 585,968 shares in the last quarter. Institutional investors own 77.60% of the company’s stock.

Wall Street Analysts Forecast Growth

USB has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $52.50 price target for the company in a research note on Thursday, October 23rd. Barclays lifted their price objective on shares of U.S. Bancorp from $56.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Evercore ISI set a $60.00 target price on U.S. Bancorp in a report on Tuesday, January 6th. Truist Financial increased their price target on shares of U.S. Bancorp from $58.00 to $61.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, Wolfe Research downgraded U.S. Bancorp from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $58.19.

U.S. Bancorp Price Performance

Shares of NYSE:USB opened at $56.21 on Friday. The company’s fifty day moving average price is $52.40 and its 200-day moving average price is $49.04. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.80 and a quick ratio of 0.82. The firm has a market capitalization of $87.37 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 1.00 and a beta of 1.07. U.S. Bancorp has a one year low of $35.18 and a one year high of $56.70.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.07. U.S. Bancorp had a return on equity of 13.48% and a net margin of 17.66%.The company had revenue of $7.92 billion for the quarter, compared to analysts’ expectations of $7.31 billion. During the same period last year, the firm posted $1.07 EPS. U.S. Bancorp’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, equities research analysts anticipate that U.S. Bancorp will post 4.38 earnings per share for the current fiscal year.

U.S. Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $2.08 annualized dividend and a dividend yield of 3.7%. U.S. Bancorp’s dividend payout ratio (DPR) is currently 47.60%.

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.