Heartland Bank & Trust Co purchased a new stake in shares of U.S. Bancorp (NYSE:USB – Free Report) in the 1st quarter, Holdings Channel reports. The fund purchased 8,824 shares of the financial services provider’s stock, valued at approximately $459,000.
A number of other hedge funds also recently added to or reduced their stakes in USB. Vanguard Group Inc. lifted its position in U.S. Bancorp by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 146,376,783 shares of the financial services provider’s stock valued at $7,810,665,000 after acquiring an additional 1,828,404 shares in the last quarter. State Street Corp increased its holdings in shares of U.S. Bancorp by 0.8% in the 4th quarter. State Street Corp now owns 69,701,898 shares of the financial services provider’s stock worth $3,755,083,000 after purchasing an additional 522,368 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of U.S. Bancorp by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 37,679,617 shares of the financial services provider’s stock worth $2,002,518,000 after purchasing an additional 443,646 shares during the last quarter. Norges Bank purchased a new position in shares of U.S. Bancorp in the fourth quarter worth $1,887,497,000. Finally, Auto Owners Insurance Co lifted its holdings in shares of U.S. Bancorp by 5,236.0% during the fourth quarter. Auto Owners Insurance Co now owns 33,350,000 shares of the financial services provider’s stock valued at $1,779,556,000 after purchasing an additional 32,725,000 shares in the last quarter. 77.60% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other news, EVP Venkatachari Dilip sold 34,522 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $55.52, for a total value of $1,916,661.44. Following the transaction, the executive vice president owned 51,292 shares in the company, valued at $2,847,731.84. This represents a 40.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jodi L. Richard sold 40,000 shares of the stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $57.00, for a total transaction of $2,280,000.00. Following the completion of the transaction, the insider owned 207,251 shares in the company, valued at $11,813,307. This trade represents a 16.18% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is owned by corporate insiders.
More U.S. Bancorp News
- Positive Sentiment: U.S. Bancorp posted Q2 earnings of $1.35 per share on revenue of $7.71 billion, both above estimates, with record quarterly revenue driven by loan growth, fee income, and a boost from its BTIG acquisition. U.S. Bancorp Q2 Earnings Beat Estimates on NII & Fee Revenue Growth
- Positive Sentiment: Management raised full-year revenue guidance to a 7% to 9% growth range, signaling confidence that momentum from higher net interest income and fee revenue will continue. Is USB’s Stronger Outlook And BTIG Fee Push Altering The Investment Case For U.S. Bancorp (USB)?
- Positive Sentiment: Several firms lifted price targets after the earnings release, including Oppenheimer, Wells Fargo, Truist, RBC, and Baird, reflecting improved sentiment around USB’s outlook. US Bancorp analysts boost their forecasts after upbeat Q2 results
U.S. Bancorp Stock Performance
USB stock opened at $63.14 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.83 and a quick ratio of 0.81. U.S. Bancorp has a 1 year low of $43.46 and a 1 year high of $64.84. The company has a market cap of $97.93 billion, a P/E ratio of 12.60, a price-to-earnings-growth ratio of 1.08 and a beta of 0.96. The stock’s fifty day moving average price is $57.89 and its 200-day moving average price is $56.08.
U.S. Bancorp (NYSE:USB – Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.07. U.S. Bancorp had a return on equity of 13.69% and a net margin of 18.49%.The company had revenue of $7.71 billion during the quarter, compared to analysts’ expectations of $7.58 billion. During the same quarter in the prior year, the business earned $1.11 earnings per share. On average, equities analysts forecast that U.S. Bancorp will post 5.18 earnings per share for the current year.
U.S. Bancorp Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Tuesday, June 30th. U.S. Bancorp’s payout ratio is currently 43.61%.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on USB shares. Barclays increased their price objective on U.S. Bancorp from $67.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday. Truist Financial upped their target price on shares of U.S. Bancorp from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Friday. DA Davidson upped their target price on shares of U.S. Bancorp from $72.00 to $74.00 and gave the company a “buy” rating in a research note on Friday. Robert W. Baird raised their price target on shares of U.S. Bancorp from $64.00 to $68.00 and gave the company a “neutral” rating in a report on Friday. Finally, Raymond James Financial initiated coverage on shares of U.S. Bancorp in a research note on Wednesday, July 8th. They issued a “strong-buy” rating and a $72.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $66.52.
Check Out Our Latest Report on USB
U.S. Bancorp Company Profile
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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