New York State Teachers Retirement System Cuts Stock Holdings in U.S. Bancorp $USB

New York State Teachers Retirement System lowered its stake in U.S. Bancorp (NYSE:USB) by 3.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,302,536 shares of the financial services provider’s stock after selling 39,705 shares during the quarter. New York State Teachers Retirement System owned about 0.08% of U.S. Bancorp worth $67,745,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of U.S. Bancorp in the fourth quarter worth about $1,887,497,000. Auto Owners Insurance Co grew its holdings in U.S. Bancorp by 5,236.0% during the 4th 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 buying an additional 32,725,000 shares in the last quarter. Capital Research Global Investors bought a new stake in U.S. Bancorp in the 4th quarter worth approximately $296,377,000. SG Americas Securities LLC increased its stake in U.S. Bancorp by 3,451.9% in the 4th quarter. SG Americas Securities LLC now owns 4,332,659 shares of the financial services provider’s stock worth $231,191,000 after acquiring an additional 4,210,676 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of U.S. Bancorp by 20.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 24,919,079 shares of the financial services provider’s stock worth $1,329,683,000 after acquiring an additional 4,153,080 shares in the last quarter. Institutional investors own 77.60% of the company’s stock.

U.S. Bancorp Price Performance

Shares of USB stock opened at $61.67 on Friday. The stock has a 50 day moving average price of $56.47 and a 200 day moving average price of $55.46. U.S. Bancorp has a 52-week low of $43.46 and a 52-week high of $62.38. 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 firm has a market capitalization of $95.67 billion, a P/E ratio of 12.93, a P/E/G ratio of 1.07 and a beta of 0.96.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Thursday, April 16th. The financial services provider reported $1.18 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $7.27 billion. During the same quarter in the prior year, the company posted $1.03 EPS. U.S. Bancorp’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, sell-side analysts predict that U.S. Bancorp will post 5.09 earnings per share for the current year.

U.S. Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $0.52 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.4%. U.S. Bancorp’s dividend payout ratio is presently 43.61%.

Analysts Set New Price Targets

A number of research firms recently weighed in on USB. DA Davidson reissued a “buy” rating and issued a $65.00 target price on shares of U.S. Bancorp in a report on Friday, April 17th. Oppenheimer decreased their price target on shares of U.S. Bancorp from $74.00 to $73.00 and set an “outperform” rating on the stock in a research note on Tuesday. Truist Financial boosted their target price on shares of U.S. Bancorp from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Royal Bank Of Canada upped their target price on shares of U.S. Bancorp from $59.00 to $61.00 and gave the company an “outperform” rating in a research report on Friday, April 17th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $60.00 price target on shares of U.S. Bancorp in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, U.S. Bancorp has an average rating of “Moderate Buy” and a consensus target price of $61.57.

Insider Transactions at U.S. Bancorp

In related news, EVP Venkatachari Dilip sold 34,522 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $2,847,731.84. This trade represents a 40.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jodi L. Richard sold 40,000 shares of U.S. Bancorp stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $57.00, for a total transaction of $2,280,000.00. Following the sale, the insider owned 207,251 shares of the company’s stock, valued at $11,813,307. The trade was a 16.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.21% of the company’s stock.

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.