Eastern Bank Sells 5,478 Shares of U.S. Bancorp (NYSE:USB)

Eastern Bank reduced its position in shares of U.S. Bancorp (NYSE:USB) by 2.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 195,373 shares of the financial services provider’s stock after selling 5,478 shares during the period. Eastern Bank’s holdings in U.S. Bancorp were worth $8,249,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. FIL Ltd grew its position in U.S. Bancorp by 42.0% during the 4th quarter. FIL Ltd now owns 28,872 shares of the financial services provider’s stock worth $1,381,000 after acquiring an additional 8,542 shares during the last quarter. Wesbanco Bank Inc. raised its position in U.S. Bancorp by 31.6% in the 1st quarter. Wesbanco Bank Inc. now owns 325,056 shares of the financial services provider’s stock valued at $13,724,000 after purchasing an additional 78,146 shares during the last quarter. Crestwood Advisors Group LLC boosted its stake in U.S. Bancorp by 10.6% in the first quarter. Crestwood Advisors Group LLC now owns 6,784 shares of the financial services provider’s stock worth $286,000 after purchasing an additional 649 shares in the last quarter. Becker Capital Management Inc. grew its holdings in shares of U.S. Bancorp by 1.5% during the fourth quarter. Becker Capital Management Inc. now owns 560,095 shares of the financial services provider’s stock worth $27,069,000 after purchasing an additional 8,204 shares during the last quarter. Finally, United Community Bank increased its stake in shares of U.S. Bancorp by 21.8% in the first quarter. United Community Bank now owns 49,066 shares of the financial services provider’s stock valued at $2,072,000 after buying an additional 8,796 shares in the last quarter. 77.60% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Souheil Badran sold 23,727 shares of the firm’s stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $46.34, for a total transaction of $1,099,509.18. Following the sale, the executive vice president owned 70,346 shares of the company’s stock, valued at $3,259,833.64. This trade represents a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is owned by company insiders.

U.S. Bancorp Stock Up 0.1%

Shares of NYSE USB opened at $46.14 on Wednesday. U.S. Bancorp has a 52-week low of $35.18 and a 52-week high of $53.98. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $71.88 billion, a P/E ratio of 11.04, a P/E/G ratio of 1.45 and a beta of 0.99. The firm has a 50 day moving average price of $45.05 and a 200 day moving average price of $44.16.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Thursday, July 17th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.04. U.S. Bancorp had a net margin of 16.30% and a return on equity of 13.08%. The company had revenue of $7.06 billion for the quarter, compared to analysts’ expectations of $7.07 billion. During the same period last year, the firm posted $0.98 earnings per share. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. Analysts expect that U.S. Bancorp will post 4.38 EPS for the current year.

U.S. Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a $0.50 dividend. The ex-dividend date was Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 4.34%. U.S. Bancorp’s payout ratio is 47.85%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. TD Cowen started coverage on shares of U.S. Bancorp in a report on Thursday, May 15th. They set a “buy” rating and a $60.00 price objective on the stock. Cowen started coverage on shares of U.S. Bancorp in a research report on Wednesday, May 14th. They set a “buy” rating on the stock. Oppenheimer raised their price target on shares of U.S. Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a report on Friday, July 18th. DA Davidson boosted their price objective on shares of U.S. Bancorp from $49.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, July 21st. Finally, Piper Sandler decreased their price objective on U.S. Bancorp from $49.00 to $48.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $52.50.

About U.S. Bancorp

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.