Geode Capital Management LLC Boosts Stake in U.S. Bancorp $USB

Geode Capital Management LLC lifted its holdings in U.S. Bancorp (NYSE:USB) by 1.3% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 36,632,410 shares of the financial services provider’s stock after buying an additional 456,890 shares during the period. Geode Capital Management LLC’s holdings in U.S. Bancorp were worth $1,650,305,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Brighton Jones LLC grew its stake in shares of U.S. Bancorp by 323.0% during the 4th quarter. Brighton Jones LLC now owns 48,274 shares of the financial services provider’s stock worth $2,309,000 after acquiring an additional 36,863 shares during the period. MQS Management LLC purchased a new stake in U.S. Bancorp in the first quarter worth about $228,000. Bleakley Financial Group LLC boosted its holdings in shares of U.S. Bancorp by 5.7% during the 1st quarter. Bleakley Financial Group LLC now owns 47,646 shares of the financial services provider’s stock valued at $2,012,000 after buying an additional 2,562 shares in the last quarter. Edgestream Partners L.P. purchased a new position in shares of U.S. Bancorp in the 1st quarter worth $4,190,000. Finally, Signaturefd LLC grew its position in U.S. Bancorp by 2.1% during the first quarter. Signaturefd LLC now owns 23,020 shares of the financial services provider’s stock valued at $972,000 after buying an additional 472 shares during the period. 77.60% of the stock is owned by hedge funds and other institutional investors.

U.S. Bancorp Trading Up 0.5%

Shares of USB stock opened at $47.85 on Thursday. The stock’s fifty day moving average is $47.90 and its two-hundred day moving average is $46.00. The firm has a market capitalization of $74.38 billion, a P/E ratio of 10.95, a PEG ratio of 1.25 and a beta of 1.10. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.82 and a current 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 released its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.11. The firm had revenue of $7.34 billion during the quarter, compared to analysts’ expectations of $7.17 billion. U.S. Bancorp had a net margin of 16.89% and a return on equity of 13.34%. U.S. Bancorp’s revenue was up 6.8% compared to the same quarter last year. During the same period last year, the business earned $1.03 earnings per share. Research analysts expect that U.S. Bancorp will post 4.38 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.3%. 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. U.S. Bancorp’s dividend payout ratio is currently 47.60%.

Insider Activity at U.S. Bancorp

In other news, EVP James L. Chosy sold 26,909 shares of the company’s 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. This represents a 10.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Andrew Cecere sold 140,445 shares of the stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $46.34, for a total value of $6,508,221.30. Following the completion of the sale, the chairman directly owned 1,360,414 shares of the company’s stock, valued at $63,041,584.76. The trade was a 9.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.23% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on USB shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of U.S. Bancorp in a report on Wednesday, October 8th. Oppenheimer decreased their price target on U.S. Bancorp from $67.00 to $66.00 and set an “outperform” rating for the company in a research note on Tuesday, September 23rd. 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. Truist Financial lifted their price target on U.S. Bancorp from $51.00 to $52.00 and gave the company a “hold” rating in a report on Friday, October 17th. Finally, Cowen reaffirmed a “buy” rating on shares of U.S. Bancorp in a research report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, U.S. Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $54.55.

U.S. Bancorp Company 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.