Harvest Fund Management Co. Ltd Takes $420,000 Position in U.S. Bancorp (NYSE:USB)

Harvest Fund Management Co. Ltd purchased a new stake in shares of U.S. Bancorp (NYSE:USB) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 8,780 shares of the financial services provider’s stock, valued at approximately $420,000.

Other institutional investors and hedge funds have also modified their holdings of the company. International Assets Investment Management LLC purchased a new position in shares of U.S. Bancorp during the fourth quarter valued at $1,018,000. M&T Bank Corp boosted its position in U.S. Bancorp by 2.8% during the third quarter. M&T Bank Corp now owns 846,344 shares of the financial services provider’s stock valued at $38,704,000 after purchasing an additional 22,803 shares during the last quarter. D.A. Davidson & CO. boosted its position in U.S. Bancorp by 11.3% during the fourth quarter. D.A. Davidson & CO. now owns 380,767 shares of the financial services provider’s stock valued at $18,212,000 after purchasing an additional 38,802 shares during the last quarter. Keystone Financial Planning Inc. boosted its position in U.S. Bancorp by 29.5% during the fourth quarter. Keystone Financial Planning Inc. now owns 72,614 shares of the financial services provider’s stock valued at $3,473,000 after purchasing an additional 16,552 shares during the last quarter. Finally, Hilltop Holdings Inc. boosted its position in U.S. Bancorp by 184.3% during the third quarter. Hilltop Holdings Inc. now owns 70,283 shares of the financial services provider’s stock valued at $3,214,000 after purchasing an additional 45,560 shares during the last quarter. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Insider Activity at U.S. Bancorp

In other news, CEO Andrew Cecere sold 102,044 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $47.25, for a total value of $4,821,579.00. Following the sale, the chief executive officer now directly owns 1,230,316 shares in the company, valued at approximately $58,132,431. This represents a 7.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Terrance R. Dolan sold 66,317 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $46.96, for a total value of $3,114,246.32. Following the completion of the sale, the insider now owns 209,482 shares in the company, valued at approximately $9,837,274.72. This represents a 24.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 219,812 shares of company stock worth $10,385,665 over the last three months. Company insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

USB has been the subject of a number of research reports. Bank of America reduced their price objective on U.S. Bancorp from $50.00 to $49.00 and set a “buy” rating for the company in a research report on Monday, March 17th. Raymond James raised U.S. Bancorp from a “market perform” rating to an “outperform” rating and set a $57.00 price objective for the company in a research report on Thursday, December 19th. Morgan Stanley reduced their price objective on U.S. Bancorp from $60.00 to $59.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. Truist Financial assumed coverage on U.S. Bancorp in a research report on Tuesday, January 7th. They set a “hold” rating and a $54.00 price objective for the company. Finally, Barclays boosted their price target on U.S. Bancorp from $57.00 to $61.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Ten investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.93.

U.S. Bancorp Price Performance

NYSE USB opened at $42.77 on Friday. U.S. Bancorp has a twelve month low of $37.81 and a twelve month high of $53.98. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.81. The stock has a market capitalization of $66.63 billion, a PE ratio of 11.28, a P/E/G ratio of 1.73 and a beta of 1.02. The stock has a 50-day simple moving average of $46.31 and a 200 day simple moving average of $47.63.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.01. U.S. Bancorp had a return on equity of 12.94% and a net margin of 14.75%. The firm had revenue of $7.01 billion for the quarter, compared to analyst estimates of $7 billion. During the same period in the previous year, the company posted $0.99 earnings per share. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. Research analysts anticipate that U.S. Bancorp will post 4.38 EPS for the current year.

U.S. Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.00 annualized dividend and a yield of 4.68%. U.S. Bancorp’s dividend payout ratio is 52.77%.

U.S. Bancorp 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.