OVERSEA CHINESE BANKING Corp Ltd Trims Stake in U.S. Bancorp $USB

OVERSEA CHINESE BANKING Corp Ltd lowered its position in U.S. Bancorp (NYSE:USB) by 5.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,691 shares of the financial services provider’s stock after selling 467 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in U.S. Bancorp were worth $396,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in USB. Envestnet Asset Management Inc. grew its stake in U.S. Bancorp by 2.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 7,387,388 shares of the financial services provider’s stock worth $334,279,000 after acquiring an additional 165,821 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of U.S. Bancorp by 4.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 412,695 shares of the financial services provider’s stock worth $18,881,000 after acquiring an additional 18,145 shares in the last quarter. Resonant Capital Advisors LLC lifted its position in shares of U.S. Bancorp by 3.2% during the second quarter. Resonant Capital Advisors LLC now owns 54,566 shares of the financial services provider’s stock valued at $2,496,000 after buying an additional 1,682 shares during the last quarter. New Hampshire Trust grew its holdings in U.S. Bancorp by 8.3% in the second quarter. New Hampshire Trust now owns 9,330 shares of the financial services provider’s stock worth $422,000 after purchasing an additional 717 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its position in shares of U.S. Bancorp by 12.4% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 63,097 shares of the financial services provider’s stock worth $2,855,000 after purchasing an additional 6,984 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP James L. Chosy sold 26,909 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $46.86, for a total transaction of $1,260,955.74. Following the completion of the sale, the executive vice president owned 226,375 shares in the company, valued at $10,607,932.50. The trade was a 10.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Andrew Cecere sold 140,445 shares of the company’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $46.34, for a total transaction of $6,508,221.30. Following the completion of the transaction, the chairman owned 1,360,414 shares of the company’s stock, valued at approximately $63,041,584.76. The trade was a 9.36% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.23% of the stock is currently owned by company insiders.

U.S. Bancorp Trading Down 1.1%

Shares of NYSE USB opened at $47.28 on Wednesday. The stock has a market capitalization of $73.57 billion, a PE ratio of 10.82, a PEG ratio of 1.28 and a beta of 1.06. U.S. Bancorp has a twelve month low of $35.18 and a twelve month high of $53.98. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.10. The stock has a fifty day simple moving average of $48.15 and a 200-day simple moving average of $45.36.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.11. U.S. Bancorp had a return on equity of 13.34% and a net margin of 16.89%.The business had revenue of $7.34 billion for the quarter, compared to analysts’ expectations of $7.17 billion. During the same period last year, the firm earned $1.03 earnings per share. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, equities analysts forecast that U.S. Bancorp will post 4.38 earnings per share for the current 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 4.4%. 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%.

Analyst Upgrades and Downgrades

USB has been the topic of several research analyst reports. Cowen reissued a “buy” rating on shares of U.S. Bancorp in a research report on Monday, October 20th. Deutsche Bank Aktiengesellschaft raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $52.50 target price for the company in a report on Thursday, October 23rd. Truist Financial increased their price target on U.S. Bancorp from $51.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, October 17th. Wall Street Zen upgraded shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Finally, TD Cowen lifted their target price on shares of U.S. Bancorp from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.