AEGON ASSET MANAGEMENT UK Plc Raises Stake in U.S. Bancorp $USB

Key Points

• AEGON ASSET MANAGEMENT UK Plc increased its U.S. Bancorp stake by 16.6% in Q1, buying 134,804 additional shares and bringing its total holding to 945,329 shares worth about $49.2 million.
• U.S. Bancorp’s latest quarterly results beat expectations, with EPS of $1.18 versus the $1.14 consensus and revenue of $7.32 billion, up 4.7% year over year.
• The bank declared a $0.52 quarterly dividend payable July 15, while analysts currently rate the stock a consensus “Moderate Buy” with an average price target of $61.29.

AEGON ASSET MANAGEMENT UK Plc increased its position in U.S. Bancorp (NYSE:USB - Free Report) by 16.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 945,329 shares of the financial services provider's stock after buying an additional 134,804 shares during the period. AEGON ASSET MANAGEMENT UK Plc owned about 0.06% of U.S. Bancorp worth $49,157,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of USB. Vanguard Group Inc. raised its holdings in U.S. Bancorp by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 146,376,783 shares of the financial services provider's stock valued at $7,810,665,000 after acquiring an additional 1,828,404 shares during the last quarter. State Street Corp lifted its stake in shares of U.S. Bancorp by 0.8% during the 4th quarter. State Street Corp now owns 69,701,898 shares of the financial services provider's stock worth $3,755,083,000 after purchasing an additional 522,368 shares during the period. Geode Capital Management LLC boosted its holdings in shares of U.S. Bancorp by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 37,679,617 shares of the financial services provider's stock worth $2,002,518,000 after purchasing an additional 443,646 shares during the last quarter. Norges Bank acquired a new stake in shares of U.S. Bancorp during the fourth quarter worth $1,887,497,000. Finally, Auto Owners Insurance Co grew its position in shares of U.S. Bancorp by 5,236.0% in the fourth 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 purchasing an additional 32,725,000 shares during the period. Hedge funds and other institutional investors own 77.60% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on USB shares. Barclays upped their target price on U.S. Bancorp from $65.00 to $67.00 and gave the company an "overweight" rating in a research note on Friday, April 17th. Royal Bank Of Canada raised their price target on U.S. Bancorp from $59.00 to $61.00 and gave the stock an "outperform" rating in a research note on Friday, April 17th. JPMorgan Chase & Co. lowered their price target on U.S. Bancorp from $58.00 to $57.50 and set an "underweight" rating for the company in a report on Thursday, April 30th. Jefferies Financial Group reaffirmed a "hold" rating and set a $60.00 price objective on shares of U.S. Bancorp in a research note on Thursday, April 16th. Finally, Piper Sandler reiterated a "buy" rating on shares of U.S. Bancorp in a report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $61.29.

U.S. Bancorp Stock Down 0.1%

Shares of NYSE USB opened at $58.07 on Friday. The stock has a market capitalization of $90.07 billion, a PE ratio of 12.17, a P/E/G ratio of 1.01 and a beta of 0.97. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.03. The firm has a fifty day moving average of $55.69 and a 200-day moving average of $54.86. U.S. Bancorp has a 52-week low of $42.93 and a 52-week high of $61.19.

U.S. Bancorp (NYSE:USB - Get Free Report) last issued its earnings results on Thursday, April 16th. The financial services provider reported $1.18 earnings per share for the quarter, topping 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 business had revenue of $7.32 billion for the quarter, compared to analyst estimates of $7.27 billion. During the same period last year, the company posted $1.03 EPS. The business's quarterly revenue was up 4.7% on a year-over-year basis. On average, analysts anticipate that U.S. Bancorp will post 5.08 EPS for the current year.

U.S. Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.52 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.08 annualized dividend and a yield of 3.6%. U.S. Bancorp's dividend payout ratio is currently 43.61%.

Insider Activity

In other news, EVP Venkatachari Dilip sold 34,522 shares of U.S. Bancorp stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total value of $1,916,661.44. Following the transaction, the executive vice president directly owned 51,292 shares of the company's stock, valued at $2,847,731.84. The trade was a 40.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jodi L. Richard sold 40,000 shares of the business's stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $57.00, for a total value 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. The SEC filing for this sale provides additional information. Corporate insiders own 0.21% of the company's stock.

About U.S. Bancorp

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.