AIA Group Ltd Has $33.53 Million Stock Position in U.S. Bancorp $USB

Key Points

• AIA Group Ltd cut its U.S. Bancorp stake by 8.4% in Q1, but still held 644,602 shares valued at about $33.5 million.
• U.S. Bancorp posted Q2 earnings of $1.35 per share on revenue of $7.71 billion, beating Wall Street estimates and topping last year’s results.
• The bank raised its outlook with higher full-year revenue guidance of 7% to 9%, while analysts and recent price-target hikes have kept sentiment generally positive.

AIA Group Ltd decreased its position in shares of U.S. Bancorp (NYSE:USB - Free Report) by 8.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 644,602 shares of the financial services provider's stock after selling 59,004 shares during the quarter. AIA Group Ltd's holdings in U.S. Bancorp were worth $33,526,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of USB. Clayton Financial Group LLC bought a new stake in shares of U.S. Bancorp in the 4th quarter valued at $25,000. Financial Life Planners purchased a new stake in shares of U.S. Bancorp in the first quarter worth approximately $27,000. Main Street Group LTD bought a new position in shares of U.S. Bancorp in the first quarter valued at approximately $28,000. JPL Wealth Management LLC bought a new position in shares of U.S. Bancorp in the third quarter valued at approximately $28,000. Finally, Binnacle Investments Inc boosted its position in shares of U.S. Bancorp by 77.8% during the third quarter. Binnacle Investments Inc now owns 624 shares of the financial services provider's stock valued at $30,000 after buying an additional 273 shares during the last quarter. Institutional investors own 77.60% of the company's stock.

Insiders Place Their Bets

In related news, EVP Venkatachari Dilip sold 34,522 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $55.52, for a total transaction of $1,916,661.44. Following the transaction, the executive vice president owned 51,292 shares of the company's stock, valued at approximately $2,847,731.84. This trade represents a 40.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jodi L. Richard sold 40,000 shares of U.S. Bancorp stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $57.00, for a total transaction of $2,280,000.00. Following the completion of the transaction, the insider owned 207,251 shares in the company, valued at approximately $11,813,307. The trade was a 16.18% decrease in their position. The SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by corporate insiders.

U.S. Bancorp Stock Performance

Shares of NYSE USB opened at $63.14 on Friday. The stock's 50-day moving average is $57.89 and its 200 day moving average is $56.08. The stock has a market cap of $97.93 billion, a price-to-earnings ratio of 12.60, a P/E/G ratio of 1.08 and a beta of 0.96. U.S. Bancorp has a 1-year low of $43.46 and a 1-year high of $64.84. The company has a current ratio of 0.83, a quick ratio of 0.81 and a debt-to-equity ratio of 0.96.

U.S. Bancorp (NYSE:USB - Get Free Report) last issued its earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.07. U.S. Bancorp had a return on equity of 13.69% and a net margin of 18.49%.The business had revenue of $7.71 billion during the quarter, compared to analyst estimates of $7.58 billion. During the same quarter in the prior year, the firm earned $1.11 earnings per share. On average, sell-side analysts anticipate that U.S. Bancorp will post 5.18 EPS for the current fiscal year.

U.S. Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.52 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.3%. U.S. Bancorp's dividend payout ratio is 43.61%.

U.S. Bancorp News Summary

Here are the key news stories impacting U.S. Bancorp this week:

• Positive Sentiment: U.S. Bancorp posted Q2 earnings of $1.35 per share on revenue of $7.71 billion, both above estimates, with record quarterly revenue driven by loan growth, fee income, and a boost from its BTIG acquisition. U.S. Bancorp Q2 Earnings Beat Estimates on NII & Fee Revenue Growth
• Positive Sentiment: Management raised full-year revenue guidance to a 7% to 9% growth range, signaling confidence that momentum from higher net interest income and fee revenue will continue. Is USB’s Stronger Outlook And BTIG Fee Push Altering The Investment Case For U.S. Bancorp (USB)?
• Positive Sentiment: Several firms lifted price targets after the earnings release, including Oppenheimer, Wells Fargo, Truist, RBC, and Baird, reflecting improved sentiment around USB’s outlook. US Bancorp analysts boost their forecasts after upbeat Q2 results

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. UBS Group increased their price target on U.S. Bancorp from $58.00 to $66.00 and gave the company a "neutral" rating in a research report on Tuesday, July 7th. Wells Fargo & Company lifted their price objective on shares of U.S. Bancorp from $66.00 to $69.00 and gave the stock an "overweight" rating in a report on Friday. Wall Street Zen upgraded shares of U.S. Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, July 6th. Oppenheimer increased their target price on shares of U.S. Bancorp from $73.00 to $77.00 and gave the company an "outperform" rating in a report on Friday. Finally, JPMorgan Chase & Co. raised their price target on shares of U.S. Bancorp from $57.50 to $65.00 and gave the company an "underweight" rating in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $66.52.

U.S. Bancorp Profile

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.

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