Allspring Global Investments Holdings LLC Raises Stock Holdings in U.S. Bancorp $USB

Key Points

• Allspring Global Investments Holdings LLC increased its U.S. Bancorp stake by 178.9% in the first quarter, ending with 199,931 shares valued at about $10.5 million.
• U.S. Bancorp reported better-than-expected earnings for the latest quarter, posting $1.35 EPS versus the $1.28 estimate and revenue of $7.71 billion versus $7.58 billion expected.
• The stock is drawing generally positive Street sentiment, with a Moderate Buy consensus and a consensus price target of $67, while analysts at several firms recently raised their targets.

Allspring Global Investments Holdings LLC boosted its stake in shares of U.S. Bancorp (NYSE:USB - Free Report) by 178.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 199,931 shares of the financial services provider's stock after purchasing an additional 128,257 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in U.S. Bancorp were worth $10,546,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of U.S. Bancorp in the 4th quarter worth approximately $1,887,497,000. Auto Owners Insurance Co lifted its position in U.S. Bancorp by 5,236.0% during 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 acquiring an additional 32,725,000 shares during the last quarter. Capital Research Global Investors acquired a new stake in U.S. Bancorp in the fourth quarter valued at approximately $296,377,000. Price T Rowe Associates Inc. MD boosted its stake in U.S. Bancorp by 20.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 24,919,079 shares of the financial services provider's stock valued at $1,329,683,000 after acquiring an additional 4,153,080 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in U.S. Bancorp by 63.2% in the fourth quarter. Victory Capital Management Inc. now owns 9,480,254 shares of the financial services provider's stock worth $505,866,000 after purchasing an additional 3,672,742 shares during the last quarter. Hedge funds and other institutional investors own 77.60% of the company's stock.

Wall Street Analyst Weigh In

USB has been the topic of several research analyst reports. DA Davidson boosted their target price on U.S. Bancorp from $72.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday, July 17th. Weiss Ratings upgraded U.S. Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 4th. Keefe, Bruyette & Woods raised their price target on U.S. Bancorp from $63.00 to $66.00 and gave the stock a "market perform" rating in a report on Friday, July 17th. Stephens boosted their price target on U.S. Bancorp from $63.00 to $67.00 and gave the stock an "equal weight" rating in a research note on Friday, July 17th. Finally, UBS Group upped their price objective on shares of U.S. Bancorp from $58.00 to $66.00 and gave the company a "neutral" rating in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $67.00.

Insider Transactions at U.S. Bancorp

In other news, EVP Venkatachari Dilip sold 34,522 shares of U.S. Bancorp stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $55.52, for a total value of $1,916,661.44. Following the sale, the executive vice president owned 51,292 shares in the company, valued at $2,847,731.84. This trade represents a 40.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.21% of the stock is currently owned by insiders.

U.S. Bancorp Stock Performance

NYSE USB opened at $64.48 on Thursday. The firm has a market capitalization of $100.02 billion, a P/E ratio of 12.87, a PEG ratio of 1.04 and a beta of 0.96. The stock has a 50-day simple moving average of $58.48 and a two-hundred day simple moving average of $56.30. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.82 and a current ratio of 0.83. U.S. Bancorp has a fifty-two week low of $43.46 and a fifty-two week high of $64.84.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its earnings results on Thursday, July 16th. The financial services provider reported $1.35 EPS for the quarter, topping the consensus estimate of $1.28 by $0.07. The firm had revenue of $7.71 billion for the quarter, compared to analyst estimates of $7.58 billion. U.S. Bancorp had a return on equity of 13.69% and a net margin of 18.49%.During the same period last year, the company earned $1.11 earnings per share. On average, equities analysts forecast that U.S. Bancorp will post 5.22 earnings per share for the current 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 given a $0.52 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.2%. U.S. Bancorp's payout ratio is 41.52%.

U.S. Bancorp Company 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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