Allspring Global Investments Holdings LLC Sells 19,484 Shares of U.S. Bancorp $USB

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in U.S. Bancorp by 22.1%, selling 19,484 shares during the 2nd quarter, leaving them with a total of 68,655 shares valued at approximately $3.19 million.
• U.S. Bancorp reported earnings of $1.22 per share, exceeding consensus estimates, with quarterly revenue of $7.34 billion, up 6.8% year-over-year.
• The company declared an increased quarterly dividend of $0.52 per share, reflecting a 4.4% dividend yield, up from the previous $0.50.

Allspring Global Investments Holdings LLC cut its holdings in U.S. Bancorp (NYSE:USB - Free Report) by 22.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,655 shares of the financial services provider's stock after selling 19,484 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in U.S. Bancorp were worth $3,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. Mechanics Financial Corp grew its stake in shares of U.S. Bancorp by 5.3% in the second quarter. Mechanics Financial Corp now owns 4,806 shares of the financial services provider's stock worth $217,000 after purchasing an additional 240 shares during the last quarter. Northern Financial Advisors Inc grew its stake in shares of U.S. Bancorp by 5.0% in the second quarter. Northern Financial Advisors Inc now owns 5,033 shares of the financial services provider's stock worth $228,000 after purchasing an additional 241 shares during the last quarter. Lawson Kroeker Investment Management Inc. NE grew its stake in shares of U.S. Bancorp by 0.5% in the second quarter. Lawson Kroeker Investment Management Inc. NE now owns 46,109 shares of the financial services provider's stock worth $2,086,000 after purchasing an additional 249 shares during the last quarter. Bestgate Wealth Advisors LLC grew its stake in shares of U.S. Bancorp by 3.3% in the first quarter. Bestgate Wealth Advisors LLC now owns 8,031 shares of the financial services provider's stock worth $339,000 after purchasing an additional 253 shares during the last quarter. Finally, Atlantic Family Wealth LLC grew its stake in shares of U.S. Bancorp by 4.2% in the first quarter. Atlantic Family Wealth LLC now owns 6,312 shares of the financial services provider's stock worth $266,000 after purchasing an additional 254 shares during the last quarter. 77.60% of the stock is owned by institutional investors.

U.S. Bancorp Price Performance

USB stock opened at $47.64 on Wednesday. The firm has a 50 day moving average price of $48.02 and a 200-day moving average price of $44.95. U.S. Bancorp has a 52-week low of $35.18 and a 52-week high of $53.98. The firm has a market capitalization of $74.14 billion, a price-to-earnings ratio of 10.90, a PEG ratio of 1.27 and a beta of 1.06. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.82 and a current ratio of 0.82.

U.S. Bancorp (NYSE:USB - Get Free Report) last announced its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.11. The company had revenue of $7.34 billion during the quarter, compared to the consensus estimate of $7.17 billion. U.S. Bancorp had a net margin of 16.89% and a return on equity of 13.34%. The firm's quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.03 earnings per share. Equities research analysts forecast that U.S. Bancorp will post 4.38 EPS for the current fiscal year.

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.4%. This is an increase 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 payout ratio is 47.60%.

Insider Activity at U.S. Bancorp

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

Wall Street Analyst Weigh In

Several analysts have commented on USB shares. Wells Fargo & Company raised their price objective on shares of U.S. Bancorp from $50.00 to $52.00 and gave the stock an "overweight" rating in a report on Friday. DA Davidson raised their price objective on shares of U.S. Bancorp from $57.00 to $59.00 and gave the stock a "buy" rating in a report on Friday. Truist Financial raised their price objective on shares of U.S. Bancorp from $51.00 to $52.00 and gave the stock a "hold" rating in a report on Friday, October 17th. Raymond James Financial upgraded shares of U.S. Bancorp from an "outperform" rating to a "strong-buy" rating and raised their price objective for the stock from $51.00 to $57.00 in a report on Monday, July 7th. Finally, Wall Street Zen upgraded shares of U.S. Bancorp from a "sell" rating to a "hold" rating in a report on Friday, July 18th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $54.48.

About U.S. Bancorp

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.

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