Allstate Corp Has $6.23 Million Stock Holdings in U.S. Bancorp $USB

Key Points

• Allstate Corp boosted its U.S. Bancorp stake by 110.2% in the fourth quarter, buying 61,193 additional shares and bringing its total holdings to 116,709 shares valued at about $6.23 million.
• U.S. Bancorp reported better-than-expected quarterly results, posting EPS of $1.18 versus estimates of $1.14 and revenue of $7.32 billion, with revenue up 4.7% year over year.
• The bank continues to return cash to shareholders with a quarterly dividend of $0.52 per share, equal to an annualized yield of about 3.8%, while analysts currently rate the stock a Moderate Buy with an average target price of $61.20.

Allstate Corp lifted its stake in shares of U.S. Bancorp (NYSE:USB - Free Report) by 110.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 116,709 shares of the financial services provider's stock after buying an additional 61,193 shares during the quarter. Allstate Corp's holdings in U.S. Bancorp were worth $6,228,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of USB. Citigroup Inc. increased its holdings in U.S. Bancorp by 2.4% in the 3rd quarter. Citigroup Inc. now owns 1,749,812 shares of the financial services provider's stock valued at $84,568,000 after buying an additional 41,803 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of U.S. Bancorp by 15.3% during the 3rd quarter. Jones Financial Companies Lllp now owns 358,972 shares of the financial services provider's stock valued at $17,738,000 after purchasing an additional 47,537 shares during the last quarter. Danske Bank A S bought a new stake in shares of U.S. Bancorp during the 3rd quarter valued at approximately $37,162,000. Nordea Investment Management AB grew its holdings in shares of U.S. Bancorp by 15.3% during the 4th quarter. Nordea Investment Management AB now owns 2,690,174 shares of the financial services provider's stock valued at $144,462,000 after purchasing an additional 357,300 shares during the last quarter. Finally, Roman Butler Fullerton & Co. bought a new stake in shares of U.S. Bancorp during the 3rd quarter valued at approximately $893,000. Institutional investors and hedge funds own 77.60% of the company's stock.

U.S. Bancorp Stock Performance

NYSE:USB opened at $55.20 on Wednesday. The company has a fifty day moving average of $54.22 and a 200-day moving average of $53.81. The firm has a market capitalization of $85.69 billion, a P/E ratio of 11.57, a P/E/G ratio of 0.99 and a beta of 1.00. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.03. U.S. Bancorp has a twelve month low of $42.55 and a twelve month high of $61.19.

U.S. Bancorp (NYSE:USB - Get Free Report) last announced its quarterly earnings results on Thursday, April 16th. The financial services provider reported $1.18 EPS for the quarter, beating analysts' consensus estimates of $1.14 by $0.04. The business had revenue of $7.32 billion during the quarter, compared to analyst estimates of $7.27 billion. U.S. Bancorp had a net margin of 18.01% and a return on equity of 13.55%. U.S. Bancorp's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.03 EPS. As a group, sell-side analysts anticipate that U.S. Bancorp will post 5.09 EPS for the current year.

U.S. Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Tuesday, March 31st. U.S. Bancorp's payout ratio is 43.61%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of U.S. Bancorp from $58.00 to $57.50 and set an "underweight" rating on the stock in a report on Thursday, April 30th. Barclays lifted their price target on shares of U.S. Bancorp from $65.00 to $67.00 and gave the company an "overweight" rating in a report on Friday, April 17th. Oppenheimer lifted their target price on shares of U.S. Bancorp from $73.00 to $74.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 29th. Morgan Stanley set a $64.00 target price on shares of U.S. Bancorp in a research report on Friday, April 17th. Finally, Piper Sandler reiterated a "buy" rating on shares of U.S. Bancorp in a research report on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $61.20.

Insider Buying and Selling at U.S. Bancorp

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

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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