Arizona State Retirement System Sells 18,345 Shares of U.S. Bancorp $USB

Key Points

• Arizona State Retirement System reduced its stake in U.S. Bancorp by 4.0%, selling 18,345 shares in the quarter and now holds 436,745 shares valued at about $23.31 million.
• U.S. Bancorp beat quarterly expectations with $1.18 EPS (vs. $1.14 est.) and $7.32 billion in revenue (up 4.7% YoY), and pays a quarterly dividend of $0.52 per share (annualized yield ~3.7%).
• Company insiders have recently sold shares (notably Mark G. Runkel and Jodi L. Richard), institutional ownership stands near 77.6%, and analysts have an average rating of "Moderate Buy" with a consensus target of $61.18.

Arizona State Retirement System lowered its position in U.S. Bancorp (NYSE:USB - Free Report) by 4.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 436,745 shares of the financial services provider's stock after selling 18,345 shares during the quarter. Arizona State Retirement System's holdings in U.S. Bancorp were worth $23,305,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in U.S. Bancorp by 0.9% in the third quarter. Vanguard Group Inc. now owns 144,548,379 shares of the financial services provider's stock worth $6,986,023,000 after acquiring an additional 1,279,104 shares in the last quarter. State Street Corp grew its position in U.S. Bancorp by 0.9% in the third quarter. State Street Corp now owns 69,179,530 shares of the financial services provider's stock worth $3,378,808,000 after acquiring an additional 648,943 shares in the last quarter. Davis Selected Advisers grew its position in U.S. Bancorp by 0.5% in the third quarter. Davis Selected Advisers now owns 19,431,562 shares of the financial services provider's stock worth $939,127,000 after acquiring an additional 99,925 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC grew its position in U.S. Bancorp by 7.2% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 17,758,947 shares of the financial services provider's stock worth $858,290,000 after acquiring an additional 1,189,525 shares in the last quarter. Finally, Northern Trust Corp grew its position in U.S. Bancorp by 1.1% in the third quarter. Northern Trust Corp now owns 16,438,774 shares of the financial services provider's stock worth $794,486,000 after acquiring an additional 172,645 shares in the last quarter. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

U.S. Bancorp Trading Down 1.8%

NYSE:USB opened at $55.62 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.03. U.S. Bancorp has a 12 month low of $39.28 and a 12 month high of $61.19. The company has a market cap of $86.34 billion, a PE ratio of 11.66, a price-to-earnings-growth ratio of 1.02 and a beta of 1.01. The company has a 50 day simple moving average of $54.25 and a two-hundred day simple moving average of $52.60.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its earnings results on Thursday, April 16th. The financial services provider reported $1.18 EPS for the quarter, topping analysts' consensus estimates of $1.14 by $0.04. The business had revenue of $7.32 billion during the quarter, compared to the consensus estimate of $7.27 billion. U.S. Bancorp had a net margin of 18.01% and a return on equity of 18.26%. The firm's revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.03 EPS. Research analysts forecast that U.S. Bancorp will post 5.09 earnings per share for the current year.

U.S. Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Tuesday, March 31st. U.S. Bancorp's dividend payout ratio (DPR) is currently 43.61%.

Insider Buying and Selling at U.S. Bancorp

In other news, insider Mark G. Runkel sold 32,195 shares of U.S. Bancorp stock in a transaction on Friday, February 6th. The shares were sold at an average price of $60.65, for a total transaction of $1,952,626.75. Following the transaction, the insider owned 97,728 shares in the company, valued at $5,927,203.20. This trade represents a 24.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 transaction, the insider owned 207,251 shares in the company, valued at $11,813,307. This represents a 16.18% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.21% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on USB shares. Evercore upped their target price on shares of U.S. Bancorp from $60.00 to $65.00 and gave the stock an "in-line" rating in a research report on Thursday, February 5th. Keefe, Bruyette & Woods upped their price target on shares of U.S. Bancorp from $58.00 to $59.00 and gave the company a "market perform" rating in a research report on Wednesday, January 21st. UBS Group restated a "neutral" rating and set a $60.00 price target on shares of U.S. Bancorp in a research report on Wednesday, February 4th. Truist Financial cut their price target on shares of U.S. Bancorp from $63.00 to $62.00 and set a "buy" rating for the company in a research report on Friday, April 17th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of U.S. Bancorp in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $61.18.

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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