Auto Owners Insurance Co Increases Stock Holdings in U.S. Bancorp $USB

Key Points

• Auto Owners Insurance Co massively increased its stake in U.S. Bancorp by 5,236% in the fourth quarter, ending with 33.35 million shares worth about $1.78 billion.
• Several other institutional investors also adjusted their holdings, and hedge funds and institutions now own 77.6% of U.S. Bancorp’s stock.
• U.S. Bancorp reported better-than-expected quarterly earnings of $1.18 per share and announced a quarterly dividend of $0.52 per share, implying a 3.6% annualized yield.

Auto Owners Insurance Co raised its position in U.S. Bancorp (NYSE:USB - Free Report) by 5,236.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,350,000 shares of the financial services provider's stock after acquiring an additional 32,725,000 shares during the quarter. U.S. Bancorp makes up approximately 0.4% of Auto Owners Insurance Co's portfolio, making the stock its 26th biggest position. Auto Owners Insurance Co owned 2.15% of U.S. Bancorp worth $1,779,556,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Brighton Jones LLC lifted its holdings in U.S. Bancorp by 323.0% during the 4th quarter. Brighton Jones LLC now owns 48,274 shares of the financial services provider's stock worth $2,309,000 after buying an additional 36,863 shares during the last quarter. Empowered Funds LLC boosted its stake in U.S. Bancorp by 2.1% during the 1st quarter. Empowered Funds LLC now owns 34,411 shares of the financial services provider's stock worth $1,453,000 after purchasing an additional 714 shares during the period. Intech Investment Management LLC grew its position in U.S. Bancorp by 18.9% during the 1st quarter. Intech Investment Management LLC now owns 39,276 shares of the financial services provider's stock worth $1,658,000 after purchasing an additional 6,252 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in U.S. Bancorp in the second quarter valued at $425,000. Finally, Nebula Research & Development LLC acquired a new position in U.S. Bancorp in the second quarter valued at $701,000. Institutional investors and hedge funds own 77.60% of the company's stock.

Insiders Place Their Bets

In other U.S. Bancorp news, insider Jodi L. Richard sold 40,000 shares of the firm's 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 of the company's stock, valued at approximately $11,813,307. This trade represents a 16.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Venkatachari Dilip sold 34,522 shares of the business's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total value of $1,916,661.44. Following the completion of the transaction, the executive vice president directly 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 ownership of the stock. The SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of U.S. Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday. Truist Financial dropped their target price on U.S. Bancorp from $63.00 to $62.00 and set a "buy" rating on the stock in a report on Friday, April 17th. DA Davidson restated a "buy" rating and set a $65.00 price target on shares of U.S. Bancorp in a research note on Friday, April 17th. Barclays increased their price target on U.S. Bancorp from $65.00 to $67.00 and gave the stock an "overweight" rating in a report on Friday, April 17th. Finally, Morgan Stanley set a $64.00 price objective on shares of U.S. Bancorp in a research report on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.29.

U.S. Bancorp Stock Performance

NYSE:USB opened at $58.07 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. The company has a market capitalization of $90.07 billion, a P/E ratio of 12.17, a price-to-earnings-growth ratio of 1.01 and a beta of 0.97. The firm has a 50-day moving average price of $55.69 and a two-hundred day moving average price of $54.86. U.S. Bancorp has a twelve month low of $42.93 and a twelve month high of $61.19.

U.S. Bancorp (NYSE:USB - Get Free Report) last released its quarterly earnings results on Thursday, April 16th. The financial services provider reported $1.18 EPS for the quarter, beating the consensus estimate of $1.14 by $0.04. U.S. Bancorp had a net margin of 18.01% and a return on equity of 13.55%. The business had revenue of $7.32 billion for the quarter, compared to analyst estimates of $7.27 billion. During the same period in the prior year, the business earned $1.03 earnings per share. The company's quarterly revenue was up 4.7% on a year-over-year basis. As a group, research analysts expect that U.S. Bancorp will post 5.08 earnings per share for the current fiscal year.

U.S. Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.08 dividend on an annualized basis and a yield of 3.6%. U.S. Bancorp's dividend payout ratio is presently 43.61%.

About U.S. Bancorp

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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