Bank of America Corp DE Acquires 1,022,898 Shares of U.S. Bancorp $USB

Key Points

• Bank of America increased its U.S. Bancorp stake by 6.9% in the first quarter, adding 1.02 million shares to own 15.82 million shares valued at approximately $822.8 million.
• U.S. Bancorp reported quarterly EPS of $1.35, beating estimates by $0.07, while revenue reached $7.71 billion. The bank also maintains a quarterly dividend of $0.52 per share, equal to a 3.3% annual yield.
• Analysts remain generally positive, with a consensus “Moderate Buy” rating and an average price target of $67.06, although recent insider transactions included substantial share sales by two executives.

Bank of America Corp DE grew its holdings in U.S. Bancorp (NYSE:USB - Free Report) by 6.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 15,820,033 shares of the financial services provider's stock after buying an additional 1,022,898 shares during the quarter. Bank of America Corp DE owned approximately 1.02% of U.S. Bancorp worth $822,800,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Clayton Financial Group LLC purchased a new position in shares of U.S. Bancorp during the fourth quarter valued at about $25,000. Financial Life Planners purchased a new position in shares of U.S. Bancorp during the 1st quarter worth approximately $27,000. Main Street Group LTD purchased a new position in shares of U.S. Bancorp during the 1st quarter worth approximately $28,000. Rossby Financial LCC boosted its position in shares of U.S. Bancorp by 57.8% during the fourth quarter. Rossby Financial LCC now owns 579 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 212 shares in the last quarter. Finally, NFSG Corp purchased a new stake in U.S. Bancorp in the first quarter worth $31,000. Hedge funds and other institutional investors own 77.60% of the company's stock.

U.S. Bancorp Price Performance

Shares of NYSE USB opened at $63.00 on Friday. The firm has a market cap of $97.72 billion, a P/E ratio of 12.58, a PEG ratio of 1.03 and a beta of 0.96. U.S. Bancorp has a twelve month low of $43.46 and a twelve month high of $64.84. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.96. The company has a 50 day moving average of $59.82 and a 200 day moving average of $56.70.

U.S. Bancorp (NYSE:USB - Get Free Report) last issued its earnings results on Thursday, July 16th. The financial services provider reported $1.35 EPS for the quarter, beating the consensus estimate of $1.28 by $0.07. The business had revenue of $7.71 billion for the quarter, compared to the consensus estimate 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 business posted $1.11 EPS. As a group, research analysts expect that U.S. Bancorp will post 5.22 EPS for the current fiscal year.

U.S. Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $0.52 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.08 dividend on an annualized basis and a yield of 3.3%. U.S. Bancorp's dividend payout ratio is 41.52%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on USB shares. Barclays upped their target price on shares of U.S. Bancorp from $67.00 to $75.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. BTIG Research set a $67.50 price objective on shares of U.S. Bancorp in a report on Monday, July 20th. Morgan Stanley lifted their target price on shares of U.S. Bancorp from $64.00 to $67.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Raymond James Financial started coverage on U.S. Bancorp in a research note on Wednesday, July 8th. They issued a "strong-buy" rating and a $72.00 price target on the stock. Finally, Evercore raised U.S. Bancorp from an "in-line" rating to an "outperform" rating and set a $72.00 price objective for the company in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $67.06.

Insider Activity at U.S. Bancorp

In other U.S. Bancorp news, insider Stephen L. Philipson sold 36,906 shares of the business's stock in a transaction on Monday, July 20th. The shares were sold at an average price of $63.08, for a total transaction of $2,328,030.48. Following the completion of the sale, the insider directly owned 74,969 shares in the company, valued at approximately $4,729,044.52. The trade was a 32.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Venkatachari Dilip sold 34,522 shares of the firm'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 owned 51,292 shares in the company, valued at approximately $2,847,731.84. This trade represents a 40.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.21% of the company's stock.

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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