BI Asset Management Fondsmaeglerselskab A S Sells 20,989 Shares of U.S. Bancorp $USB

Key Points

• BI Asset Management cut its U.S. Bancorp stake by 23% in the first quarter, selling 20,989 shares and leaving it with 70,154 shares worth about $3.65 million.
• Analysts remain mostly positive on U.S. Bancorp, with the consensus rating at “Moderate Buy” and an average price target of $61.29; several firms recently raised targets or reiterated bullish views.
• The bank reported better-than-expected quarterly results, with EPS of $1.18 versus $1.14 expected and revenue of $7.32 billion, while also declaring a quarterly dividend of $0.52 per share, yielding 3.5% annually.

BI Asset Management Fondsmaeglerselskab A S reduced its holdings in U.S. Bancorp (NYSE:USB - Free Report) by 23.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 70,154 shares of the financial services provider's stock after selling 20,989 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in U.S. Bancorp were worth $3,649,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in USB. Vanguard Group Inc. grew its holdings in shares of U.S. Bancorp by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 146,376,783 shares of the financial services provider's stock valued at $7,810,665,000 after acquiring an additional 1,828,404 shares in the last quarter. State Street Corp raised its holdings in U.S. Bancorp by 0.8% during the fourth quarter. State Street Corp now owns 69,701,898 shares of the financial services provider's stock worth $3,755,083,000 after acquiring an additional 522,368 shares in the last quarter. Geode Capital Management LLC raised its holdings in U.S. Bancorp by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 37,679,617 shares of the financial services provider's stock worth $2,002,518,000 after acquiring an additional 443,646 shares in the last quarter. Norges Bank acquired a new position in U.S. Bancorp during the fourth quarter valued at approximately $1,887,497,000. Finally, Auto Owners Insurance Co boosted its position in U.S. Bancorp by 5,236.0% during the fourth quarter. Auto Owners Insurance Co now owns 33,350,000 shares of the financial services provider's stock valued at $1,779,556,000 after purchasing an additional 32,725,000 shares during the last quarter. 77.60% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Oppenheimer boosted their price target on U.S. Bancorp from $73.00 to $74.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 29th. Royal Bank Of Canada increased their price objective on U.S. Bancorp from $59.00 to $61.00 and gave the company an "outperform" rating in a report on Friday, April 17th. Piper Sandler reissued a "buy" rating on shares of U.S. Bancorp in a research note on Thursday, February 26th. Jefferies Financial Group restated a "hold" rating and set a $60.00 target price on shares of U.S. Bancorp in a report on Thursday, April 16th. Finally, Weiss Ratings raised shares of U.S. Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $61.29.

U.S. Bancorp Price Performance

Shares of NYSE USB opened at $58.62 on Tuesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.03. The business's 50 day moving average price is $55.73 and its two-hundred day moving average price is $54.96. The company has a market cap of $90.93 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 1.01 and a beta of 0.97. 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 data on Thursday, April 16th. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.14 by $0.04. U.S. Bancorp had a return on equity of 13.55% and a net margin of 18.01%.The company had revenue of $7.32 billion during the quarter, compared to analysts' expectations of $7.27 billion. During the same period last year, the firm posted $1.03 earnings per share. The business's revenue was up 4.7% on a year-over-year basis. On average, analysts predict that U.S. Bancorp will post 5.08 EPS for the current year.

U.S. Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.08 annualized dividend and a yield of 3.5%. U.S. Bancorp's dividend payout ratio (DPR) is currently 43.61%.

Insider Buying and Selling at U.S. Bancorp

In other news, insider Jodi L. Richard sold 40,000 shares of the stock in a transaction dated 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 transaction, the insider directly owned 207,251 shares of the company's stock, valued at $11,813,307. This represents a 16.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Venkatachari Dilip sold 34,522 shares of the firm's stock in a transaction dated 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 sale, the executive vice president owned 51,292 shares of the company's stock, valued at approximately $2,847,731.84. This represents a 40.23% decrease in their position. The SEC filing for this sale provides additional information. Company 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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