Carnegie Investment Counsel Sells 18,698 Shares of U.S. Bancorp $USB

Key Points

• Carnegie Investment Counsel sold 18,698 shares of U.S. Bancorp, reducing its holdings by 19.3% to 78,049 shares, valued at approximately $3.53 million.
• U.S. Bancorp recently reported strong quarterly earnings, with an EPS of $1.22, exceeding expectations, and a revenue of $7.34 billion, a 6.8% increase year-over-year.
• The company increased its quarterly dividend from $0.50 to $0.52, representing an annualized yield of 4.3% on a payout ratio of 47.60%.

Carnegie Investment Counsel lessened its holdings in shares of U.S. Bancorp (NYSE:USB - Free Report) by 19.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 78,049 shares of the financial services provider's stock after selling 18,698 shares during the quarter. Carnegie Investment Counsel's holdings in U.S. Bancorp were worth $3,532,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. IMG Wealth Management Inc. purchased a new position in shares of U.S. Bancorp during the 2nd quarter worth $25,000. Saudi Central Bank purchased a new position in shares of U.S. Bancorp during the 1st quarter worth $26,000. Westend Capital Management LLC purchased a new position in shares of U.S. Bancorp during the 1st quarter worth $27,000. YANKCOM Partnership boosted its stake in shares of U.S. Bancorp by 59.4% during the 1st quarter. YANKCOM Partnership now owns 698 shares of the financial services provider's stock worth $29,000 after acquiring an additional 260 shares during the last quarter. Finally, Alpine Bank Wealth Management purchased a new position in shares of U.S. Bancorp during the 1st quarter worth $30,000. Hedge funds and other institutional investors own 77.60% of the company's stock.

Insider Transactions at U.S. Bancorp

In other news, Chairman Andrew Cecere sold 140,445 shares of the business's stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $46.34, for a total value of $6,508,221.30. Following the sale, the chairman directly owned 1,360,414 shares in the company, valued at $63,041,584.76. The trade was a 9.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP James L. Chosy sold 26,909 shares of the business's stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $46.86, for a total transaction of $1,260,955.74. Following the completion of the sale, the executive vice president owned 226,375 shares in the company, valued at approximately $10,607,932.50. This trade represents a 10.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.23% of the company's stock.

U.S. Bancorp Stock Up 1.0%

Shares of USB stock opened at $48.31 on Friday. The stock has a market cap of $75.17 billion, a P/E ratio of 11.05, a PEG ratio of 1.28 and a beta of 1.06. U.S. Bancorp has a 52 week low of $35.18 and a 52 week high of $53.98. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.10. The company's fifty day simple moving average is $48.10 and its two-hundred day simple moving average is $45.13.

U.S. Bancorp (NYSE:USB - Get Free Report) last announced its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.22 EPS for the quarter, topping the consensus estimate of $1.11 by $0.11. The business had revenue of $7.34 billion for the quarter, compared to analysts' expectations of $7.17 billion. U.S. Bancorp had a net margin of 16.89% and a return on equity of 13.34%. The business's quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.03 EPS. Analysts predict that U.S. Bancorp will post 4.38 EPS for the current fiscal year.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a $0.52 dividend. This is a boost from U.S. Bancorp's previous quarterly dividend of $0.50. The ex-dividend date was Tuesday, September 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.3%. U.S. Bancorp's payout ratio is presently 47.60%.

Analyst Ratings Changes

A number of research firms recently weighed in on USB. Oppenheimer lowered their target price on shares of U.S. Bancorp from $67.00 to $66.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 23rd. Raymond James Financial upgraded shares of U.S. Bancorp from an "outperform" rating to a "strong-buy" rating and lifted their target price for the company from $51.00 to $57.00 in a research note on Monday, July 7th. UBS Group lifted their target price on shares of U.S. Bancorp from $49.00 to $50.00 and gave the company a "neutral" rating in a research note on Tuesday, October 7th. Truist Financial lifted their target price on shares of U.S. Bancorp from $51.00 to $52.00 and gave the company a "hold" rating in a research note on Friday, October 17th. Finally, Citigroup lifted their target price on shares of U.S. Bancorp from $65.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.55.

About U.S. Bancorp

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.

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