CIBC Asset Management Inc Purchases 153,562 Shares of U.S. Bancorp $USB

Key Points

• CIBC Asset Management increased its U.S. Bancorp stake by 44.8% in the fourth quarter, buying 153,562 additional shares and bringing its total holding to 496,276 shares worth about $26.5 million.
• U.S. Bancorp reported better-than-expected quarterly earnings of $1.18 per share on revenue of $7.32 billion, both topping analyst estimates. Revenue rose 4.7% year over year, and analysts now expect full-year EPS of 5.09.
• The bank also paid a quarterly dividend of $0.52 per share, equal to an annualized yield of 3.9%. Meanwhile, several insiders sold shares, and analysts currently rate the stock a Moderate Buy with an average price target of $61.20.

CIBC Asset Management Inc raised its position in U.S. Bancorp (NYSE:USB - Free Report) by 44.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 496,276 shares of the financial services provider's stock after buying an additional 153,562 shares during the quarter. CIBC Asset Management Inc's holdings in U.S. Bancorp were worth $26,481,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in USB. Norges Bank purchased a new position in shares of U.S. Bancorp in the fourth quarter valued at $1,887,497,000. SG Americas Securities LLC grew its position in shares of U.S. Bancorp by 3,451.9% in the fourth quarter. SG Americas Securities LLC now owns 4,332,659 shares of the financial services provider's stock valued at $231,191,000 after purchasing an additional 4,210,676 shares in the last quarter. Davis Selected Advisers grew its position in shares of U.S. Bancorp by 13.4% in the fourth quarter. Davis Selected Advisers now owns 22,041,759 shares of the financial services provider's stock valued at $1,176,148,000 after purchasing an additional 2,610,197 shares in the last quarter. AQR Capital Management LLC grew its position in shares of U.S. Bancorp by 354.5% in the second quarter. AQR Capital Management LLC now owns 2,855,350 shares of the financial services provider's stock valued at $129,205,000 after purchasing an additional 2,227,103 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of U.S. Bancorp by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 146,376,783 shares of the financial services provider's stock valued at $7,810,665,000 after purchasing an additional 1,828,404 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors.

U.S. Bancorp Price Performance

U.S. Bancorp stock opened at $53.18 on Thursday. U.S. Bancorp has a 52 week low of $42.55 and a 52 week high of $61.19. The business has a 50-day simple moving average of $54.57 and a 200 day simple moving average of $54.09. 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 stock has a market cap of $82.49 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 0.98 and a beta of 0.97.

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 the consensus estimate 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 business had revenue of $7.32 billion during the quarter, compared to analysts' expectations of $7.27 billion. During the same period in the previous year, the business earned $1.03 earnings per share. The firm's revenue was up 4.7% on a year-over-year basis. On average, research analysts forecast that U.S. Bancorp will post 5.09 earnings per share for the current fiscal year.

U.S. Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.9%. The ex-dividend date was Tuesday, March 31st. U.S. Bancorp's payout ratio is presently 43.61%.

Insider Activity

In other U.S. Bancorp news, EVP Venkatachari Dilip sold 34,522 shares of U.S. Bancorp 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 completion of the sale, the executive vice president owned 51,292 shares of the company's stock, valued at $2,847,731.84. The trade was a 40.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jodi L. Richard sold 40,000 shares of U.S. Bancorp stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $57.00, for a total value of $2,280,000.00. Following the sale, the insider directly owned 207,251 shares of the company's stock, valued at approximately $11,813,307. This trade represents a 16.18% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on USB. Truist Financial reduced their price target on 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. Morgan Stanley set a $64.00 price target on U.S. Bancorp in a research report on Friday, April 17th. Royal Bank Of Canada lifted their price target on U.S. Bancorp from $59.00 to $61.00 and gave the company an "outperform" rating in a research report on Friday, April 17th. Jefferies Financial Group reiterated a "hold" rating and issued a $60.00 price target on shares of U.S. Bancorp in a research report on Thursday, April 16th. Finally, Evercore lifted their price target on U.S. Bancorp from $60.00 to $65.00 and gave the company an "in-line" rating in a research report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, U.S. Bancorp presently has a consensus rating of "Moderate Buy" and an average price target of $61.20.

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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