Cibc World Market Inc. Increases Holdings in U.S. Bancorp $USB

Key Points

• Cibc World Market Inc. boosted its U.S. Bancorp stake by 55.1% in the fourth quarter, buying an additional 156,543 shares and bringing its total holding to 440,817 shares worth about $23.5 million.
• U.S. Bancorp reported better-than-expected quarterly results, with EPS of $1.18 versus the $1.14 consensus and revenue of $7.32 billion, up 4.7% year over year.
• Analysts remain generally positive on USB, with a Moderate Buy rating overall and an average price target of $61.20, while the stock also offers a quarterly dividend of $0.52 per share for a 3.7% yield.

Cibc World Market Inc. lifted its position in U.S. Bancorp (NYSE:USB - Free Report) by 55.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 440,817 shares of the financial services provider's stock after purchasing an additional 156,543 shares during the quarter. Cibc World Market Inc.'s holdings in U.S. Bancorp were worth $23,522,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Sivia Capital Partners LLC raised its position in U.S. Bancorp by 225.0% during the fourth quarter. Sivia Capital Partners LLC now owns 28,027 shares of the financial services provider's stock valued at $1,496,000 after acquiring an additional 19,402 shares in the last quarter. Lido Advisors LLC raised its position in U.S. Bancorp by 1.1% during the fourth quarter. Lido Advisors LLC now owns 189,542 shares of the financial services provider's stock valued at $9,895,000 after acquiring an additional 2,059 shares in the last quarter. REAP Financial Group LLC raised its position in U.S. Bancorp by 14.0% during the fourth quarter. REAP Financial Group LLC now owns 2,327 shares of the financial services provider's stock valued at $124,000 after acquiring an additional 285 shares in the last quarter. WCG Wealth Advisors LLC purchased a new position in U.S. Bancorp during the fourth quarter valued at approximately $663,000. Finally, Avestar Capital LLC raised its position in U.S. Bancorp by 6.4% during the fourth quarter. Avestar Capital LLC now owns 8,412 shares of the financial services provider's stock valued at $449,000 after acquiring an additional 505 shares in the last quarter. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other U.S. Bancorp news, insider Jodi L. Richard sold 40,000 shares of the company's stock in a transaction dated 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 sale, the insider owned 207,251 shares in the company, valued at $11,813,307. This represents a 16.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Venkatachari Dilip sold 34,522 shares of the stock in a transaction dated Tuesday, May 5th. The shares were 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. The trade was a 40.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by corporate insiders.

Analyst Ratings Changes

USB has been the subject of several recent research reports. Barclays lifted their price target on U.S. Bancorp from $65.00 to $67.00 and gave the company an "overweight" rating in a research report on Friday, April 17th. Oppenheimer boosted their price objective on U.S. Bancorp from $73.00 to $74.00 and gave the company an "outperform" rating in a research report on Wednesday, April 29th. Royal Bank Of Canada boosted their price objective 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. Truist Financial cut their price objective 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. Finally, Jefferies Financial Group restated a "hold" rating and issued a $60.00 price objective on shares of U.S. Bancorp in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $61.20.

U.S. Bancorp Price Performance

USB stock opened at $55.70 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 $86.39 billion, a PE ratio of 11.68, a P/E/G ratio of 1.00 and a beta of 0.97. U.S. Bancorp has a 12-month low of $42.55 and a 12-month high of $61.19. The business's fifty day moving average price is $54.71 and its 200 day moving average price is $54.16.

U.S. Bancorp (NYSE:USB - Get Free Report) last issued its quarterly earnings results on Thursday, April 16th. The financial services provider reported $1.18 earnings per share 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 company had revenue of $7.32 billion for the quarter, compared to the consensus estimate of $7.27 billion. During the same quarter in the prior year, the business earned $1.03 EPS. U.S. Bancorp's revenue was up 4.7% on a year-over-year basis. On average, sell-side analysts anticipate that U.S. Bancorp will post 5.09 EPS for the current year.

U.S. Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a dividend of $0.52 per share. The ex-dividend date was Tuesday, March 31st. This represents a $2.08 annualized dividend and a yield of 3.7%. U.S. Bancorp's dividend payout ratio is 43.61%.

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.

Want to see what other hedge funds are holding USB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for U.S. Bancorp (NYSE:USB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.