Citigroup Inc. Purchases 208,856 Shares of U.S. Bancorp (NYSE:USB)

Key Points

• Citigroup Inc. increased its stake in U.S. Bancorp by 7.8%, holding a total of 2,870,720 shares worth approximately $121.20 million.
• U.S. Bancorp recently reported earnings per share (EPS) of $1.11 for the last quarter, exceeding estimates by $0.04, with a yearly revenue growth of 2.0%.
• The company declared a quarterly dividend of $0.50 per share, representing an annual yield of 4.5% and a payout ratio of 47.85%.

Citigroup Inc. raised its stake in U.S. Bancorp (NYSE:USB - Free Report) by 7.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,870,720 shares of the financial services provider's stock after acquiring an additional 208,856 shares during the quarter. Citigroup Inc. owned approximately 0.18% of U.S. Bancorp worth $121,202,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Covestor Ltd lifted its holdings in shares of U.S. Bancorp by 12.3% in the fourth quarter. Covestor Ltd now owns 1,955 shares of the financial services provider's stock valued at $94,000 after purchasing an additional 214 shares in the last quarter. TrinityPoint Wealth LLC raised its holdings in shares of U.S. Bancorp by 2.3% during the fourth quarter. TrinityPoint Wealth LLC now owns 10,355 shares of the financial services provider's stock worth $495,000 after acquiring an additional 231 shares in the last quarter. CoreCap Advisors LLC raised its holdings in shares of U.S. Bancorp by 36.6% during the fourth quarter. CoreCap Advisors LLC now owns 904 shares of the financial services provider's stock worth $43,000 after acquiring an additional 242 shares in the last quarter. Bestgate Wealth Advisors LLC raised its holdings in shares of U.S. Bancorp by 3.3% during the first quarter. Bestgate Wealth Advisors LLC now owns 8,031 shares of the financial services provider's stock worth $339,000 after acquiring an additional 253 shares in the last quarter. Finally, Atlantic Family Wealth LLC raised its holdings in shares of U.S. Bancorp by 4.2% during the first quarter. Atlantic Family Wealth LLC now owns 6,312 shares of the financial services provider's stock worth $266,000 after acquiring an additional 254 shares in the last quarter. 77.60% of the stock is owned by institutional investors and hedge funds.

U.S. Bancorp Trading Down 0.7%

NYSE USB traded down $0.30 during mid-day trading on Monday, reaching $44.56. 7,201,231 shares of the stock were exchanged, compared to its average volume of 11,048,690. U.S. Bancorp has a one year low of $35.18 and a one year high of $53.98. The stock has a 50 day simple moving average of $45.27 and a 200-day simple moving average of $43.90. The stock has a market cap of $69.34 billion, a P/E ratio of 10.66, a P/E/G ratio of 1.41 and a beta of 1.01. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.81 and a quick ratio of 0.81.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The financial services provider reported $1.11 EPS for the quarter, topping analysts' consensus estimates of $1.07 by $0.04. The business had revenue of $7.06 billion during the quarter, compared to analysts' expectations of $7.07 billion. U.S. Bancorp had a net margin of 16.30% and a return on equity of 13.08%. The business's quarterly revenue was up 2.0% on a year-over-year basis. During the same period last year, the company posted $0.98 earnings per share. On average, analysts anticipate that U.S. Bancorp will post 4.38 EPS for the current year.

U.S. Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a dividend of $0.50 per share. The ex-dividend date was Monday, June 30th. This represents a $2.00 annualized dividend and a yield of 4.5%. U.S. Bancorp's payout ratio is 47.85%.

Insiders Place Their Bets

In other U.S. Bancorp news, EVP Souheil Badran sold 23,727 shares of U.S. Bancorp stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $46.34, for a total value of $1,099,509.18. Following the sale, the executive vice president owned 70,346 shares of the company's stock, valued at approximately $3,259,833.64. The trade was a 25.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.23% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on USB shares. TD Cowen started coverage on U.S. Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $60.00 price objective for the company. Wall Street Zen upgraded U.S. Bancorp from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Raymond James Financial raised shares of U.S. Bancorp from an "outperform" rating to a "strong-buy" rating and increased their target price for the stock from $51.00 to $57.00 in a research report on Monday, July 7th. Piper Sandler lowered their target price on shares of U.S. Bancorp from $49.00 to $48.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Citigroup increased their target price on shares of U.S. Bancorp from $55.00 to $59.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, U.S. Bancorp currently has an average rating of "Moderate Buy" and an average price target of $52.55.

U.S. Bancorp Profile

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.