DAVENPORT & Co LLC Acquires 5,655 Shares of U.S. Bancorp $USB

Key Points

• DAVENPORT & Co LLC increased its stake in U.S. Bancorp by 2.9%, acquiring an additional 5,655 shares for a total of 201,621 shares valued at approximately $9.12 million.
• U.S. Bancorp recently announced a quarterly dividend increase to $0.52 per share, up from $0.50, marking a yield of 4.4%.
• Several research firms raised their price targets on U.S. Bancorp, with Citigroup setting a new price objective of $65.00 and maintaining a "buy" rating.

DAVENPORT & Co LLC lifted its holdings in U.S. Bancorp (NYSE:USB - Free Report) by 2.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 201,621 shares of the financial services provider's stock after purchasing an additional 5,655 shares during the quarter. DAVENPORT & Co LLC's holdings in U.S. Bancorp were worth $9,123,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of USB. Nuveen LLC acquired a new stake in shares of U.S. Bancorp during the first quarter worth $138,183,000. Vanguard Group Inc. increased its holdings in U.S. Bancorp by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 141,230,279 shares of the financial services provider's stock worth $5,962,742,000 after purchasing an additional 2,393,383 shares in the last quarter. American Century Companies Inc. raised its stake in shares of U.S. Bancorp by 17.4% in the 1st quarter. American Century Companies Inc. now owns 10,070,174 shares of the financial services provider's stock valued at $425,163,000 after purchasing an additional 1,493,318 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of U.S. Bancorp by 10.5% in the first quarter. Goldman Sachs Group Inc. now owns 11,012,635 shares of the financial services provider's stock valued at $464,953,000 after purchasing an additional 1,045,509 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in shares of U.S. Bancorp by 124.8% in the first quarter. National Bank of Canada FI now owns 1,802,961 shares of the financial services provider's stock valued at $76,121,000 after purchasing an additional 1,001,097 shares in the last quarter. 77.60% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Souheil Badran sold 23,727 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $46.34, for a total value of $1,099,509.18. Following the completion of the sale, the executive vice president directly owned 70,346 shares of the company's stock, valued at $3,259,833.64. This trade represents a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.23% of the stock is currently owned by insiders.

U.S. Bancorp Price Performance

Shares of USB opened at $47.73 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.16. The company's fifty day simple moving average is $47.64 and its 200 day simple moving average is $44.62. U.S. Bancorp has a 1-year low of $35.18 and a 1-year high of $53.98. The company has a market cap of $74.28 billion, a price-to-earnings ratio of 11.42, a PEG ratio of 1.50 and a beta of 1.06.

U.S. Bancorp (NYSE:USB - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The financial services provider reported $1.11 EPS for the quarter, beating analysts' consensus estimates of $1.07 by $0.04. The company had revenue of $7.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. U.S. Bancorp had a net margin of 16.30% and a return on equity of 13.08%. The company's quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.98 EPS. U.S. Bancorp has set its FY 2025 guidance at EPS. On average, research analysts forecast that U.S. Bancorp will post 4.38 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a $0.52 dividend. This is a positive change from U.S. Bancorp's previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a yield of 4.4%. The ex-dividend date is Tuesday, September 30th. U.S. Bancorp's dividend payout ratio is currently 49.76%.

Analysts Set New Price Targets

A number of research firms recently issued reports on USB. Citigroup increased their price objective on U.S. Bancorp from $59.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, September 19th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of U.S. Bancorp in a research note on Saturday, September 27th. Raymond James Financial raised shares of U.S. Bancorp from an "outperform" rating to a "strong-buy" rating and boosted their price objective for the stock from $51.00 to $57.00 in a research report on Monday, July 7th. Wall Street Zen raised shares of U.S. Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Truist Financial lifted their price target on shares of U.S. Bancorp from $49.00 to $51.00 and gave the company a "hold" rating in a research note on Wednesday, September 17th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $53.26.

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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