Davis Selected Advisers Buys 513,875 Shares of U.S. Bancorp (NYSE:USB)

Key Points

• Davis Selected Advisers increased its stake in U.S. Bancorp by 3.6%, acquiring an additional 513,875 shares, making it the fund's 8th largest position.
• U.S. Bancorp reported $1.11 EPS for the quarter, surpassing analysts' estimates, with a revenue of $7.06 billion, which was slightly below expectations.
• The company declared a quarterly dividend of $0.50 per share, yielding 4.5%, while its dividend payout ratio stands at 47.85%.

Davis Selected Advisers boosted its position in shares of U.S. Bancorp (NYSE:USB - Free Report) by 3.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,889,014 shares of the financial services provider's stock after buying an additional 513,875 shares during the period. U.S. Bancorp accounts for about 3.6% of Davis Selected Advisers' portfolio, making the stock its 8th largest holding. Davis Selected Advisers owned 0.96% of U.S. Bancorp worth $628,614,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Covestor Ltd increased its stake in U.S. Bancorp by 12.3% during the 4th quarter. Covestor Ltd now owns 1,955 shares of the financial services provider's stock worth $94,000 after buying an additional 214 shares in the last quarter. TrinityPoint Wealth LLC grew its position in shares of U.S. Bancorp by 2.3% in the fourth quarter. TrinityPoint Wealth LLC now owns 10,355 shares of the financial services provider's stock valued at $495,000 after purchasing an additional 231 shares in the last quarter. CoreCap Advisors LLC grew its position in shares of U.S. Bancorp by 36.6% in the fourth quarter. CoreCap Advisors LLC now owns 904 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 242 shares in the last quarter. Bestgate Wealth Advisors LLC grew its position in shares of U.S. Bancorp by 3.3% in the first quarter. Bestgate Wealth Advisors LLC now owns 8,031 shares of the financial services provider's stock valued at $339,000 after purchasing an additional 253 shares in the last quarter. Finally, Atlantic Family Wealth LLC grew its position in shares of U.S. Bancorp by 4.2% in the first quarter. Atlantic Family Wealth LLC now owns 6,312 shares of the financial services provider's stock valued at $266,000 after purchasing an additional 254 shares in the last quarter. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Citigroup upped their price target on U.S. Bancorp from $55.00 to $59.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Truist Financial upped their price target on U.S. Bancorp from $48.00 to $50.00 and gave the company a "hold" rating in a research report on Wednesday, July 9th. Cowen assumed coverage on U.S. Bancorp in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. Keefe, Bruyette & Woods dropped their price target on U.S. Bancorp from $54.00 to $49.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. Finally, Piper Sandler dropped their price target on U.S. Bancorp from $49.00 to $48.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, U.S. Bancorp presently has a consensus rating of "Moderate Buy" and a consensus target price of $52.55.

U.S. Bancorp Trading Up 1.7%

Shares of USB traded up $0.77 during midday trading on Friday, hitting $44.86. 6,066,952 shares of the stock were exchanged, compared to its average volume of 11,320,853. U.S. Bancorp has a 52-week low of $35.18 and a 52-week high of $53.98. The stock has a fifty day simple moving average of $45.27 and a 200 day simple moving average of $43.93. The firm has a market cap of $69.89 billion, a P/E ratio of 10.73, 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 quick ratio of 0.81 and a current ratio of 0.81.

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

U.S. Bancorp Dividend Announcement

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

Insider Activity at U.S. Bancorp

In other news, EVP Souheil Badran sold 23,727 shares of the firm's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $46.34, for a total transaction of $1,099,509.18. Following the completion of the transaction, the executive vice president directly owned 70,346 shares in the company, 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 the SEC website. 0.23% of the stock is currently owned by corporate insiders.

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.