Eastern Bank Sells 5,478 Shares of U.S. Bancorp (NYSE:USB)

Eastern Bank lowered its position in U.S. Bancorp (NYSE:USB - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 195,373 shares of the financial services provider's stock after selling 5,478 shares during the quarter. Eastern Bank's holdings in U.S. Bancorp were worth $8,249,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Westend Capital Management LLC purchased a new stake in U.S. Bancorp during the first quarter valued at about $27,000. YANKCOM Partnership increased its position in shares of U.S. Bancorp by 59.4% during the 1st quarter. YANKCOM Partnership now owns 698 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 260 shares during the last quarter. Alpine Bank Wealth Management purchased a new position in shares of U.S. Bancorp during the 1st quarter valued at about $30,000. REAP Financial Group LLC lifted its position in U.S. Bancorp by 86.1% in the 4th quarter. REAP Financial Group LLC now owns 642 shares of the financial services provider's stock worth $31,000 after buying an additional 297 shares during the last quarter. Finally, Cornerstone Planning Group LLC grew its position in U.S. Bancorp by 118.0% during the first quarter. Cornerstone Planning Group LLC now owns 776 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 420 shares during the last quarter. Institutional investors own 77.60% of the company's stock.

Insider Transactions at U.S. Bancorp

In other news, EVP Souheil Badran sold 23,727 shares of the stock in a transaction 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 sale, the executive vice president directly owned 70,346 shares of the company's stock, valued at approximately $3,259,833.64. This represents a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on USB. Barclays lowered their price objective on shares of U.S. Bancorp from $61.00 to $56.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Wolfe Research raised U.S. Bancorp from a "peer perform" rating to an "outperform" rating and set a $49.00 target price for the company in a research note on Thursday, April 3rd. Piper Sandler dropped their target price on U.S. Bancorp from $49.00 to $48.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Keefe, Bruyette & Woods decreased their price target on U.S. Bancorp from $54.00 to $49.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. Finally, Oppenheimer increased their price objective on U.S. Bancorp from $66.00 to $67.00 and gave the company an "outperform" rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have given 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, the stock presently has an average rating of "Moderate Buy" and an average target price of $52.55.

U.S. Bancorp Stock Down 2.1%

USB traded down $0.96 during trading on Thursday, reaching $44.92. The stock had a trading volume of 11,814,363 shares, compared to its average volume of 11,593,154. U.S. Bancorp has a one year low of $35.18 and a one year high of $53.98. The company has a market capitalization of $69.99 billion, a price-to-earnings ratio of 10.75, a P/E/G ratio of 1.44 and a beta of 0.99. 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 stock's 50 day moving average is $45.11 and its two-hundred day moving average is $44.18.

U.S. Bancorp (NYSE:USB - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The financial services provider reported $1.11 earnings per share (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 analysts' expectations of $7.07 billion. U.S. Bancorp had a net margin of 16.30% and a return on equity of 13.08%. U.S. Bancorp's revenue was up 2.0% on a year-over-year basis. During the same period last year, the company posted $0.98 EPS. As a group, analysts expect that U.S. Bancorp will post 4.38 earnings per share for the current year.

U.S. Bancorp Dividend Announcement

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

U.S. Bancorp Company 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.