Elevation Point Wealth Partners LLC Purchases 17,146 Shares of U.S. Bancorp $USB

Key Points

• Elevation Point Wealth Partners boosted its U.S. Bancorp stake by 130.8% in the first quarter, adding 17,146 shares and bringing its total to 30,251 shares valued at about $1.58 million.
• Several analysts remain constructive on USB, with firms like Truist and DA Davidson maintaining buy ratings; the stock currently carries a consensus Moderate Buy and an average price target of $61.57.
• U.S. Bancorp reported better-than-expected earnings for the quarter, posted revenue growth of 4.7% year over year, and announced a quarterly dividend of $0.52 per share, implying a 3.4% yield.

Elevation Point Wealth Partners LLC grew its position in shares of U.S. Bancorp (NYSE:USB - Free Report) by 130.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,251 shares of the financial services provider's stock after buying an additional 17,146 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in U.S. Bancorp were worth $1,583,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Clayton Financial Group LLC acquired a new position in U.S. Bancorp during the 4th quarter worth about $25,000. Financial Life Planners bought a new stake in shares of U.S. Bancorp during the third quarter valued at approximately $25,000. Rossby Financial LCC raised its position in U.S. Bancorp by 57.8% in the 4th quarter. Rossby Financial LCC now owns 579 shares of the financial services provider's stock worth $31,000 after purchasing an additional 212 shares during the last quarter. JPL Wealth Management LLC bought a new position in U.S. Bancorp in the 3rd quarter valued at $28,000. Finally, Westfuller Advisors LLC raised its position in shares of U.S. Bancorp by 54.7% during the fourth quarter. Westfuller Advisors LLC now owns 608 shares of the financial services provider's stock worth $33,000 after acquiring an additional 215 shares during the last quarter. 77.60% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at U.S. Bancorp

In other U.S. Bancorp news, insider Jodi L. Richard sold 40,000 shares of the business's stock in a transaction that occurred on 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 transaction, the insider owned 207,251 shares of the company's stock, valued at $11,813,307. The trade was a 16.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Venkatachari Dilip sold 34,522 shares of the firm's stock in a transaction that occurred on 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 sale, the executive vice president directly owned 51,292 shares of the company's stock, valued at approximately $2,847,731.84. The trade was a 40.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.21% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on USB. Truist Financial lifted their price objective on U.S. Bancorp from $62.00 to $66.00 and gave the stock a "buy" rating in a research report on Friday, June 26th. JPMorgan Chase & Co. cut their price objective on shares of U.S. Bancorp from $58.00 to $57.50 and set an "underweight" rating on the stock in a report on Thursday, April 30th. Morgan Stanley upped their target price on shares of U.S. Bancorp from $64.00 to $67.00 and gave the company an "equal weight" rating in a research report on Monday, June 29th. DA Davidson reaffirmed a "buy" rating and set a $65.00 price objective on shares of U.S. Bancorp in a research note on Friday, April 17th. Finally, Oppenheimer decreased their target price on U.S. Bancorp from $74.00 to $73.00 and set an "outperform" rating for the company in a research report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, U.S. Bancorp presently has a consensus rating of "Moderate Buy" and an average price target of $61.57.

U.S. Bancorp Price Performance

NYSE:USB opened at $61.67 on Monday. The stock has a market capitalization of $95.67 billion, a PE ratio of 12.93, a P/E/G ratio of 1.07 and a beta of 0.96. U.S. Bancorp has a 1-year low of $43.46 and a 1-year high of $62.38. The firm has a fifty day simple moving average of $56.57 and a 200 day simple moving average of $55.51. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.03.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its quarterly earnings results on Thursday, April 16th. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.04. The firm had revenue of $7.32 billion for the quarter, compared to analyst estimates of $7.27 billion. U.S. Bancorp had a net margin of 18.01% and a return on equity of 13.55%. During the same period in the prior year, the firm posted $1.03 earnings per share. The company's quarterly revenue was up 4.7% compared to the same quarter last year. On average, research analysts expect that U.S. Bancorp will post 5.09 EPS for the current fiscal year.

U.S. Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.4%. The ex-dividend date is Tuesday, June 30th. U.S. Bancorp's dividend payout ratio (DPR) is 43.61%.

U.S. Bancorp 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.

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