Exchange Traded Concepts LLC Increases Position in U.S. Bancorp $USB

Key Points

• Exchange Traded Concepts LLC increased its position in U.S. Bancorp by 109.2% in Q2, bringing its holdings to 632,818 shares valued at approximately $28.64 million.
• Research firms have raised their price targets for U.S. Bancorp, with Oppenheimer adjusting it from $66.00 to $67.00 and DA Davidson increasing theirs from $49.00 to $52.00.
• U.S. Bancorp announced a quarterly dividend increase to $0.52 per share, reflecting a yield of 4.2%, with the payout set to benefit shareholders of record on September 30th.

Exchange Traded Concepts LLC raised its holdings in shares of U.S. Bancorp (NYSE:USB - Free Report) by 109.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 632,818 shares of the financial services provider's stock after purchasing an additional 330,383 shares during the period. Exchange Traded Concepts LLC's holdings in U.S. Bancorp were worth $28,635,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. NorthCrest Asset Manangement LLC increased its position in shares of U.S. Bancorp by 7.0% during the second quarter. NorthCrest Asset Manangement LLC now owns 6,703 shares of the financial services provider's stock worth $321,000 after purchasing an additional 436 shares in the last quarter. Mn Services Vermogensbeheer B.V. increased its position in shares of U.S. Bancorp by 2.9% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 585,200 shares of the financial services provider's stock worth $26,480,000 after purchasing an additional 16,500 shares in the last quarter. Wedmont Private Capital increased its position in shares of U.S. Bancorp by 13.7% during the second quarter. Wedmont Private Capital now owns 22,121 shares of the financial services provider's stock worth $1,046,000 after purchasing an additional 2,668 shares in the last quarter. Swedbank AB increased its position in shares of U.S. Bancorp by 6.7% during the second quarter. Swedbank AB now owns 722,872 shares of the financial services provider's stock worth $32,710,000 after purchasing an additional 45,262 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of U.S. Bancorp by 0.9% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 235,293 shares of the financial services provider's stock worth $10,647,000 after purchasing an additional 2,136 shares in the last quarter. 77.60% of the stock is owned by institutional investors and hedge funds.

U.S. Bancorp Trading Down 1.7%

U.S. Bancorp stock traded down $0.86 during trading on Monday, hitting $49.56. The company had a trading volume of 2,642,127 shares, compared to its average volume of 10,515,346. U.S. Bancorp has a 1-year low of $35.18 and a 1-year high of $53.98. 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 50 day simple moving average is $47.06 and its 200-day simple moving average is $44.13. The stock has a market cap of $77.12 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 1.58 and a beta of 1.05.

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

U.S. Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.08 annualized dividend and a yield of 4.2%. This is a boost from U.S. Bancorp's previous quarterly dividend of $0.50. U.S. Bancorp's dividend payout ratio is 47.85%.

Insider Buying and Selling

In other U.S. Bancorp news, EVP Souheil Badran sold 23,727 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the executive vice president owned 70,346 shares of the company's stock, valued at $3,259,833.64. This trade represents a 25.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.23% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently issued reports on USB. Raymond James Financial raised U.S. Bancorp from an "outperform" rating to a "strong-buy" rating and upped their target price for the company from $51.00 to $57.00 in a research report on Monday, July 7th. The Goldman Sachs Group increased their price target on U.S. Bancorp from $41.00 to $46.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 10th. Wall Street Zen raised shares of U.S. Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Citigroup increased their target price on shares of U.S. Bancorp from $59.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday. Finally, Evercore ISI raised their price target on shares of U.S. Bancorp from $44.00 to $49.00 and gave the company an "in-line" rating in a research note on Wednesday, June 4th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $52.88.

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.