Glenview Trust Co Grows Stake in U.S. Bancorp $USB

Key Points

• Glenview Trust Co increased its U.S. Bancorp stake by 20.3% in the first quarter, ending with 108,296 shares valued at about $5.63 million.
• Wall Street sentiment appears constructive: Evercore ISI upgraded USB to outperform with a $72 target, while JPMorgan lifted its rating to neutral and raised its target to $67.50.
• U.S. Bancorp reported strong quarterly results, topping earnings and revenue estimates, and also paid a quarterly dividend of $0.52, implying a 3.3% yield.

Glenview Trust Co boosted its position in shares of U.S. Bancorp (NYSE:USB - Free Report) by 20.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 108,296 shares of the financial services provider's stock after purchasing an additional 18,302 shares during the quarter. Glenview Trust Co's holdings in U.S. Bancorp were worth $5,632,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Norges Bank purchased a new stake in U.S. Bancorp during the 4th quarter valued at $1,887,497,000. Auto Owners Insurance Co increased its holdings in U.S. Bancorp by 5,236.0% in the 4th quarter. Auto Owners Insurance Co now owns 33,350,000 shares of the financial services provider's stock worth $1,779,556,000 after buying an additional 32,725,000 shares in the last quarter. Capital Research Global Investors bought a new stake in U.S. Bancorp in the 4th quarter worth about $296,377,000. SG Americas Securities LLC boosted its holdings in shares of U.S. Bancorp by 3,451.9% during the 4th quarter. SG Americas Securities LLC now owns 4,332,659 shares of the financial services provider's stock valued at $231,191,000 after acquiring an additional 4,210,676 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of U.S. Bancorp by 20.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 24,919,079 shares of the financial services provider's stock worth $1,329,683,000 after acquiring an additional 4,153,080 shares during the period. 77.60% of the stock is owned by hedge funds and other institutional investors.

Key U.S. Bancorp News

Here are the key news stories impacting U.S. Bancorp this week:

• Positive Sentiment: Evercore ISI upgraded U.S. Bancorp (USB) from in-line to outperform and set a $72 price target, pointing to meaningful upside from current levels. The Fly article
• Positive Sentiment: JPMorgan raised U.S. Bancorp (USB) from underweight to neutral and increased its price target to $67.50, citing growth in fee revenue. Benzinga article
• Positive Sentiment: Recent commentary highlighted U.S. Bancorp as a strong dividend stock, which may be supporting investor interest in the name. Zacks article
• Neutral Sentiment: Several recent articles compared USB’s year-to-date performance with other financial stocks, suggesting the stock has been performing solidly relative to peers, but these pieces were mostly informational rather than clearly market-moving. MSN article

Insider Buying and Selling

In other U.S. Bancorp news, EVP Venkatachari Dilip sold 34,522 shares of the business's stock in a transaction 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 sale, the executive vice president owned 51,292 shares in the company, valued at $2,847,731.84. The trade was a 40.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.21% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Oppenheimer boosted their target price on shares of U.S. Bancorp from $73.00 to $77.00 and gave the company an "outperform" rating in a research note on Friday, July 17th. Royal Bank Of Canada lifted their price objective on U.S. Bancorp from $61.00 to $68.00 and gave the stock an "outperform" rating in a report on Friday, July 17th. UBS Group upped their price objective on U.S. Bancorp from $58.00 to $66.00 and gave the company a "neutral" rating in a research report on Tuesday, July 7th. Morgan Stanley increased their target price on U.S. Bancorp from $64.00 to $67.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Finally, Citigroup restated a "buy" rating on shares of U.S. Bancorp in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, U.S. Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $67.00.

U.S. Bancorp Stock Performance

USB opened at $63.69 on Wednesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.83 and a quick ratio of 0.82. U.S. Bancorp has a 1-year low of $43.46 and a 1-year high of $64.84. The company has a 50 day simple moving average of $58.24 and a two-hundred day simple moving average of $56.22. The firm has a market cap of $98.78 billion, a P/E ratio of 12.71, a PEG ratio of 1.04 and a beta of 0.96.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.35 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.07. U.S. Bancorp had a return on equity of 13.69% and a net margin of 18.49%.The business had revenue of $7.71 billion for the quarter, compared to analysts' expectations of $7.58 billion. During the same period last year, the firm earned $1.11 earnings per share. Equities analysts forecast that U.S. Bancorp will post 5.2 earnings per share for the current fiscal year.

U.S. Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Tuesday, June 30th. U.S. Bancorp's payout ratio is currently 41.52%.

About U.S. Bancorp

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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