Goldman Sachs Group Inc. Lowers Position in U.S. Bancorp $USB

Key Points

• Goldman Sachs reduced its stake in U.S. Bancorp by 4% in the fourth quarter, selling 516,186 shares and leaving it with 12.27 million shares worth about $655 million.
• Several other institutional investors also adjusted positions, while hedge funds and other institutions still own 77.6% of U.S. Bancorp’s stock.
• U.S. Bancorp recently posted better-than-expected earnings of $1.18 per share and revenue of $7.32 billion, and it continues to pay a quarterly dividend of $0.52 per share, yielding about 3.9%.

Goldman Sachs Group Inc. cut its stake in U.S. Bancorp (NYSE:USB - Free Report) by 4.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,274,556 shares of the financial services provider's stock after selling 516,186 shares during the quarter. Goldman Sachs Group Inc. owned 0.79% of U.S. Bancorp worth $654,970,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of USB. Financial Life Planners purchased a new stake in shares of U.S. Bancorp in the third quarter worth approximately $25,000. Clayton Financial Group LLC purchased a new stake in shares of U.S. Bancorp during the fourth quarter valued at approximately $25,000. JPL Wealth Management LLC purchased a new stake in shares of U.S. Bancorp during the third quarter valued at approximately $28,000. Binnacle Investments Inc increased its position in shares of U.S. Bancorp by 77.8% during the third quarter. Binnacle Investments Inc now owns 624 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 273 shares during the last quarter. Finally, Westside Investment Management Inc. increased its position in shares of U.S. Bancorp by 93.3% during the third quarter. Westside Investment Management Inc. now owns 663 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 320 shares during the last quarter. 77.60% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at U.S. Bancorp

In other U.S. Bancorp news, EVP Venkatachari Dilip sold 34,522 shares of the firm's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total transaction 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. This trade represents a 40.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jodi L. Richard sold 40,000 shares of the firm's stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $57.00, for a total value of $2,280,000.00. Following the sale, the insider owned 207,251 shares in the company, valued at $11,813,307. The trade was a 16.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.21% of the company's stock.

U.S. Bancorp Price Performance

NYSE:USB opened at $53.18 on Thursday. The firm has a market capitalization of $82.49 billion, a price-to-earnings ratio of 11.15, a P/E/G ratio of 0.98 and a beta of 0.97. U.S. Bancorp has a 52-week low of $42.55 and a 52-week high of $61.19. The stock has a fifty day moving average of $54.57 and a 200 day moving average of $54.09. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.81 and a current ratio of 0.81.

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

U.S. Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $2.08 annualized dividend and a yield of 3.9%. U.S. Bancorp's dividend payout ratio (DPR) is currently 43.61%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on USB shares. Morgan Stanley set a $64.00 price target on U.S. Bancorp in a research report on Friday, April 17th. Piper Sandler reaffirmed a "buy" rating on shares of U.S. Bancorp in a research report on Thursday, February 26th. Royal Bank Of Canada increased their price target on U.S. Bancorp from $59.00 to $61.00 and gave the company an "outperform" rating in a research report on Friday, April 17th. JPMorgan Chase & Co. reduced their price objective on U.S. Bancorp from $58.00 to $57.50 and set an "underweight" rating for the company in a report on Thursday, April 30th. Finally, Evercore increased their price objective on U.S. Bancorp from $60.00 to $65.00 and gave the company an "in-line" rating in a report on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, U.S. Bancorp has an average rating of "Moderate Buy" and a consensus target price of $61.20.

U.S. Bancorp Company 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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