Griffin Asset Management Inc. Lowers Position in U.S. Bancorp $USB

Key Points

• Griffin Asset Management Inc. reduced its stake in U.S. Bancorp by 70.1%, selling 18,057 shares and leaving it with 7,685 shares valued at $348,000.
• U.S. Bancorp reported quarterly earnings of $1.11 per share, surpassing analysts' expectations, with a 2.0% increase in revenue compared to the same quarter last year.
• The company announced a quarterly dividend increase to $0.52 per share, reflecting a 4.5% yield, up from the prior $0.50 payout.

Griffin Asset Management Inc. reduced its stake in U.S. Bancorp (NYSE:USB - Free Report) by 70.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,685 shares of the financial services provider's stock after selling 18,057 shares during the quarter. Griffin Asset Management Inc.'s holdings in U.S. Bancorp were worth $348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Saudi Central Bank purchased a new stake in shares of U.S. Bancorp during the 1st quarter valued at $26,000. Westend Capital Management LLC purchased a new stake in U.S. Bancorp during the first quarter valued at about $27,000. YANKCOM Partnership raised its position in U.S. Bancorp by 59.4% during the first quarter. YANKCOM Partnership now owns 698 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 260 shares in the last quarter. Alpine Bank Wealth Management purchased a new stake in U.S. Bancorp during the first quarter valued at about $30,000. Finally, Cornerstone Planning Group LLC raised 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 purchasing an additional 420 shares in the last quarter. 77.60% of the stock is owned by hedge funds and other institutional investors.

U.S. Bancorp Stock Up 1.9%

Shares of NYSE USB opened at $46.16 on Tuesday. The firm's fifty day moving average is $47.79 and its 200 day moving average is $44.73. U.S. Bancorp has a 52 week low of $35.18 and a 52 week high of $53.98. The company has a market cap of $71.83 billion, a price-to-earnings ratio of 11.04, a PEG ratio of 1.33 and a beta of 1.06. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.16.

U.S. Bancorp (NYSE:USB - Get Free Report) last released its quarterly earnings data 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. 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 for the quarter, compared to analysts' expectations of $7.07 billion. During the same quarter in the previous year, the company earned $0.98 earnings per share. The company's revenue for the quarter was up 2.0% compared to the same quarter last year. U.S. Bancorp has set its FY 2025 guidance at EPS. On average, equities research analysts expect that U.S. Bancorp will post 4.38 earnings per share for the current year.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. This is a boost from U.S. Bancorp's previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Tuesday, September 30th. U.S. Bancorp's payout ratio is presently 49.76%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on USB. Truist Financial raised their price objective on U.S. Bancorp from $49.00 to $51.00 and gave the company a "hold" rating in a report on Wednesday, September 17th. Raymond James Financial raised shares of U.S. Bancorp from an "outperform" rating to a "strong-buy" rating and lifted their price target for the stock from $51.00 to $57.00 in a research note on Monday, July 7th. Morgan Stanley set a $56.00 price target on shares of U.S. Bancorp and gave the stock an "equal weight" rating in a research note on Monday, September 29th. Oppenheimer decreased their target price on shares of U.S. Bancorp from $67.00 to $66.00 and set an "outperform" rating on the stock in a research report on Tuesday, September 23rd. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of U.S. Bancorp in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $53.11.

Insider Activity

In other news, EVP Souheil Badran sold 23,727 shares of the business's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $46.34, for a total transaction of $1,099,509.18. Following the transaction, the executive vice president directly owned 70,346 shares of the company's stock, valued at approximately $3,259,833.64. The trade was a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.23% of the company's stock.

U.S. Bancorp 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.

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