GRIMES & Co WEALTH MANAGEMENT LLC Acquires 51,164 Shares of U.S. Bancorp $USB

Key Points

• GRIMES & Co Wealth Management increased its U.S. Bancorp stake by 218% in the fourth quarter, buying 51,164 shares and bringing its total holding to 74,634 shares worth about $3.98 million.
• Several analysts remain constructive on USB, with a consensus rating of Moderate Buy and an average price target of $61.20; recent notes included target increases from Barclays and Morgan Stanley.
• U.S. Bancorp reported better-than-expected quarterly earnings of $1.18 per share on revenue of $7.32 billion, while also maintaining a quarterly dividend of $0.52 per share for a 3.7% annualized yield.

GRIMES & Co WEALTH MANAGEMENT LLC boosted its holdings in U.S. Bancorp (NYSE:USB - Free Report) by 218.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,634 shares of the financial services provider's stock after purchasing an additional 51,164 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC's holdings in U.S. Bancorp were worth $3,982,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in USB. SG Americas Securities LLC lifted its stake in U.S. Bancorp by 3,451.9% in the fourth 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. Davis Selected Advisers raised its stake in U.S. Bancorp by 13.4% in the 4th quarter. Davis Selected Advisers now owns 22,041,759 shares of the financial services provider's stock worth $1,176,148,000 after purchasing an additional 2,610,197 shares in the last quarter. AQR Capital Management LLC raised its stake in U.S. Bancorp by 354.5% in the 2nd quarter. AQR Capital Management LLC now owns 2,855,350 shares of the financial services provider's stock worth $129,205,000 after purchasing an additional 2,227,103 shares in the last quarter. Vanguard Group Inc. raised its stake in U.S. Bancorp by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 146,376,783 shares of the financial services provider's stock worth $7,810,665,000 after purchasing an additional 1,828,404 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its stake in U.S. Bancorp by 16.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 11,598,572 shares of the financial services provider's stock worth $560,559,000 after purchasing an additional 1,631,550 shares in the last quarter. Institutional investors and hedge funds own 77.60% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on USB. Piper Sandler restated a "buy" rating on shares of U.S. Bancorp in a research report on Thursday, February 26th. Jefferies Financial Group restated a "hold" rating and issued a $60.00 target price on shares of U.S. Bancorp in a research report on Thursday, April 16th. Keefe, Bruyette & Woods boosted their target price on shares of U.S. Bancorp from $58.00 to $59.00 and gave the company a "market perform" rating in a research report on Wednesday, January 21st. Morgan Stanley set a $64.00 target price on shares of U.S. Bancorp in a research report on Friday, April 17th. Finally, Barclays boosted their target price on shares of U.S. Bancorp from $65.00 to $67.00 and gave the company an "overweight" rating in a research report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, U.S. Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.20.

Insider Buying and Selling

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 shares were sold at an average price of $57.00, for a total transaction of $2,280,000.00. Following the sale, the insider directly owned 207,251 shares of the company's stock, valued at $11,813,307. The trade was a 16.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Venkatachari Dilip sold 34,522 shares of the business's stock in a transaction that occurred on 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 directly owned 51,292 shares in the company, valued at $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. Insiders own 0.21% of the company's stock.

U.S. Bancorp Trading Up 0.4%

Shares of U.S. Bancorp stock opened at $55.52 on Friday. The firm has a market capitalization of $86.18 billion, a PE ratio of 11.64, a price-to-earnings-growth ratio of 1.00 and a beta of 1.00. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.03. The firm's 50 day moving average is $54.05 and its 200 day moving average is $53.16. U.S. Bancorp has a 1 year low of $41.81 and a 1 year high of $61.19.

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

U.S. Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, March 31st. U.S. Bancorp's payout ratio is presently 43.61%.

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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