Huntington National Bank Boosts Holdings in U.S. Bancorp $USB

Key Points

• Huntington National Bank increased its U.S. Bancorp stake by 3.2% in the fourth quarter, bringing its holdings to 998,581 shares valued at about $53.3 million.
• U.S. Bancorp reported better-than-expected quarterly earnings of $1.18 per share and revenue of $7.32 billion, both topping Wall Street estimates, while revenue rose 4.7% year over year.
• The bank continues to pay a quarterly dividend of $0.52 per share, equal to an annualized yield of about 3.8%, even as some insiders recently sold shares.

Huntington National Bank raised its stake in shares of U.S. Bancorp (NYSE:USB - Free Report) by 3.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 998,581 shares of the financial services provider's stock after purchasing an additional 31,174 shares during the period. Huntington National Bank owned 0.06% of U.S. Bancorp worth $53,284,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Smith Chas P & Associates PA Cpas acquired a new position in U.S. Bancorp during the fourth quarter worth about $606,000. Eaton Financial Holdings Company LLC boosted its position in U.S. Bancorp by 3.3% during the fourth quarter. Eaton Financial Holdings Company LLC now owns 27,335 shares of the financial services provider's stock worth $1,459,000 after acquiring an additional 868 shares during the last quarter. Community Bank & Trust Waco Texas boosted its position in U.S. Bancorp by 3.8% during the fourth quarter. Community Bank & Trust Waco Texas now owns 6,514 shares of the financial services provider's stock worth $348,000 after acquiring an additional 236 shares during the last quarter. Geode Capital Management LLC boosted its position in U.S. Bancorp by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 37,679,617 shares of the financial services provider's stock worth $2,002,518,000 after acquiring an additional 443,646 shares during the last quarter. Finally, Fidelis Capital Partners LLC boosted its position in U.S. Bancorp by 41.1% during the fourth quarter. Fidelis Capital Partners LLC now owns 9,809 shares of the financial services provider's stock worth $523,000 after acquiring an additional 2,856 shares during the last quarter. 77.60% of the stock is currently owned by institutional investors and hedge funds.

U.S. Bancorp Price Performance

U.S. Bancorp stock opened at $54.63 on Thursday. The company's 50 day simple moving average is $54.29 and its 200-day simple moving average is $53.86. The company has a market capitalization of $84.81 billion, a price-to-earnings ratio of 11.45, a price-to-earnings-growth ratio of 1.00 and a beta of 1.00. U.S. Bancorp has a 1 year low of $42.55 and a 1 year high of $61.19. 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 released its quarterly earnings results on Thursday, April 16th. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.14 by $0.04. The business had revenue of $7.32 billion for the quarter, compared to the consensus estimate of $7.27 billion. U.S. Bancorp had a net margin of 18.01% and a return on equity of 13.55%. The business's revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.03 EPS. As a group, equities research analysts expect that U.S. Bancorp will post 5.09 earnings per share for the current year.

U.S. Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, March 31st. U.S. Bancorp's payout ratio is 43.61%.

Wall Street Analysts Forecast Growth

USB has been the topic of a number of recent research reports. Jefferies Financial Group restated a "hold" rating and set a $60.00 price target on shares of U.S. Bancorp in a research report on Thursday, April 16th. JPMorgan Chase & Co. reduced their target price on shares of U.S. Bancorp from $58.00 to $57.50 and set an "underweight" rating on the stock in a research note on Thursday, April 30th. Evercore lifted their target price on shares of U.S. Bancorp from $60.00 to $65.00 and gave the stock an "in-line" rating in a research note on Thursday, February 5th. UBS Group reaffirmed a "neutral" rating and set a $60.00 target price on shares of U.S. Bancorp in a research note on Wednesday, February 4th. Finally, Piper Sandler reaffirmed a "buy" rating on shares of U.S. Bancorp in a research note on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $61.20.

Insider Buying and Selling

In related news, insider Jodi L. Richard sold 40,000 shares of U.S. Bancorp stock in a transaction that occurred on 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 completion of the transaction, the insider owned 207,251 shares in the company, valued at approximately $11,813,307. The trade was a 16.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Venkatachari Dilip sold 34,522 shares of U.S. Bancorp stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $55.52, for a total transaction of $1,916,661.44. Following the completion of the transaction, the executive vice president owned 51,292 shares of the company's stock, valued at $2,847,731.84. This trade represents a 40.23% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by insiders.

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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