ICICI Prudential Asset Management Co Ltd Sells 135,300 Shares of U.S. Bancorp $USB

Key Points

• ICICI Prudential Asset Management sharply reduced its stake in U.S. Bancorp, selling 135,300 shares in the fourth quarter and leaving it with 58,727 shares worth about $3.13 million.
• U.S. Bancorp reported better-than-expected quarterly results, posting earnings of $1.18 per share versus the $1.14 consensus and revenue of $7.32 billion, up 4.7% year over year.
• Analyst sentiment remains mostly positive despite mixed moves, with an average rating of “Moderate Buy” and a mean price target of $61.20, though one recent report downgraded the stock to sell.

ICICI Prudential Asset Management Co Ltd decreased its holdings in shares of U.S. Bancorp (NYSE:USB - Free Report) by 69.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 58,727 shares of the financial services provider's stock after selling 135,300 shares during the quarter. ICICI Prudential Asset Management Co Ltd's holdings in U.S. Bancorp were worth $3,134,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in U.S. Bancorp by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 146,376,783 shares of the financial services provider's stock valued at $7,810,665,000 after purchasing an additional 1,828,404 shares in the last quarter. State Street Corp grew its holdings in shares of U.S. Bancorp by 0.9% during the third quarter. State Street Corp now owns 69,179,530 shares of the financial services provider's stock worth $3,378,808,000 after buying an additional 648,943 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of U.S. Bancorp by 1.2% in 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 purchasing an additional 443,646 shares in the last quarter. Norges Bank acquired a new position in shares of U.S. Bancorp during the 4th quarter worth about $1,887,497,000. Finally, Davis Selected Advisers grew its stake in U.S. Bancorp by 13.4% in the fourth quarter. Davis Selected Advisers now owns 22,041,759 shares of the financial services provider's stock valued at $1,176,148,000 after purchasing an additional 2,610,197 shares in the last quarter. 77.60% of the stock is owned by institutional investors and hedge funds.

U.S. Bancorp Stock Up 1.5%

USB opened at $57.66 on Friday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.81 and a quick ratio of 0.81. The company's 50-day moving average is $55.12 and its 200 day moving average is $54.50. U.S. Bancorp has a fifty-two week low of $42.55 and a fifty-two week high of $61.19. The firm has a market capitalization of $89.44 billion, a P/E ratio of 12.09, a PEG ratio of 1.02 and a beta of 0.97.

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 for the quarter, beating analysts' consensus estimates of $1.14 by $0.04. The company had revenue of $7.32 billion for the quarter, compared to analyst estimates of $7.27 billion. U.S. Bancorp had a net margin of 18.01% and a return on equity of 13.55%. The firm's revenue was up 4.7% on a year-over-year basis. During the same period last year, the firm earned $1.03 earnings per share. Research analysts expect that U.S. Bancorp will post 5.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently issued reports on USB. Barclays raised their target price on shares of U.S. Bancorp from $65.00 to $67.00 and gave the stock an "overweight" rating in a research note on Friday, April 17th. Piper Sandler reissued a "buy" rating on shares of U.S. Bancorp in a report on Thursday, February 26th. Jefferies Financial Group reaffirmed a "hold" rating and set a $60.00 price target on shares of U.S. Bancorp in a report on Thursday, April 16th. Wall Street Zen downgraded shares of U.S. Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, June 6th. Finally, Truist Financial dropped their target price on shares of U.S. Bancorp from $63.00 to $62.00 and set a "buy" rating on the stock in a research report on Friday, April 17th. 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. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $61.20.

Insider Transactions at U.S. Bancorp

In related news, insider Jodi L. Richard sold 40,000 shares of the business'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 transaction, the insider directly owned 207,251 shares of the company's stock, valued at approximately $11,813,307. The trade was a 16.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Venkatachari Dilip sold 34,522 shares of the business'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 completion of the transaction, the executive vice president directly 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 SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by insiders.

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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