KBC Group NV Purchases 1,362,416 Shares of U.S. Bancorp $USB

Key Points

• KBC Group NV significantly increased its U.S. Bancorp stake in Q1, buying 1,362,416 additional shares and lifting its holdings by 259% to 1,888,428 shares worth about $98.2 million.
• U.S. Bancorp delivered better-than-expected Q2 results, reporting EPS of $1.35 on revenue of $7.71 billion, both ahead of estimates, while also benefiting from loan growth, fee income, and the BTIG acquisition.
• Management raised full-year revenue guidance to 7% to 9% growth, and several analysts responded by lifting price targets, while the stock also continues to offer a quarterly dividend of $0.52 per share.

KBC Group NV lifted its position in shares of U.S. Bancorp (NYSE:USB - Free Report) by 259.0% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,888,428 shares of the financial services provider's stock after buying an additional 1,362,416 shares during the quarter. KBC Group NV owned about 0.12% of U.S. Bancorp worth $98,217,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. SEB Asset Management AB acquired a new position in shares of U.S. Bancorp during the 1st quarter worth approximately $42,481,000. Mediolanum International Funds Ltd increased its holdings in shares of U.S. Bancorp by 21.1% during the first quarter. Mediolanum International Funds Ltd now owns 449,042 shares of the financial services provider's stock worth $22,847,000 after purchasing an additional 78,338 shares during the period. Aviance Capital Partners LLC acquired a new stake in shares of U.S. Bancorp in the first quarter valued at approximately $202,000. Annis Gardner Whiting Capital Advisors LLC raised its position in shares of U.S. Bancorp by 13.8% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 3,214 shares of the financial services provider's stock valued at $168,000 after buying an additional 390 shares in the last quarter. Finally, German American Bancorp Inc. boosted its stake in shares of U.S. Bancorp by 3.3% in the first quarter. German American Bancorp Inc. now owns 6,095 shares of the financial services provider's stock valued at $317,000 after buying an additional 195 shares during the period. Institutional investors own 77.60% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on USB shares. JPMorgan Chase & Co. raised their price objective on U.S. Bancorp from $57.50 to $65.00 and gave the stock an "underweight" rating in a research note on Monday, July 6th. Weiss Ratings upgraded U.S. Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 4th. Wall Street Zen raised U.S. Bancorp from a "sell" rating to a "hold" rating in a report on Monday, July 6th. Robert W. Baird raised their price target on U.S. Bancorp from $64.00 to $68.00 and gave the stock a "neutral" rating in a research report on Friday. Finally, Keefe, Bruyette & Woods boosted their price target on U.S. Bancorp from $63.00 to $66.00 and gave the company a "market perform" rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $66.52.

U.S. Bancorp Stock Performance

Shares of NYSE:USB opened at $63.14 on Monday. U.S. Bancorp has a 1 year low of $43.46 and a 1 year high of $64.84. The stock has a market capitalization of $97.93 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 1.07 and a beta of 0.96. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.83 and a quick ratio of 0.82. The company's 50 day simple moving average is $57.89 and its 200 day simple moving average is $56.09.

U.S. Bancorp (NYSE:USB - Get Free Report) last released its earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.07. The firm had revenue of $7.71 billion during the quarter, compared to analysts' expectations of $7.58 billion. U.S. Bancorp had a return on equity of 13.69% and a net margin of 18.49%.During the same period in the prior year, the company earned $1.11 earnings per share. As a group, research analysts predict that U.S. Bancorp will post 5.18 EPS for the current fiscal year.

U.S. Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.3%. U.S. Bancorp's payout ratio is 41.52%.

More U.S. Bancorp News

Here are the key news stories impacting U.S. Bancorp this week:

• Positive Sentiment: U.S. Bancorp posted Q2 earnings of $1.35 per share on revenue of $7.71 billion, both above estimates, with record quarterly revenue driven by loan growth, fee income, and a boost from its BTIG acquisition. U.S. Bancorp Q2 Earnings Beat Estimates on NII & Fee Revenue Growth
• Positive Sentiment: Management raised full-year revenue guidance to a 7% to 9% growth range, signaling confidence that momentum from higher net interest income and fee revenue will continue. Is USB’s Stronger Outlook And BTIG Fee Push Altering The Investment Case For U.S. Bancorp (USB)?
• Positive Sentiment: Several firms lifted price targets after the earnings release, including Oppenheimer, Wells Fargo, Truist, RBC, and Baird, reflecting improved sentiment around USB’s outlook. US Bancorp analysts boost their forecasts after upbeat Q2 results

Insider Buying and Selling at U.S. Bancorp

In related news, insider Jodi L. Richard sold 40,000 shares of the company's stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $57.00, for a total transaction of $2,280,000.00. Following the completion of the sale, the insider directly owned 207,251 shares in the company, valued at $11,813,307. This represents a 16.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Venkatachari Dilip sold 34,522 shares of the firm's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $55.52, for a total value of $1,916,661.44. Following the completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by corporate 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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