U.S. Bancorp (NYSE:USB) Position Raised by Magellan Asset Management Ltd

Key Points

• Magellan Asset Management Ltd significantly increased its stake in U.S. Bancorp by 1,032.5% during the first quarter, acquiring an additional 21,115 shares, bringing its total ownership to 23,160 shares valued at approximately $978,000.
• U.S. Bancorp reported $1.11 earnings per share for the last quarter, exceeding analysts' expectations of $1.07, with a revenue of $7.06 billion.
• The company recently announced a quarterly dividend of $0.50 per share, resulting in an annualized dividend yield of 4.5% and a dividend payout ratio of 47.85%.

Magellan Asset Management Ltd raised its position in U.S. Bancorp (NYSE:USB - Free Report) by 1,032.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,160 shares of the financial services provider's stock after acquiring an additional 21,115 shares during the quarter. Magellan Asset Management Ltd's holdings in U.S. Bancorp were worth $978,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in shares of U.S. Bancorp by 323.0% during the 4th quarter. Brighton Jones LLC now owns 48,274 shares of the financial services provider's stock worth $2,309,000 after purchasing an additional 36,863 shares during the last quarter. FIL Ltd boosted its position in shares of U.S. Bancorp by 42.0% during the 4th quarter. FIL Ltd now owns 28,872 shares of the financial services provider's stock worth $1,381,000 after acquiring an additional 8,542 shares in the last quarter. Bessemer Group Inc. increased its holdings in shares of U.S. Bancorp by 1.3% in the 4th quarter. Bessemer Group Inc. now owns 155,781 shares of the financial services provider's stock valued at $7,451,000 after acquiring an additional 1,952 shares during the last quarter. Covestor Ltd raised its position in shares of U.S. Bancorp by 12.3% during the 4th quarter. Covestor Ltd now owns 1,955 shares of the financial services provider's stock worth $94,000 after acquiring an additional 214 shares in the last quarter. Finally, Sterling Capital Management LLC raised its position in shares of U.S. Bancorp by 436.1% during the 4th quarter. Sterling Capital Management LLC now owns 37,466 shares of the financial services provider's stock worth $1,792,000 after acquiring an additional 30,477 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on USB. Cowen initiated coverage on shares of U.S. Bancorp in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Wall Street Zen raised U.S. Bancorp from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Citigroup lifted their price target on U.S. Bancorp from $55.00 to $59.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Truist Financial raised their price objective on shares of U.S. Bancorp from $48.00 to $50.00 and gave the stock a "hold" rating in a research report on Wednesday, July 9th. Finally, TD Cowen assumed coverage on shares of U.S. Bancorp in a report on Thursday, May 15th. They issued a "buy" rating and a $60.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $52.55.

U.S. Bancorp Trading Up 0.1%

Shares of NYSE:USB traded up $0.03 during midday trading on Thursday, reaching $46.64. The company's stock had a trading volume of 3,392,838 shares, compared to its average volume of 10,678,363. U.S. Bancorp has a 1 year low of $35.18 and a 1 year high of $53.98. The business has a 50 day moving average price of $45.37 and a 200 day moving average price of $43.90. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.16. The firm has a market cap of $72.57 billion, a price-to-earnings ratio of 11.16, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01.

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 for the quarter, beating the consensus estimate of $1.07 by $0.04. U.S. Bancorp had a return on equity of 13.08% and a net margin of 16.30%. The business had revenue of $7.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same period in the previous year, the company posted $0.98 EPS. The company's revenue was up 2.0% compared to the same quarter last year. Research analysts forecast that U.S. Bancorp will post 4.38 EPS for the current year.

U.S. Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a dividend of $0.50 per share. The ex-dividend date was Monday, June 30th. This represents a $2.00 annualized dividend and a yield of 4.3%. U.S. Bancorp's dividend payout ratio (DPR) is 47.85%.

Insider Transactions at U.S. Bancorp

In related news, EVP Souheil Badran sold 23,727 shares of the firm'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 value of $1,099,509.18. Following the sale, the executive vice president owned 70,346 shares of the company's stock, valued at approximately $3,259,833.64. This trade represents a 25.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.23% of the stock is owned by company insiders.

U.S. Bancorp Company 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.