Manning & Napier Advisors LLC Has $9.46 Million Holdings in U.S. Bancorp $USB

Key Points

• Manning & Napier Advisors reduced its U.S. Bancorp stake by 9.8% in the fourth quarter, leaving it with 174,248 shares valued at about $9.46 million.
• Several other institutions adjusted their positions as well, and 77.6% of U.S. Bancorp’s stock is now owned by institutional investors and hedge funds.
• U.S. Bancorp reported better-than-expected Q1 earnings of $1.18 per share on revenue of $7.32 billion, while analysts currently rate the stock Moderate Buy with a consensus target price of $61.20.

Manning & Napier Advisors LLC cut its position in U.S. Bancorp (NYSE:USB - Free Report) by 9.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 174,248 shares of the financial services provider's stock after selling 18,954 shares during the period. Manning & Napier Advisors LLC's holdings in U.S. Bancorp were worth $9,463,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Crossmark Global Holdings Inc. boosted its position in U.S. Bancorp by 4.0% in the fourth quarter. Crossmark Global Holdings Inc. now owns 405,476 shares of the financial services provider's stock valued at $21,636,000 after buying an additional 15,583 shares in the last quarter. Ethic Inc. boosted its stake in U.S. Bancorp by 8.4% in the fourth quarter. Ethic Inc. now owns 253,906 shares of the financial services provider's stock worth $13,548,000 after purchasing an additional 19,778 shares in the last quarter. Ballast Inc. boosted its stake in U.S. Bancorp by 4.1% in the fourth quarter. Ballast Inc. now owns 6,538 shares of the financial services provider's stock worth $349,000 after purchasing an additional 256 shares in the last quarter. Baker Boyer National Bank acquired a new position in U.S. Bancorp in the fourth quarter worth $961,000. Finally, GRIMES & Co WEALTH MANAGEMENT LLC boosted its stake in U.S. Bancorp by 218.0% in the fourth quarter. GRIMES & Co WEALTH MANAGEMENT LLC now owns 74,634 shares of the financial services provider's stock worth $3,982,000 after purchasing an additional 51,164 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at U.S. Bancorp

In other news, insider Jodi L. Richard sold 40,000 shares of the firm's stock in a transaction dated 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 sale, the insider owned 207,251 shares of the company's stock, valued at $11,813,307. This trade represents a 16.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Venkatachari Dilip sold 34,522 shares of the firm's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total value of $1,916,661.44. Following the sale, the executive vice president directly owned 51,292 shares in the company, valued at approximately $2,847,731.84. This represents a 40.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.21% of the company's stock.

U.S. Bancorp Trading Up 0.4%

USB opened at $55.52 on Friday. The firm's fifty day moving average is $54.05 and its two-hundred day moving average is $53.16. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap 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. U.S. Bancorp has a twelve month low of $41.81 and a twelve month 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 the consensus estimate 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 business's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the business posted $1.03 earnings per share. Equities research analysts anticipate that U.S. Bancorp will post 5.09 EPS for the current year.

U.S. Bancorp Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms have commented on USB. TD Cowen boosted their price objective on U.S. Bancorp from $65.00 to $66.00 and gave the stock a "buy" rating in a research note on Wednesday, January 21st. Jefferies Financial Group reiterated a "hold" rating and set a $60.00 target price on shares of U.S. Bancorp in a research report on Thursday, April 16th. Barclays upped 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 report on Friday, April 17th. Royal Bank Of Canada upped their target price on shares of U.S. Bancorp from $59.00 to $61.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. Finally, Piper Sandler reaffirmed a "buy" rating on shares of U.S. Bancorp in a research note on Thursday, February 26th. One investment 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 assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.20.

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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