Pictet Asset Management Holding SA Decreases Holdings in U.S. Bancorp $USB

Key Points

• Pictet Asset Management trimmed its U.S. Bancorp stake by 10% in Q4, selling 121,511 shares and ending the quarter with 1,094,844 shares valued at about $58.43 million (0.07% of the company).
• U.S. Bancorp beat quarterly estimates with EPS of $1.18 versus $1.14 and revenue of $7.32 billion, and it pays a $0.52 quarterly dividend (about a 3.7% yield).
• Two insiders executed sizable sales (32,195 and 40,000 shares) even as analysts maintain a consensus "Moderate Buy" rating with an average target of $61.18 and institutions own roughly 77.6% of the stock.

Pictet Asset Management Holding SA trimmed its position in shares of U.S. Bancorp (NYSE:USB - Free Report) by 10.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,094,844 shares of the financial services provider's stock after selling 121,511 shares during the quarter. Pictet Asset Management Holding SA owned 0.07% of U.S. Bancorp worth $58,429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. SG Americas Securities LLC boosted its position in U.S. Bancorp by 3,451.9% in the fourth quarter. SG Americas Securities LLC now owns 4,332,659 shares of the financial services provider's stock worth $231,191,000 after purchasing an additional 4,210,676 shares during the last quarter. AQR Capital Management LLC increased its position in shares of U.S. Bancorp by 354.5% during the 2nd quarter. AQR Capital Management LLC now owns 2,855,350 shares of the financial services provider's stock valued at $129,205,000 after purchasing an additional 2,227,103 shares during the last quarter. Vanguard Group Inc. increased its position in shares of 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 during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of U.S. Bancorp by 16.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 11,598,572 shares of the financial services provider's stock worth $560,559,000 after purchasing an additional 1,631,550 shares during the period. Finally, Freestone Grove Partners LP bought a new position in shares of U.S. Bancorp in the 3rd quarter worth approximately $78,684,000. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

U.S. Bancorp Trading Up 0.4%

USB stock opened at $56.21 on Wednesday. The firm has a fifty day moving average price of $54.17 and a 200 day moving average price of $52.82. U.S. Bancorp has a fifty-two week low of $39.28 and a fifty-two week high of $61.19. The firm has a market cap of $87.25 billion, a PE ratio of 11.78, a price-to-earnings-growth ratio of 1.01 and a beta of 1.01. 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 posted its earnings results on Thursday, April 16th. The financial services provider reported $1.18 earnings per share for the quarter, topping analysts' consensus estimates of $1.14 by $0.04. The firm 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 18.26%. The business's quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.03 EPS. Sell-side analysts anticipate that U.S. Bancorp will post 5.09 earnings per share for the current fiscal year.

U.S. Bancorp Dividend Announcement

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

Insider Activity

In other U.S. Bancorp news, insider Mark G. Runkel sold 32,195 shares of the business's stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $60.65, for a total transaction of $1,952,626.75. Following the completion of the transaction, the insider owned 97,728 shares in the company, valued at $5,927,203.20. The trade was a 24.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jodi L. Richard sold 40,000 shares of the company's 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 transaction, the insider directly owned 207,251 shares in the company, valued at approximately $11,813,307. This represents a 16.18% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.21% of the company's stock.

Analysts Set New Price Targets

USB has been the subject of several recent research reports. Argus boosted their target price on shares of U.S. Bancorp from $62.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, January 22nd. Barclays increased their price target 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 lifted their price target on shares of U.S. Bancorp from $59.00 to $61.00 and gave the stock an "outperform" rating in a research note on Friday, April 17th. JPMorgan Chase & Co. cut their price objective on shares of U.S. Bancorp from $62.00 to $58.00 and set an "underweight" rating for the company in a research report on Tuesday, April 7th. Finally, Truist Financial decreased their target price on U.S. Bancorp from $63.00 to $62.00 and set a "buy" rating on the stock in a report on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $61.18.

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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