Point Nemo Capital LLC Purchases 23,253 Shares of U.S. Bancorp $USB

Key Points

• Point Nemo Capital bought 23,253 U.S. Bancorp shares in the third quarter, worth approximately $1.34 million.
• U.S. Bancorp reported quarterly earnings of $1.34 per share, topping estimates of $1.32; revenue rose 8.7% year over year to $8.04 billion.
• The bank raised its quarterly dividend from $0.52 to $0.54 per share, equivalent to an annualized $2.16 and a 3.6% yield.

Point Nemo Capital LLC purchased a new position in shares of U.S. Bancorp (NYSE:USB - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 23,253 shares of the financial services provider's stock, valued at approximately $1,343,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Main Street Group LTD acquired a new position in U.S. Bancorp in the first quarter valued at about $28,000. Archer Investment Corp purchased a new position in U.S. Bancorp during the second quarter worth about $29,000. Parvin Asset Management LLC acquired a new stake in shares of U.S. Bancorp during the second quarter valued at about $30,000. NFSG Corp acquired a new stake in shares of U.S. Bancorp during the first quarter valued at about $31,000. Finally, John Boyer Inc. acquired a new stake in shares of U.S. Bancorp during the third quarter valued at about $34,000. 77.60% of the stock is owned by institutional investors and hedge funds.

U.S. Bancorp Price Performance

U.S. Bancorp stock opened at $59.49 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.87. The company has a fifty day simple moving average of $59.65 and a 200-day simple moving average of $58.18. The stock has a market cap of $92.68 billion, a P/E ratio of 11.60, a price-to-earnings-growth ratio of 1.13 and a beta of 1.02. U.S. Bancorp has a 12-month low of $45.02 and a 12-month high of $66.07.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its earnings results on Thursday, October 15th. The financial services provider reported $1.34 EPS for the quarter, beating the consensus estimate of $1.32 by $0.02. U.S. Bancorp had a return on equity of 13.85% and a net margin of 18.85%. The firm had revenue of $8.04 billion for the quarter, compared to analyst estimates of $8 billion. During the same quarter in the prior year, the company posted $1.22 earnings per share. U.S. Bancorp's revenue for the quarter was up 8.7% compared to the same quarter last year. Equities analysts expect that U.S. Bancorp will post 5.30 EPS for the current fiscal year.

U.S. Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $2.16 annualized dividend and a dividend yield of 3.6%. This is an increase from U.S. Bancorp's previous quarterly dividend of $0.52. U.S. Bancorp's payout ratio is currently 42.11%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on USB shares. The Goldman Sachs Group reissued a "neutral" rating and issued a $64.00 price target (down from $71.00) on shares of U.S. Bancorp in a research note on Thursday, October 15th. Truist Financial lowered their price objective on shares of U.S. Bancorp from $69.00 to $67.00 and set a "buy" rating for the company in a research report on Thursday, October 1st. Keefe, Bruyette & Woods lifted their target price on shares of U.S. Bancorp from $63.00 to $66.00 and gave the company a "market perform" rating in a report on Friday, July 17th. Morgan Stanley set a $68.00 target price on U.S. Bancorp in a research report on Friday, October 16th. Finally, HSBC upped their price target on U.S. Bancorp from $74.00 to $76.00 and gave the stock a "buy" rating in a research note on Monday, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, U.S. Bancorp currently has an average rating of "Moderate Buy" and an average target price of $68.65.

Insider Activity

In other news, CEO Gunjan Kedia sold 27,267 shares of the stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $62.37, for a total value of $1,700,642.79. Following the transaction, the chief executive officer owned 426,262 shares in the company, valued at approximately $26,585,960.94. This represents a 6.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.21% of the company's stock.

About U.S. Bancorp

U.S. Bancorp is the parent company of U.S. Bank, a financial services provider serving consumers, businesses, institutions and government entities across the United States. Its history traces to 1863, when one of its predecessor institutions, First National Bank of Cincinnati, was established.

U.S. Bank offers consumer and business banking, lending, payment services, wealth management, investment services and corporate trust services. Its products include checking and savings accounts, credit cards, mortgages, commercial loans and digital banking solutions.

Headquartered in Minneapolis, Minnesota, U.S.

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