Polar Asset Management Partners Inc. Acquires New Position in U.S. Bancorp $USB

Key Points

• Polar Asset Management Partners acquired 159,537 shares of U.S. Bancorp in the first quarter, valued at approximately $8.3 million. Institutional investors collectively own 77.6% of the company.
• Analysts have grown more bullish, with U.S. Bancorp receiving a “Moderate Buy” consensus rating and an average price target of $67. Several firms recently raised their targets or upgraded the stock to “Buy.”
• U.S. Bancorp exceeded quarterly earnings expectations, reporting $1.35 in EPS versus the $1.28 consensus and $7.71 billion in revenue. The company also maintains a quarterly dividend of $0.52 per share, equivalent to a 3.3% annualized yield.

Polar Asset Management Partners Inc. acquired a new stake in U.S. Bancorp (NYSE:USB - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 159,537 shares of the financial services provider's stock, valued at approximately $8,298,000.

A number of other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC increased its stake in shares of U.S. Bancorp by 323.0% in the fourth quarter. Brighton Jones LLC now owns 48,274 shares of the financial services provider's stock worth $2,309,000 after acquiring an additional 36,863 shares during the last quarter. Empowered Funds LLC boosted its position in U.S. Bancorp by 2.1% during the first quarter. Empowered Funds LLC now owns 34,411 shares of the financial services provider's stock valued at $1,453,000 after purchasing an additional 714 shares during the last quarter. Intech Investment Management LLC boosted its position in U.S. Bancorp by 18.9% during the first quarter. Intech Investment Management LLC now owns 39,276 shares of the financial services provider's stock valued at $1,658,000 after purchasing an additional 6,252 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in U.S. Bancorp in the second quarter valued at about $425,000. Finally, Nebula Research & Development LLC purchased a new position in U.S. Bancorp in the second quarter valued at about $701,000. Institutional investors and hedge funds own 77.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on USB shares. DA Davidson raised their price target on U.S. Bancorp from $72.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday, July 17th. Truist Financial boosted their price target on U.S. Bancorp from $66.00 to $69.00 and gave the company a "buy" rating in a research note on Friday, July 17th. Jefferies Financial Group upgraded U.S. Bancorp from a "hold" rating to a "buy" rating and increased their price objective for the stock from $60.00 to $75.00 in a report on Monday, July 6th. CLSA set a $67.50 target price on shares of U.S. Bancorp in a research note on Monday, July 20th. Finally, JPMorgan Chase & Co. raised shares of U.S. Bancorp from an "underweight" rating to a "neutral" rating and boosted their target price for the stock from $65.00 to $67.50 in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $67.00.

Insider Buying and Selling

In other news, EVP Venkatachari Dilip sold 34,522 shares of U.S. Bancorp stock in a transaction that occurred on 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 transaction, the executive vice president owned 51,292 shares of the company's stock, valued at $2,847,731.84. This trade represents a 40.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.21% of the stock is currently owned by company insiders.

U.S. Bancorp Price Performance

Shares of NYSE:USB opened at $63.91 on Monday. The stock has a market capitalization of $99.14 billion, a P/E ratio of 12.76, a P/E/G ratio of 1.05 and a beta of 0.96. The business has a 50-day moving average of $58.89 and a two-hundred day moving average of $56.43. U.S. Bancorp has a fifty-two week low of $43.46 and a fifty-two week high of $64.84. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.83 and a quick ratio of 0.82.

U.S. Bancorp (NYSE:USB - Get Free Report) last issued its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.35 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.07. U.S. Bancorp had a return on equity of 13.69% and a net margin of 18.49%.The business had revenue of $7.71 billion for the quarter, compared to analyst estimates of $7.58 billion. During the same quarter in the prior year, the firm posted $1.11 EPS. On average, equities research analysts predict that U.S. Bancorp will post 5.22 EPS for the current fiscal year.

U.S. Bancorp Announces Dividend

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

U.S. Bancorp 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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