Principal Financial Group Inc. Sells 18,275 Shares of U.S. Bancorp $USB

Key Points

• Principal Financial Group reduced its U.S. Bancorp stake by 1.0% in Q1, selling 18,275 shares and still holding 1,751,314 shares valued at about $91.1 million.
• U.S. Bancorp beat earnings expectations in its latest quarter, reporting $1.18 EPS versus $1.14 expected and revenue of $7.32 billion, up 4.7% year over year.
• The bank also paid a quarterly dividend of $0.52 per share, equal to a 3.3% annualized yield, while analysts maintain a consensus rating of Moderate Buy with a $64.31 target price.

Principal Financial Group Inc. trimmed its position in U.S. Bancorp (NYSE:USB - Free Report) by 1.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,751,314 shares of the financial services provider's stock after selling 18,275 shares during the quarter. Principal Financial Group Inc. owned approximately 0.11% of U.S. Bancorp worth $91,086,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in USB. Clayton Financial Group LLC acquired a new stake in shares of U.S. Bancorp during the 4th quarter worth approximately $25,000. Financial Life Planners bought a new position in U.S. Bancorp in the first quarter valued at approximately $27,000. Rossby Financial LCC grew its holdings in U.S. Bancorp by 57.8% during the 4th quarter. Rossby Financial LCC now owns 579 shares of the financial services provider's stock worth $31,000 after acquiring an additional 212 shares during the period. JPL Wealth Management LLC acquired a new stake in U.S. Bancorp during the 3rd quarter worth $28,000. Finally, Westfuller Advisors LLC raised its position in shares of U.S. Bancorp by 54.7% during the 4th quarter. Westfuller Advisors LLC now owns 608 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 215 shares during the last quarter. 77.60% of the stock is owned by institutional investors.

U.S. Bancorp Trading Up 1.4%

NYSE:USB opened at $63.04 on Thursday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.81 and a quick ratio of 0.81. The business's 50-day simple moving average is $57.56 and its 200-day simple moving average is $55.96. U.S. Bancorp has a fifty-two week low of $43.46 and a fifty-two week high of $63.39. The stock has a market capitalization of $97.78 billion, a PE ratio of 13.22, a price-to-earnings-growth ratio of 1.07 and a beta of 0.96.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.14 by $0.04. U.S. Bancorp had a return on equity of 13.55% and a net margin of 18.01%.The business had revenue of $7.32 billion during the quarter, compared to analysts' expectations of $7.27 billion. During the same period in the prior year, the business earned $1.03 EPS. U.S. Bancorp's revenue for the quarter was up 4.7% compared to the same quarter last year. Sell-side analysts expect that U.S. Bancorp will post 5.11 earnings per share for the current fiscal year.

U.S. Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 30th. U.S. Bancorp's payout ratio is currently 43.61%.

Insiders Place Their Bets

In other U.S. Bancorp news, EVP Venkatachari Dilip sold 34,522 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total transaction of $1,916,661.44. Following the completion of the transaction, the executive vice president owned 51,292 shares in the company, valued at approximately $2,847,731.84. This represents a 40.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jodi L. Richard sold 40,000 shares of U.S. Bancorp stock in a transaction dated 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 completion of the sale, the insider directly owned 207,251 shares in the company, valued at $11,813,307. This represents a 16.18% decrease in their position. The SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on USB. JPMorgan Chase & Co. raised their price target on U.S. Bancorp from $57.50 to $65.00 and gave the stock an "underweight" rating in a research report on Monday, July 6th. UBS Group increased their target price on U.S. Bancorp from $58.00 to $66.00 and gave the company a "neutral" rating in a research note on Tuesday, July 7th. Truist Financial boosted their target price on U.S. Bancorp from $62.00 to $66.00 and gave the stock a "buy" rating in a research report on Friday, June 26th. Royal Bank Of Canada increased their price target on shares of U.S. Bancorp from $59.00 to $61.00 and gave the company an "outperform" rating in a research report on Friday, April 17th. Finally, Weiss Ratings upgraded shares of U.S. Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $64.31.

U.S. Bancorp News Summary

Here are the key news stories impacting U.S. Bancorp this week:

• Positive Sentiment: Analysts expect U.S. Bancorp to report higher loan balances and stronger fee income, which could support a better-than-expected earnings result and help justify the stock’s recent strength. Loan Growth & Strong Fee Income to Aid U.S. Bancorp's Q2 Earnings
• Positive Sentiment: Another preview pointed to expected revenue and EPS growth ahead of Thursday’s release, reinforcing hopes that USB can deliver a solid quarter. U.S. Bancorp Earnings: What To Look For From USB
• Neutral Sentiment: Peer bank results have generally been supportive for the sector, with Citigroup and Wells Fargo both rising after earnings beats driven by higher net interest income and fee income, which can help sentiment for USB. Citigroup Stock Up as Q2 Earnings Beat on Higher NII & Fee Income Wells Fargo Q2 Earnings Beat on NII & Fee Income Growth, Stock Up
• Negative Sentiment: There was also a notable headline that LPL Financial hired a five-person advisory team from U.S. Bank overseeing $2.4 billion in assets, which may raise questions about client retention in wealth management. LPL Financial Hires $2.4 Billion Financial Advisory Team From U.S. Bank

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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