QRG Capital Management Inc. Acquires 39,591 Shares of U.S. Bancorp $USB

Key Points

• QRG Capital Management increased its U.S. Bancorp stake by 15.2% in the second quarter, purchasing 39,591 shares and bringing its holdings to 300,453 shares valued at approximately $18.15 million.
• U.S. Bancorp exceeded quarterly earnings expectations, reporting $1.35 in earnings per share and $7.69 billion in revenue. The company also raised its quarterly dividend to $0.54, equivalent to a 3.7% annualized yield.
• Analyst sentiment is broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $67.06 versus its reported share price of $58.46.

QRG Capital Management Inc. increased its stake in shares of U.S. Bancorp (NYSE:USB - Free Report) by 15.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 300,453 shares of the financial services provider's stock after buying an additional 39,591 shares during the period. QRG Capital Management Inc.'s holdings in U.S. Bancorp were worth $18,147,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of USB. Financial Life Planners bought a new position in U.S. Bancorp during the first quarter worth about $27,000. Main Street Group LTD bought a new stake in U.S. Bancorp in the 1st quarter valued at about $28,000. Archer Investment Corp bought a new position in shares of U.S. Bancorp during the second quarter worth approximately $29,000. Parvin Asset Management LLC bought a new position in shares of U.S. Bancorp during the second quarter worth approximately $30,000. Finally, NFSG Corp acquired a new stake in shares of U.S. Bancorp in the first quarter valued at approximately $31,000. 77.60% of the stock is owned by institutional investors.

U.S. Bancorp Price Performance

Shares of NYSE:USB opened at $58.46 on Thursday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.82 and a current ratio of 0.83. U.S. Bancorp has a 52 week low of $45.02 and a 52 week high of $66.07. The firm has a market cap of $91.09 billion, a PE ratio of 11.67, a price-to-earnings-growth ratio of 1.05 and a beta of 0.95. The firm's fifty day moving average is $62.89 and its 200-day moving average is $58.35.

U.S. Bancorp (NYSE:USB - Get Free Report) last released its earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share for the quarter, beating analysts' consensus estimates of $1.28 by $0.07. U.S. Bancorp had a net margin of 18.49% and a return on equity of 13.69%. The business had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.58 billion. During the same quarter in the prior year, the firm posted $1.11 EPS. Sell-side analysts predict that U.S. Bancorp will post 5.24 earnings per share for the current year.

U.S. Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $0.54 dividend. This is a boost from U.S. Bancorp's previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.16 annualized dividend and a dividend yield of 3.7%. U.S. Bancorp's dividend payout ratio is 41.52%.

Insider Transactions at U.S. Bancorp

In related news, CEO Gunjan Kedia sold 27,267 shares of the company's stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $62.37, for a total transaction of $1,700,642.79. Following the sale, the chief executive officer owned 426,262 shares in the company, valued at $26,585,960.94. This represents a 6.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stephen L. Philipson sold 36,906 shares of U.S. Bancorp stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $63.08, for a total value of $2,328,030.48. Following the completion of the sale, the insider owned 74,969 shares of the company's stock, valued at approximately $4,729,044.52. The trade was a 32.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.21% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have commented on USB shares. Jefferies Financial Group upgraded U.S. Bancorp from a "hold" rating to a "buy" rating and raised their price objective for the stock from $60.00 to $75.00 in a research note on Monday, July 6th. Raymond James Financial began coverage on U.S. Bancorp in a report on Wednesday, July 8th. They set a "strong-buy" rating and a $72.00 target price on the stock. CLSA set a $67.50 price target on U.S. Bancorp in a research note on Monday, July 20th. Evercore upgraded shares of U.S. Bancorp from an "in-line" rating to an "outperform" rating and set a $72.00 price objective on the stock in a research note on Monday, July 20th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $68.00 target price on shares of U.S. Bancorp in a research report on Monday, August 24th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $67.06.

U.S. Bancorp Profile

U.S. Bancorp NYSE: USB is a financial services holding company and the parent organization of U.S. Bank, a full-service commercial bank. The company provides deposit accounts, consumer and business loans, mortgages, credit and debit cards, payment services, and other banking products to individuals, businesses, institutions and government entities.

Through its wealth, corporate and commercial banking operations, U.S. Bancorp also offers investment management, trust and custody services, treasury management, capital markets support, equipment finance and other specialized financial solutions.

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