Saudi Central Bank Grows Stake in U.S. Bancorp $USB

Key Points

• Saudi Central Bank nearly doubled its U.S. Bancorp stake in the second quarter, increasing holdings by 89.4% to 108,658 shares valued at approximately $6.56 million.
• U.S. Bancorp reported quarterly EPS of $1.35, beating estimates by $0.07, while revenue reached $7.69 billion. The bank also pays a quarterly dividend of $0.52 per share, representing a 3.3% annualized yield.
• Analysts maintain a generally positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $67.06. However, company insiders recently sold shares, and insiders own just 0.21% of the stock.

Saudi Central Bank raised its holdings in shares of U.S. Bancorp (NYSE:USB - Free Report) by 89.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 108,658 shares of the financial services provider's stock after buying an additional 51,282 shares during the quarter. Saudi Central Bank's holdings in U.S. Bancorp were worth $6,563,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in USB. Archer Investment Corp bought a new position in shares of U.S. Bancorp during the 2nd quarter valued at about $29,000. Parvin Asset Management LLC purchased a new position in shares of U.S. Bancorp during the 2nd quarter valued at about $30,000. Financial Life Planners bought a new stake in U.S. Bancorp in the 1st quarter worth approximately $27,000. Main Street Group LTD bought a new stake in U.S. Bancorp in the 1st quarter worth approximately $28,000. Finally, Rossby Financial LCC boosted its stake in U.S. Bancorp by 57.8% in the fourth quarter. Rossby Financial LCC now owns 579 shares of the financial services provider's stock worth $31,000 after buying an additional 212 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors.

Insider Activity at U.S. Bancorp

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

U.S. Bancorp Stock Performance

U.S. Bancorp stock opened at $63.36 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.96. The firm has a market cap of $98.72 billion, a P/E ratio of 12.65, a P/E/G ratio of 1.13 and a beta of 0.95. U.S. Bancorp has a 1-year low of $45.02 and a 1-year high of $66.07. The firm has a 50-day moving average of $63.07 and a 200-day moving average of $57.87.

U.S. Bancorp (NYSE:USB - Get Free Report) last announced its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.28 by $0.07. The company had revenue of $7.69 billion for the quarter, compared to the consensus estimate of $7.58 billion. U.S. Bancorp had a return on equity of 13.69% and a net margin of 18.49%.During the same quarter in the previous year, the business earned $1.11 EPS. Sell-side analysts expect that U.S. Bancorp will post 5.22 EPS for the current year.

U.S. Bancorp Dividend Announcement

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

Analyst Ratings Changes

USB has been the subject of a number of research reports. BTIG Research set a $67.50 price objective on shares of U.S. Bancorp in a research note on Monday, July 20th. Stephens lifted their target price on shares of U.S. Bancorp from $63.00 to $67.00 and gave the stock an "equal weight" rating in a research report on Friday, July 17th. Morgan Stanley boosted their price target on shares of U.S. Bancorp from $64.00 to $67.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. Oppenheimer upped their price target on shares of U.S. Bancorp from $73.00 to $77.00 and gave the company an "outperform" rating in a research report on Friday, July 17th. Finally, JPMorgan Chase & Co. raised their price objective on U.S. Bancorp from $67.50 to $69.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $67.06.

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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