SEB Asset Management AB Invests $42.48 Million in U.S. Bancorp $USB

Key Points

• SEB Asset Management AB disclosed a new first-quarter stake in U.S. Bancorp, buying 816,792 shares valued at about $42.48 million. The position represented roughly 0.05% of the company.
• U.S. Bancorp reported Q2 earnings of $1.35 per share on $7.71 billion in revenue, both ahead of analyst expectations. Results were helped by loan growth, fee income, and its BTIG acquisition.
• Management raised full-year revenue guidance to 7% to 9% growth, and several analysts lifted price targets after the earnings beat. The stock also pays a quarterly dividend of $0.52 per share, or a 3.3% annualized yield.

SEB Asset Management AB acquired a new stake in shares of U.S. Bancorp (NYSE:USB - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 816,792 shares of the financial services provider's stock, valued at approximately $42,481,000. SEB Asset Management AB owned about 0.05% of U.S. Bancorp at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Clayton Financial Group LLC acquired a new stake in U.S. Bancorp during the 4th quarter worth about $25,000. Financial Life Planners acquired a new position in shares of U.S. Bancorp in the first quarter valued at about $27,000. Main Street Group LTD acquired a new position in shares of U.S. Bancorp in the first quarter valued at about $28,000. JPL Wealth Management LLC purchased a new position in shares of U.S. Bancorp in the third quarter worth about $28,000. Finally, Binnacle Investments Inc raised its stake in shares of U.S. Bancorp by 77.8% in the third quarter. Binnacle Investments Inc now owns 624 shares of the financial services provider's stock worth $30,000 after purchasing an additional 273 shares during the last quarter. 77.60% of the stock is owned by institutional investors and hedge funds.

U.S. Bancorp Stock Down 1.4%

USB opened at $63.14 on Friday. 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 quick ratio of 0.81 and a current ratio of 0.83. The company has a fifty day moving average of $57.89 and a two-hundred day moving average of $56.08. The stock has a market capitalization of $97.93 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 1.08 and a beta of 0.96.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate 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 $7.71 billion for the quarter, compared to analyst estimates of $7.58 billion. During the same period in the prior year, the company posted $1.11 EPS. On average, research analysts expect that U.S. Bancorp will post 5.18 earnings per share for the current year.

U.S. Bancorp Announces Dividend

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

Key Stories Impacting U.S. Bancorp

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

• Positive Sentiment: U.S. Bancorp posted Q2 earnings of $1.35 per share on revenue of $7.71 billion, both above estimates, with record quarterly revenue driven by loan growth, fee income, and a boost from its BTIG acquisition. U.S. Bancorp Q2 Earnings Beat Estimates on NII & Fee Revenue Growth
• Positive Sentiment: Management raised full-year revenue guidance to a 7% to 9% growth range, signaling confidence that momentum from higher net interest income and fee revenue will continue. Is USB’s Stronger Outlook And BTIG Fee Push Altering The Investment Case For U.S. Bancorp (USB)?
• Positive Sentiment: Several firms lifted price targets after the earnings release, including Oppenheimer, Wells Fargo, Truist, RBC, and Baird, reflecting improved sentiment around USB’s outlook. US Bancorp analysts boost their forecasts after upbeat Q2 results

Analyst Ratings Changes

USB has been the topic of a number of recent research reports. Robert W. Baird upped their target price on U.S. Bancorp from $64.00 to $68.00 and gave the company a "neutral" rating in a research report on Friday. Barclays raised their price target on shares of U.S. Bancorp from $67.00 to $75.00 and gave the stock an "overweight" rating in a research report on Friday. UBS Group lifted their price objective on shares of U.S. Bancorp from $58.00 to $66.00 and gave the company a "neutral" rating in a research note on Tuesday, July 7th. Oppenheimer upped their price objective on shares of U.S. Bancorp from $73.00 to $77.00 and gave the company an "outperform" rating in a report on Friday. Finally, Keefe, Bruyette & Woods increased their price objective on shares of U.S. Bancorp from $63.00 to $66.00 and gave the stock a "market perform" rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.52.

Insider Buying and Selling

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

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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