State Street Corp Buys 522,368 Shares of U.S. Bancorp $USB

Key Points

• State Street Corp increased its U.S. Bancorp stake by 0.8% in the fourth quarter, buying 522,368 additional shares and bringing its holdings to 69.7 million shares, worth about $3.76 billion.
• U.S. Bancorp reported better-than-expected quarterly results, posting EPS of $1.18 versus $1.14 expected and revenue of $7.32 billion, with revenue up 4.7% year over year.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $61.20, though some firms have recently mixed in both upgrades and cautious views.

State Street Corp grew its stake in shares of U.S. Bancorp (NYSE:USB - Free Report) by 0.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,701,898 shares of the financial services provider's stock after purchasing an additional 522,368 shares during the period. State Street Corp owned approximately 4.48% of U.S. Bancorp worth $3,755,083,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Clayton Financial Group LLC bought a new stake in shares of U.S. Bancorp during the 4th quarter valued at about $25,000. Financial Life Planners bought a new stake in shares of U.S. Bancorp during the 3rd quarter valued at about $25,000. Rossby Financial LCC boosted its stake in shares of U.S. Bancorp by 57.8% during the 4th quarter. Rossby Financial LCC now owns 579 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 212 shares in the last quarter. JPL Wealth Management LLC bought a new stake in shares of U.S. Bancorp during the 3rd quarter valued at about $28,000. Finally, Westfuller Advisors LLC boosted its stake 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 purchasing an additional 215 shares in the last quarter. Institutional investors own 77.60% of the company's stock.

U.S. Bancorp Trading Up 2.2%

NYSE:USB opened at $58.90 on Friday. U.S. Bancorp has a one year low of $42.55 and a one year high of $61.19. 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 company's 50-day simple moving average is $55.25 and its 200 day simple moving average is $54.53. The firm has a market capitalization of $91.37 billion, a P/E ratio of 12.35, a PEG ratio of 1.04 and a beta of 0.97.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its quarterly earnings data on Thursday, April 16th. The financial services provider reported $1.18 EPS for the quarter, topping the consensus estimate of $1.14 by $0.04. The business had revenue of $7.32 billion for the quarter, compared to analyst estimates of $7.27 billion. U.S. Bancorp had a net margin of 18.01% and a return on equity of 13.55%. U.S. Bancorp's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.03 earnings per share. As a group, analysts forecast that U.S. Bancorp will post 5.09 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings raised shares of U.S. Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 4th. Barclays lifted their target price on shares of U.S. Bancorp from $65.00 to $67.00 and gave the company an "overweight" rating in a research note on Friday, April 17th. Piper Sandler reissued a "buy" rating on shares of U.S. Bancorp in a research note on Thursday, February 26th. JPMorgan Chase & Co. dropped their price objective on shares of U.S. Bancorp from $58.00 to $57.50 and set an "underweight" rating on the stock in a research note on Thursday, April 30th. Finally, Morgan Stanley set a $64.00 price objective on shares of U.S. Bancorp in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $61.20.

Insider Activity

In other U.S. Bancorp news, 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 transaction, the insider directly owned 207,251 shares of the company's stock, valued at approximately $11,813,307. The trade was a 16.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Venkatachari Dilip sold 34,522 shares of U.S. Bancorp 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 directly 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. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is currently owned by insiders.

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.

Want to see what other hedge funds are holding USB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for U.S. Bancorp (NYSE:USB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.