Swiss Life Asset Management Ltd Cuts Stock Position in U.S. Bancorp $USB

Key Points

• Swiss Life Asset Management Ltd cut its U.S. Bancorp stake by 20.8% in the fourth quarter, selling 254,804 shares and ending with 971,849 shares valued at about $51.9 million.
• U.S. Bancorp reported better-than-expected quarterly results, with EPS of $1.18 versus the $1.14 estimate and revenue of $7.32 billion, up 4.7% year over year.
• The bank also declared a quarterly dividend of $0.52 per share, annualizing to $2.08 and a yield of 3.7%; analysts currently rate the stock a consensus Moderate Buy with an average target price of $61.20.

Swiss Life Asset Management Ltd lessened its stake in shares of U.S. Bancorp (NYSE:USB - Free Report) by 20.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 971,849 shares of the financial services provider's stock after selling 254,804 shares during the period. Swiss Life Asset Management Ltd owned approximately 0.06% of U.S. Bancorp worth $51,858,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Gilbert & Cook Inc. grew its position in U.S. Bancorp by 1.2% during the 4th quarter. Gilbert & Cook Inc. now owns 15,590 shares of the financial services provider's stock worth $832,000 after purchasing an additional 184 shares during the last quarter. Genesis Private Wealth LLC grew its position in U.S. Bancorp by 2.3% during the 4th quarter. Genesis Private Wealth LLC now owns 8,348 shares of the financial services provider's stock worth $445,000 after purchasing an additional 187 shares during the last quarter. Lantz Financial LLC grew its position in U.S. Bancorp by 0.4% during the 4th quarter. Lantz Financial LLC now owns 49,360 shares of the financial services provider's stock worth $2,634,000 after purchasing an additional 199 shares during the last quarter. Park National Corp OH grew its position in U.S. Bancorp by 0.7% during the 4th quarter. Park National Corp OH now owns 27,364 shares of the financial services provider's stock worth $1,460,000 after purchasing an additional 200 shares during the last quarter. Finally, Romano Brothers AND Company grew its position in U.S. Bancorp by 2.4% during the 4th quarter. Romano Brothers AND Company now owns 9,156 shares of the financial services provider's stock worth $489,000 after purchasing an additional 211 shares during the last quarter. Hedge funds and other institutional investors own 77.60% of the company's stock.

U.S. Bancorp Trading Down 0.0%

NYSE USB opened at $55.52 on Monday. The company has a fifty day moving average of $54.05 and a 200 day moving average of $53.16. U.S. Bancorp has a 1 year low of $41.81 and a 1 year high of $61.19. The company has a market capitalization of $86.18 billion, a PE ratio of 11.64, a P/E/G ratio of 1.00 and a beta of 1.00. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.81 and a quick ratio of 0.81.

U.S. Bancorp (NYSE:USB - Get Free Report) last announced its quarterly 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 net margin of 18.01% and a return on equity of 13.55%. The firm had revenue of $7.32 billion for the quarter, compared to the consensus estimate of $7.27 billion. During the same period in the prior year, the firm posted $1.03 earnings per share. The firm's quarterly revenue was up 4.7% compared to the same quarter last year. Research analysts forecast that U.S. Bancorp will post 5.09 earnings per share for the current year.

U.S. Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $2.08 dividend on an annualized basis and a yield of 3.7%. U.S. Bancorp's dividend payout ratio is 43.61%.

Analyst Upgrades and Downgrades

USB has been the topic of several research analyst reports. Oppenheimer boosted their target price on shares of U.S. Bancorp from $73.00 to $74.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 29th. Royal Bank Of Canada boosted their target price on shares of U.S. Bancorp from $59.00 to $61.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. Argus boosted their target price on shares of U.S. Bancorp from $62.00 to $63.00 and gave the stock a "buy" rating in a research report on Thursday, January 22nd. Jefferies Financial Group reissued a "hold" rating and set a $60.00 target price on shares of U.S. Bancorp in a research report on Thursday, April 16th. Finally, Truist Financial dropped their price objective on shares of U.S. Bancorp from $63.00 to $62.00 and set a "buy" rating on the stock in a report on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, U.S. Bancorp presently has a consensus rating of "Moderate Buy" and an average price target of $61.20.

Insiders Place Their Bets

In related news, insider Jodi L. Richard sold 40,000 shares of the stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $57.00, for a total transaction of $2,280,000.00. Following the sale, the insider directly owned 207,251 shares of the company's stock, valued at approximately $11,813,307. This represents a 16.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Venkatachari Dilip sold 34,522 shares of the stock in a transaction on 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 sale, the executive vice president directly owned 51,292 shares in the company, valued at $2,847,731.84. This trade represents a 40.23% 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.

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.