Synergy Asset Management LLC Cuts Position in U.S. Bancorp $USB

Key Points

• Synergy Asset Management LLC reduced its holdings in U.S. Bancorp by 42.5%, selling 44,411 shares, leaving them with 59,981 shares valued at $2.7 million.
• U.S. Bancorp announced an increase in its quarterly dividend from $0.50 to $0.52, translating to a yield of 4.3%.
• Despite a slight revenue miss, U.S. Bancorp reported strong quarterly earnings, exceeding analysts' expectations with an EPS of $1.11.

Synergy Asset Management LLC lessened its holdings in U.S. Bancorp (NYSE:USB - Free Report) by 42.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 59,981 shares of the financial services provider's stock after selling 44,411 shares during the quarter. Synergy Asset Management LLC's holdings in U.S. Bancorp were worth $2,714,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of U.S. Bancorp by 11.6% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 215,116 shares of the financial services provider's stock valued at $9,734,000 after buying an additional 22,336 shares during the last quarter. Mechanics Financial Corp raised its position in U.S. Bancorp by 5.3% in the second quarter. Mechanics Financial Corp now owns 4,806 shares of the financial services provider's stock worth $217,000 after acquiring an additional 240 shares during the period. Patriot Financial Group Insurance Agency LLC raised its position in U.S. Bancorp by 9.6% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 8,951 shares of the financial services provider's stock worth $405,000 after acquiring an additional 783 shares during the period. ASR Vermogensbeheer N.V. raised its position in U.S. Bancorp by 0.6% in the second quarter. ASR Vermogensbeheer N.V. now owns 155,539 shares of the financial services provider's stock worth $7,038,000 after acquiring an additional 923 shares during the period. Finally, DMKC Advisory Services LLC raised its position in shares of U.S. Bancorp by 34.6% during the 2nd quarter. DMKC Advisory Services LLC now owns 118,635 shares of the financial services provider's stock valued at $5,364,000 after purchasing an additional 30,527 shares during the period. Hedge funds and other institutional investors own 77.60% of the company's stock.

Insider Activity at U.S. Bancorp

In other news, EVP Souheil Badran sold 23,727 shares of U.S. Bancorp stock in a transaction on Monday, July 21st. The shares were sold at an average price of $46.34, for a total transaction of $1,099,509.18. Following the completion of the sale, the executive vice president directly owned 70,346 shares in the company, valued at approximately $3,259,833.64. The trade was a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.23% of the company's stock.

U.S. Bancorp Stock Performance

Shares of USB stock opened at $47.91 on Friday. The company's 50 day moving average is $47.57 and its 200 day moving average is $44.51. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.16. U.S. Bancorp has a 52-week low of $35.18 and a 52-week high of $53.98. The firm has a market cap of $74.56 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 1.50 and a beta of 1.06.

U.S. Bancorp (NYSE:USB - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.04. U.S. Bancorp had a net margin of 16.30% and a return on equity of 13.08%. The business had revenue of $7.06 billion for the quarter, compared to analyst estimates of $7.07 billion. During the same period in the previous year, the company earned $0.98 earnings per share. The business's revenue for the quarter was up 2.0% on a year-over-year basis. U.S. Bancorp has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that U.S. Bancorp will post 4.38 EPS for the current fiscal year.

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.52 dividend. This is an increase from U.S. Bancorp's previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Tuesday, September 30th. U.S. Bancorp's dividend payout ratio is presently 49.76%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on USB shares. Wall Street Zen upgraded U.S. Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. The Goldman Sachs Group increased their price target on shares of U.S. Bancorp from $41.00 to $46.00 and gave the company a "neutral" rating in a report on Tuesday, June 10th. Truist Financial increased their price target on shares of U.S. Bancorp from $49.00 to $51.00 and gave the company a "hold" rating in a report on Wednesday, September 17th. Oppenheimer reduced their price objective on shares of U.S. Bancorp from $67.00 to $66.00 and set an "outperform" rating on the stock in a research report on Tuesday, September 23rd. Finally, Evercore ISI increased their price objective on shares of U.S. Bancorp from $49.00 to $54.00 and gave the stock an "in-line" rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, U.S. Bancorp currently has a consensus rating of "Moderate Buy" and an average price target of $53.26.

About U.S. Bancorp

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.

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