TD Asset Management Inc Cuts Position in U.S. Bancorp $USB

Key Points

• TD Asset Management Inc reduced its holdings in U.S. Bancorp by 3.1%, now owning 751,108 shares valued at approximately $33.99 million.
• U.S. Bancorp's latest quarterly earnings report showed an EPS of $1.22, surpassing analyst estimates of $1.11, with revenue totaling $7.34 billion.
• The company announced an increase in its quarterly dividend from $0.50 to $0.52, yielding 4.6% annually and highlighting a payout ratio of 49.76%.

TD Asset Management Inc cut its holdings in U.S. Bancorp (NYSE:USB - Free Report) by 3.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 751,108 shares of the financial services provider's stock after selling 24,303 shares during the quarter. TD Asset Management Inc's holdings in U.S. Bancorp were worth $33,988,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Edmp Inc. purchased a new position in shares of U.S. Bancorp in the 2nd quarter worth $237,000. Wilmington Savings Fund Society FSB grew its position in U.S. Bancorp by 0.9% in the second quarter. Wilmington Savings Fund Society FSB now owns 35,917 shares of the financial services provider's stock worth $1,625,000 after acquiring an additional 334 shares in the last quarter. Morningstar Investment Management LLC grew its position in U.S. Bancorp by 10.4% in the second quarter. Morningstar Investment Management LLC now owns 18,956 shares of the financial services provider's stock worth $858,000 after acquiring an additional 1,778 shares in the last quarter. NorthRock Partners LLC grew its position in U.S. Bancorp by 1.1% in the second quarter. NorthRock Partners LLC now owns 42,657 shares of the financial services provider's stock worth $1,952,000 after acquiring an additional 469 shares in the last quarter. Finally, Cascade Investment Advisors Inc. grew its position in U.S. Bancorp by 1.0% in the second quarter. Cascade Investment Advisors Inc. now owns 68,100 shares of the financial services provider's stock worth $3,082,000 after acquiring an additional 700 shares in the last quarter. 77.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Oppenheimer dropped their target price on U.S. Bancorp from $67.00 to $66.00 and set an "outperform" rating for the company in a report on Tuesday, September 23rd. UBS Group boosted their price objective on shares of U.S. Bancorp from $49.00 to $50.00 and gave the company a "neutral" rating in a research report on Tuesday, October 7th. Truist Financial boosted their price objective on shares of U.S. Bancorp from $49.00 to $51.00 and gave the company a "hold" rating in a research report on Wednesday, September 17th. DA Davidson lifted their price target on shares of U.S. Bancorp from $49.00 to $52.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of U.S. Bancorp in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $53.13.

Insider Buying and Selling at U.S. Bancorp

In other news, EVP Souheil Badran sold 23,727 shares of the company's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $46.34, for a total value of $1,099,509.18. Following the completion of the sale, the executive vice president owned 70,346 shares of the company's stock, valued at approximately $3,259,833.64. This represents a 25.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.23% of the company's stock.

U.S. Bancorp Stock Down 1.8%

Shares of USB opened at $45.62 on Friday. The firm has a market capitalization of $70.99 billion, a P/E ratio of 10.91, a P/E/G ratio of 1.36 and a beta of 1.06. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.16. U.S. Bancorp has a 12-month low of $35.18 and a 12-month high of $53.98. The firm has a fifty day moving average price of $47.91 and a 200-day moving average price of $44.78.

U.S. Bancorp (NYSE:USB - Get Free Report) last released its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.11. The company had revenue of $7.34 billion during the quarter, compared to analysts' expectations of $7.17 billion. U.S. Bancorp had a net margin of 16.30% and a return on equity of 13.08%. The firm's quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.03 EPS. Equities research analysts expect that U.S. Bancorp will post 4.38 earnings per share for the current year.

U.S. Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. This is a boost from U.S. Bancorp's previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Tuesday, September 30th. U.S. Bancorp's payout ratio is currently 49.76%.

U.S. Bancorp Profile

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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