Thrivent Financial for Lutherans Decreases Position in U.S. Bancorp $USB

Key Points

• Thrivent Financial for Lutherans cut its U.S. Bancorp stake by 7.7% in the fourth quarter, selling 23,127 shares and leaving it with 275,414 shares valued at about $14.7 million.
• Insider selling was also notable: EVP Venkatachari Dilip sold 34,522 shares and insider Jodi L. Richard sold 40,000 shares, each reducing their ownership positions materially.
• U.S. Bancorp beat quarterly earnings expectations with EPS of $1.18 versus $1.14 expected and revenue of $7.32 billion, while analysts currently rate the stock a Moderate Buy with an average target price of $61.20.

Thrivent Financial for Lutherans lessened its position in U.S. Bancorp (NYSE:USB - Free Report) by 7.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 275,414 shares of the financial services provider's stock after selling 23,127 shares during the quarter. Thrivent Financial for Lutherans' holdings in U.S. Bancorp were worth $14,714,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Gilbert & Cook Inc. increased its position in U.S. Bancorp by 1.2% during the fourth 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 boosted its holdings in U.S. Bancorp by 2.3% in the 4th quarter. Genesis Private Wealth LLC now owns 8,348 shares of the financial services provider's stock valued at $445,000 after purchasing an additional 187 shares during the last quarter. Lantz Financial LLC grew its stake in shares of U.S. Bancorp by 0.4% in the 4th quarter. Lantz Financial LLC now owns 49,360 shares of the financial services provider's stock valued at $2,634,000 after buying an additional 199 shares during the period. Park National Corp OH increased its holdings in shares of 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 buying an additional 200 shares during the last quarter. Finally, Romano Brothers AND Company increased its holdings in shares of 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 buying an additional 211 shares during the last quarter. 77.60% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other U.S. Bancorp news, EVP Venkatachari Dilip sold 34,522 shares of the firm's stock in a transaction 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 completion of the sale, the executive vice president 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jodi L. Richard sold 40,000 shares of the firm's stock in a transaction dated 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 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 position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.21% of the company's stock.

U.S. Bancorp Stock Up 0.6%

USB stock opened at $53.45 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.03. U.S. Bancorp has a twelve month low of $42.21 and a twelve month high of $61.19. The company's 50 day moving average is $53.90 and its two-hundred day moving average is $53.47. The stock has a market cap of $82.97 billion, a P/E ratio of 11.20, a PEG ratio of 0.96 and a beta of 1.00.

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

U.S. Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Tuesday, March 31st. U.S. Bancorp's dividend payout ratio (DPR) is 43.61%.

Analysts Set New Price Targets

USB has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reduced their price target 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. Piper Sandler reiterated a "buy" rating on shares of U.S. Bancorp in a report on Thursday, February 26th. Keefe, Bruyette & Woods boosted their target price on U.S. Bancorp from $58.00 to $59.00 and gave the company a "market perform" rating in a research report on Wednesday, January 21st. Argus upped their price target on U.S. Bancorp from $62.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, January 22nd. Finally, Oppenheimer raised their price target on U.S. Bancorp from $73.00 to $74.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $61.20.

U.S. Bancorp Company 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.