U.S. Bancorp $USB Shares Acquired by QRG Capital Management Inc.

Key Points

• QRG Capital Management more than doubled its U.S. Bancorp stake in the first quarter, increasing holdings by 110.8% to 260,862 shares valued at about $13.6 million.
• U.S. Bancorp reported better-than-expected quarterly results, with earnings of $1.18 per share and revenue of $7.32 billion, both ahead of analyst estimates. Revenue also rose 4.7% from a year earlier.
• The bank declared a quarterly dividend of $0.52 per share, equal to a 3.4% annualized yield, while analysts currently rate the stock a Moderate Buy with a consensus target price of $61.57.

QRG Capital Management Inc. lifted its stake in U.S. Bancorp (NYSE:USB - Free Report) by 110.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 260,862 shares of the financial services provider's stock after purchasing an additional 137,102 shares during the period. QRG Capital Management Inc.'s holdings in U.S. Bancorp were worth $13,567,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in USB. Paulson Wealth Management Inc. lifted its position in shares of U.S. Bancorp by 2.0% during the 4th quarter. Paulson Wealth Management Inc. now owns 8,780 shares of the financial services provider's stock valued at $469,000 after acquiring an additional 173 shares during the period. Gilbert & Cook Inc. grew its holdings in shares of U.S. Bancorp by 1.2% in the 4th quarter. Gilbert & Cook Inc. now owns 15,590 shares of the financial services provider's stock worth $832,000 after acquiring an additional 184 shares during the period. Flputnam Investment Management Co. increased its stake in U.S. Bancorp by 1.4% in the 4th quarter. Flputnam Investment Management Co. now owns 13,721 shares of the financial services provider's stock valued at $732,000 after purchasing an additional 186 shares in the last quarter. Formidable Asset Management LLC increased its stake in U.S. Bancorp by 0.8% in the 1st quarter. Formidable Asset Management LLC now owns 23,373 shares of the financial services provider's stock valued at $1,247,000 after purchasing an additional 186 shares in the last quarter. Finally, Genesis Private Wealth LLC raised its holdings in U.S. Bancorp by 2.3% during the fourth 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. Hedge funds and other institutional investors own 77.60% of the company's stock.

U.S. Bancorp Stock Down 0.1%

Shares of NYSE:USB opened at $61.67 on Friday. The stock has a 50-day simple moving average of $56.57 and a 200-day simple moving average of $55.50. The stock has a market capitalization of $95.67 billion, a P/E ratio of 12.93, a PEG ratio of 1.07 and a beta of 0.96. U.S. Bancorp has a 1 year low of $43.46 and a 1 year high of $62.38. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.81 and a current ratio of 0.81.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its quarterly earnings results on Thursday, April 16th. The financial services provider reported $1.18 EPS for the quarter, beating the consensus estimate of $1.14 by $0.04. The firm 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 revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.03 earnings per share. Equities analysts forecast that U.S. Bancorp will post 5.09 earnings per share for the current year.

U.S. Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, June 30th. U.S. Bancorp's dividend payout ratio (DPR) is currently 43.61%.

Insiders Place Their Bets

In related news, 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 value of $1,916,661.44. Following the completion of the sale, the executive vice president directly owned 51,292 shares in the company, valued at approximately $2,847,731.84. This represents a 40.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 value of $2,280,000.00. Following the completion of the transaction, the insider directly owned 207,251 shares in the company, valued at $11,813,307. This trade represents a 16.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.21% of the company's stock.

Analyst Ratings Changes

USB has been the topic of a number of research analyst reports. Morgan Stanley boosted their target price on U.S. Bancorp from $64.00 to $67.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. JPMorgan Chase & Co. dropped their price target on U.S. Bancorp from $58.00 to $57.50 and set an "underweight" rating for the company in a research report on Thursday, April 30th. Stephens began coverage on U.S. Bancorp in a research note on Monday, June 15th. They set an "equal weight" rating and a $63.00 price target for the company. Truist Financial boosted their price objective on shares of U.S. Bancorp from $62.00 to $66.00 and gave the stock a "buy" rating in a research report on Friday, June 26th. Finally, DA Davidson reaffirmed a "buy" rating and issued a $65.00 target price on shares of U.S. Bancorp in a research note on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $61.57.

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.

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