U.S. Bancorp $USB Shares Bought by Illinois Municipal Retirement Fund

Key Points

• Illinois Municipal Retirement Fund boosted its U.S. Bancorp stake by 57.1% in the first quarter, buying 33,517 more shares and bringing its total holding to 92,257 shares valued at about $4.8 million.
• U.S. Bancorp reported better-than-expected Q2 results, posting EPS of $1.35 on revenue of $7.71 billion, both above analyst estimates. The company also raised its full-year revenue outlook to 7% to 9% growth.
• Following the earnings beat, multiple analysts raised price targets on USB, and the stock has a consensus rating of Moderate Buy with an average price target of $66.52.

Illinois Municipal Retirement Fund increased its position in shares of U.S. Bancorp (NYSE:USB - Free Report) by 57.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 92,257 shares of the financial services provider's stock after buying an additional 33,517 shares during the period. Illinois Municipal Retirement Fund's holdings in U.S. Bancorp were worth $4,798,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Inceptionr LLC increased its stake in U.S. Bancorp by 424.4% during the fourth quarter. Inceptionr LLC now owns 27,614 shares of the financial services provider's stock valued at $1,473,000 after purchasing an additional 22,348 shares during the last quarter. Nordea Investment Management AB grew its position in U.S. Bancorp by 15.3% in the 4th quarter. Nordea Investment Management AB now owns 2,690,174 shares of the financial services provider's stock worth $144,462,000 after purchasing an additional 357,300 shares during the last quarter. Savvy Advisors Inc. grew its holdings in U.S. Bancorp by 244.4% in the 4th quarter. Savvy Advisors Inc. now owns 30,872 shares of the financial services provider's stock worth $1,647,000 after buying an additional 21,907 shares in the last quarter. Cardinal Capital Management Inc. increased its holdings in shares of U.S. Bancorp by 17.3% during the fourth quarter. Cardinal Capital Management Inc. now owns 285,196 shares of the financial services provider's stock valued at $15,218,000 after purchasing an additional 42,095 shares during the period. Finally, Keudell Morrison Wealth Management acquired a new position in U.S. Bancorp during the 4th quarter valued at about $2,856,000. 77.60% of the stock is owned by institutional investors and hedge funds.

U.S. Bancorp Stock Performance

Shares of USB opened at $63.14 on Friday. The company has a market capitalization of $97.93 billion, a PE ratio of 12.60, a price-to-earnings-growth ratio of 1.08 and a beta of 0.96. U.S. Bancorp has a one year low of $43.46 and a one year high of $64.84. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.83 and a quick ratio of 0.81. The company's fifty day moving average price is $57.89 and its 200 day moving average price is $56.08.

U.S. Bancorp (NYSE:USB - Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.28 by $0.07. The company had revenue of $7.71 billion during the quarter, compared to analysts' expectations of $7.58 billion. U.S. Bancorp had a net margin of 18.49% and a return on equity of 13.69%. During the same period in the prior year, the company earned $1.11 earnings per share. As a group, analysts expect that U.S. Bancorp will post 5.18 earnings per share for the current year.

U.S. Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.52 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.08 annualized dividend and a dividend yield of 3.3%. U.S. Bancorp's dividend payout ratio (DPR) is presently 43.61%.

Key U.S. Bancorp News

Here are the key news stories impacting U.S. Bancorp this week:

• Positive Sentiment: U.S. Bancorp posted Q2 earnings of $1.35 per share on revenue of $7.71 billion, both above estimates, with record quarterly revenue driven by loan growth, fee income, and a boost from its BTIG acquisition. U.S. Bancorp Q2 Earnings Beat Estimates on NII & Fee Revenue Growth
• Positive Sentiment: Management raised full-year revenue guidance to a 7% to 9% growth range, signaling confidence that momentum from higher net interest income and fee revenue will continue. Is USB’s Stronger Outlook And BTIG Fee Push Altering The Investment Case For U.S. Bancorp (USB)?
• Positive Sentiment: Several firms lifted price targets after the earnings release, including Oppenheimer, Wells Fargo, Truist, RBC, and Baird, reflecting improved sentiment around USB’s outlook. US Bancorp analysts boost their forecasts after upbeat Q2 results

Insider Buying and Selling at U.S. Bancorp

In other news, insider Jodi L. Richard sold 40,000 shares of the business'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 transaction, the insider owned 207,251 shares in the company, valued at approximately $11,813,307. The trade was a 16.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Venkatachari Dilip sold 34,522 shares of the firm's stock in a transaction that occurred 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 $2,847,731.84. This represents a 40.23% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.21% of the company's stock.

Analyst Upgrades and Downgrades

USB has been the topic of several research analyst reports. Robert W. Baird lifted their price target on U.S. Bancorp from $64.00 to $68.00 and gave the company a "neutral" rating in a research report on Friday. Royal Bank Of Canada lifted their target price on shares of U.S. Bancorp from $61.00 to $68.00 and gave the stock an "outperform" rating in a research report on Friday. Stephens upped their price target on U.S. Bancorp from $63.00 to $67.00 and gave the company an "equal weight" rating in a research report on Friday. Wells Fargo & Company upped their price objective on shares of U.S. Bancorp from $66.00 to $69.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Truist Financial upped their target price on U.S. Bancorp from $66.00 to $69.00 and gave the stock a "buy" rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $66.52.

About U.S. Bancorp

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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