U.S. Bancorp $USB Shares Newly Purchased by Associated Banc Corp

Key Points

• Associated Banc Corp initiated a position in U.S. Bancorp, buying 118,761 shares worth about $6.86 million in the third quarter. Institutional investors collectively own 77.6% of the bank’s shares.
• U.S. Bancorp beat quarterly earnings expectations, reporting $1.34 per share and $8.04 billion in revenue; revenue rose 8.7% year over year.
• The bank raised its quarterly dividend from $0.52 to $0.54 per share, equivalent to an annualized $2.16 and a 3.6% yield. Analysts’ consensus rating is “Moderate Buy,” with a $69.36 average price target.

Associated Banc Corp bought a new stake in shares of U.S. Bancorp (NYSE:USB - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 118,761 shares of the financial services provider's stock, valued at approximately $6,860,000.

Several other large investors have also recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its position in shares of U.S. Bancorp by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 10,369,212 shares of the financial services provider's stock valued at $539,232,000 after buying an additional 93,025 shares during the last quarter. Mufg Bank LTD. purchased a new position in U.S. Bancorp in the 2nd quarter worth about $2,680,199,000. Illinois Municipal Retirement Fund raised its position in U.S. Bancorp by 57.1% in the 1st quarter. Illinois Municipal Retirement Fund now owns 92,257 shares of the financial services provider's stock worth $4,798,000 after buying an additional 33,517 shares during the last quarter. First Bank & Trust raised its position in U.S. Bancorp by 43.0% in the 3rd quarter. First Bank & Trust now owns 133,794 shares of the financial services provider's stock worth $7,728,000 after buying an additional 40,208 shares during the last quarter. Finally, Cardinal Capital Management Inc. lifted its stake in U.S. Bancorp by 5.4% during the 2nd quarter. Cardinal Capital Management Inc. now owns 326,565 shares of the financial services provider's stock valued at $19,725,000 after acquiring an additional 16,814 shares during the period. Hedge funds and other institutional investors own 77.60% of the company's stock.

U.S. Bancorp Stock Performance

USB opened at $59.84 on Wednesday. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.83 and a quick ratio of 0.83. U.S. Bancorp has a 1-year low of $45.02 and a 1-year high of $66.07. The company has a 50 day simple moving average of $59.80 and a two-hundred day simple moving average of $58.09. The firm has a market cap of $93.24 billion, a P/E ratio of 11.67, a PEG ratio of 1.15 and a beta of 1.02.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its quarterly earnings results on Thursday, October 15th. The financial services provider reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.32 by $0.02. The company had revenue of $8.04 billion for the quarter, compared to analysts' expectations of $8 billion. U.S. Bancorp had a return on equity of 13.85% and a net margin of 18.85%. The firm's revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.22 EPS. Equities analysts forecast that U.S. Bancorp will post 5.30 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Wednesday, September 30th. This is a positive change from U.S. Bancorp's previous quarterly dividend of $0.52. U.S. Bancorp's payout ratio is 42.11%.

Insiders Place Their Bets

In other U.S. Bancorp news, CEO Gunjan Kedia sold 27,267 shares of the business's stock in a transaction on Friday, August 28th. The shares were sold at an average price of $62.37, for a total transaction of $1,700,642.79. Following the transaction, the chief executive officer owned 426,262 shares in the company, valued at $26,585,960.94. The trade was a 6.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.21% of the stock is owned by company insiders.

Analyst Ratings Changes

USB has been the topic of several research reports. Keefe, Bruyette & Woods raised their target price on shares of U.S. Bancorp from $63.00 to $66.00 and gave the stock a "market perform" rating in a report on Friday, July 17th. Raymond James Financial decreased their target price on shares of U.S. Bancorp from $74.00 to $72.00 and set a "strong-buy" rating for the company in a research note on Tuesday, October 6th. Oppenheimer increased their price target on U.S. Bancorp from $73.00 to $74.00 and gave the company an "outperform" rating in a report on Monday. CLSA set a $67.50 price target on U.S. Bancorp in a research note on Monday, July 20th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of U.S. Bancorp in a report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $69.36.

U.S. Bancorp Profile

U.S. Bancorp NYSE: USB is a financial services holding company headquartered in Minneapolis, Minnesota, and the parent company of U.S. Bank National Association. U.S. Bank provides banking, lending, payment, investment and wealth-management services to individuals, businesses, institutions and government entities.

The company's consumer and business banking operations offer deposit accounts, mortgages, home-equity and consumer loans, credit cards, small-business banking and commercial lending.

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