U.S. Bancorp $USB Shares Sold by Eastern Bank

Key Points

• Eastern Bank reduced its stake in U.S. Bancorp by 15.4%, selling 30,104 shares, leaving them with holdings worth $7.48 million.
• U.S. Bancorp's recent earnings report showed an EPS of $1.11, exceeding expectations, while their revenue increased by 2.0% year-over-year.
• The company announced a quarterly dividend increase to $0.52 per share, reflecting a dividend yield of 4.6%, effective October 15th.

Eastern Bank decreased its holdings in shares of U.S. Bancorp (NYSE:USB - Free Report) by 15.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 165,269 shares of the financial services provider's stock after selling 30,104 shares during the period. Eastern Bank's holdings in U.S. Bancorp were worth $7,478,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in U.S. Bancorp by 1.7% in the first quarter. Vanguard Group Inc. now owns 141,230,279 shares of the financial services provider's stock valued at $5,962,742,000 after purchasing an additional 2,393,383 shares during the period. Amundi lifted its position in U.S. Bancorp by 2.2% in the first quarter. Amundi now owns 19,907,665 shares of the financial services provider's stock valued at $773,268,000 after purchasing an additional 422,050 shares during the period. Davis Selected Advisers lifted its position in U.S. Bancorp by 3.6% in the first quarter. Davis Selected Advisers now owns 14,889,014 shares of the financial services provider's stock valued at $628,614,000 after purchasing an additional 513,875 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in U.S. Bancorp by 0.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,679,104 shares of the financial services provider's stock valued at $535,312,000 after purchasing an additional 104,185 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in U.S. Bancorp by 10.5% in the first quarter. Goldman Sachs Group Inc. now owns 11,012,635 shares of the financial services provider's stock valued at $464,953,000 after purchasing an additional 1,045,509 shares during the period. Institutional investors and hedge funds own 77.60% of the company's stock.

U.S. Bancorp Stock Down 3.8%

USB stock opened at $45.29 on Friday. The stock has a market capitalization of $70.48 billion, a P/E ratio of 10.83, a PEG ratio of 1.47 and a beta of 1.06. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.81 and a current ratio of 0.81. U.S. Bancorp has a one year low of $35.18 and a one year high of $53.98. The company has a 50 day moving average price of $47.76 and a two-hundred day moving average price of $44.69.

U.S. Bancorp (NYSE:USB - Get Free Report) last released its earnings results on Thursday, July 17th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.07 by $0.04. U.S. Bancorp had a net margin of 16.30% and a return on equity of 13.08%. The firm had revenue of $7.06 billion during the quarter, compared to analysts' expectations of $7.07 billion. During the same period in the previous year, the company earned $0.98 EPS. U.S. Bancorp's revenue for the quarter was up 2.0% on a year-over-year basis. U.S. Bancorp has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that U.S. Bancorp will post 4.38 EPS for the current year.

U.S. Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. This is a boost from U.S. Bancorp's previous quarterly dividend of $0.50. U.S. Bancorp's dividend payout ratio is presently 49.76%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on USB shares. Truist Financial lifted their price target 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. Evercore ISI lifted their price target on shares of U.S. Bancorp from $49.00 to $54.00 and gave the company an "in-line" rating in a research report on Tuesday, September 30th. Citigroup lifted their price target on shares of U.S. Bancorp from $59.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, September 19th. DA Davidson lifted their price target on shares of U.S. Bancorp from $49.00 to $52.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of U.S. Bancorp in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, U.S. Bancorp presently has an average rating of "Moderate Buy" and a consensus price target of $53.11.

Insider Activity

In related news, EVP Souheil Badran sold 23,727 shares of U.S. Bancorp stock in a transaction on Monday, July 21st. The shares were sold at an average price of $46.34, for a total transaction of $1,099,509.18. Following the transaction, the executive vice president owned 70,346 shares in the company, valued at approximately $3,259,833.64. The trade was a 25.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by corporate insiders.

About U.S. Bancorp

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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