U.S. Bancorp $USB Shares Sold by Fisher Asset Management LLC

Key Points

• Fisher Asset Management cut its U.S. Bancorp stake by 3.6% in the fourth quarter, selling 180,778 shares and leaving it with about 4.9 million shares valued at roughly $261.5 million.
• Several other major institutions, including Vanguard, State Street, and Davis Selected Advisers, increased their positions, and hedge funds and other institutional investors now own 77.6% of the stock.
• U.S. Bancorp reported better-than-expected quarterly results, 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 a consensus target price of $61.20.

Fisher Asset Management LLC trimmed its holdings in shares of U.S. Bancorp (NYSE:USB - Free Report) by 3.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,900,163 shares of the financial services provider's stock after selling 180,778 shares during the period. Fisher Asset Management LLC owned approximately 0.32% of U.S. Bancorp worth $261,473,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of U.S. Bancorp by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 146,376,783 shares of the financial services provider's stock valued at $7,810,665,000 after purchasing an additional 1,828,404 shares in the last quarter. State Street Corp increased its holdings in shares of U.S. Bancorp by 0.9% during the 3rd quarter. State Street Corp now owns 69,179,530 shares of the financial services provider's stock valued at $3,378,808,000 after purchasing an additional 648,943 shares in the last quarter. Davis Selected Advisers increased its holdings in shares of U.S. Bancorp by 13.4% during the 4th quarter. Davis Selected Advisers now owns 22,041,759 shares of the financial services provider's stock valued at $1,176,148,000 after purchasing an additional 2,610,197 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its holdings in shares of U.S. Bancorp by 7.2% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 17,758,947 shares of the financial services provider's stock valued at $858,290,000 after purchasing an additional 1,189,525 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of U.S. Bancorp by 1.1% during the 3rd quarter. Northern Trust Corp now owns 16,438,774 shares of the financial services provider's stock valued at $794,486,000 after purchasing an additional 172,645 shares in the last quarter. 77.60% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Jodi L. Richard sold 40,000 shares of the company'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 approximately $11,813,307. This represents a 16.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Venkatachari Dilip sold 34,522 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $55.52, for a total transaction of $1,916,661.44. Following the sale, the executive vice president directly owned 51,292 shares of the company's stock, valued at approximately $2,847,731.84. This represents a 40.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

USB has been the subject of several recent research reports. Piper Sandler reaffirmed a "buy" rating on shares of U.S. Bancorp in a report on Thursday, February 26th. Barclays lifted their target price on shares of U.S. Bancorp from $65.00 to $67.00 and gave the company an "overweight" rating in a report on Friday, April 17th. JPMorgan Chase & Co. cut their target price on shares of U.S. Bancorp from $58.00 to $57.50 and set an "underweight" rating for the company in a report on Thursday, April 30th. Oppenheimer lifted their target price on shares of U.S. Bancorp from $73.00 to $74.00 and gave the company an "outperform" rating in a report on Wednesday, April 29th. Finally, Evercore lifted their target price on shares of U.S. Bancorp from $60.00 to $65.00 and gave the company an "in-line" rating in a report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.20.

U.S. Bancorp Trading Up 0.0%

Shares of USB opened at $54.85 on Tuesday. The firm's fifty day moving average is $54.14 and its two-hundred day moving average is $53.75. The stock has a market cap of $85.14 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 0.99 and a beta of 1.00. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.03. U.S. Bancorp has a 52-week low of $42.21 and a 52-week high of $61.19.

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 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.04. U.S. Bancorp had a net margin of 18.01% and a return on equity of 13.55%. The firm had revenue of $7.32 billion for the quarter, compared to the consensus estimate of $7.27 billion. During the same period last year, the firm posted $1.03 earnings per share. The company's revenue for the quarter was up 4.7% on a year-over-year basis. Research analysts forecast that U.S. Bancorp will post 5.09 earnings per share for the current fiscal year.

U.S. Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Tuesday, March 31st. U.S. Bancorp's dividend payout ratio is currently 43.61%.

U.S. Bancorp 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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