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

Key Points

• Palisade Asset Management cut its U.S. Bancorp stake by 6.6% in the fourth quarter, selling 18,490 shares and leaving it with 262,516 shares worth about $14.0 million.
• U.S. Bancorp reported better-than-expected first-quarter results, posting EPS of $1.18 versus estimates of $1.14 and revenue of $7.32 billion versus $7.27 billion expected.
• Analyst sentiment remains mixed but broadly positive, with a Moderate Buy consensus and an average price target of $61.20, while several insiders recently sold shares.

Palisade Asset Management LLC decreased its stake in U.S. Bancorp (NYSE:USB - Free Report) by 6.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 262,516 shares of the financial services provider's stock after selling 18,490 shares during the quarter. U.S. Bancorp makes up 1.4% of Palisade Asset Management LLC's holdings, making the stock its 29th biggest position. Palisade Asset Management LLC's holdings in U.S. Bancorp were worth $14,008,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. MML Investors Services LLC grew its position in shares of U.S. Bancorp by 0.4% in the fourth quarter. MML Investors Services LLC now owns 767,801 shares of the financial services provider's stock valued at $40,970,000 after purchasing an additional 3,009 shares during the period. Mariner LLC grew its position in shares of U.S. Bancorp by 32.5% in the fourth quarter. Mariner LLC now owns 716,119 shares of the financial services provider's stock valued at $38,242,000 after purchasing an additional 175,471 shares during the period. FJ Capital Management LLC grew its position in shares of U.S. Bancorp by 7.3% in the fourth quarter. FJ Capital Management LLC now owns 373,433 shares of the financial services provider's stock valued at $19,926,000 after purchasing an additional 25,507 shares during the period. Focus Partners Wealth grew its position in shares of U.S. Bancorp by 70.1% in the fourth quarter. Focus Partners Wealth now owns 817,315 shares of the financial services provider's stock valued at $43,606,000 after purchasing an additional 336,835 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of U.S. Bancorp by 325.2% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,601,449 shares of the financial services provider's stock valued at $85,453,000 after purchasing an additional 1,224,845 shares during the period. Institutional investors and hedge funds own 77.60% of the company's stock.

U.S. Bancorp Stock Performance

USB opened at $58.90 on Monday. The firm has a market capitalization of $91.37 billion, a PE ratio of 12.35, a PEG ratio of 1.07 and a beta of 0.97. U.S. Bancorp has a twelve month low of $42.55 and a twelve month high of $61.19. The firm's 50-day moving average price is $55.25 and its 200 day moving average price is $54.58. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.03.

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 analysts' consensus estimates 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 quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.03 earnings per share. As a group, sell-side analysts expect that U.S. Bancorp will post 5.07 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

USB has been the topic of several research analyst reports. Morgan Stanley set a $64.00 target price on shares of U.S. Bancorp in a research report on Friday, April 17th. JPMorgan Chase & Co. dropped their target price on shares of U.S. Bancorp from $58.00 to $57.50 and set an "underweight" rating on the stock in a research report on Thursday, April 30th. Truist Financial dropped their target price on shares of U.S. Bancorp from $63.00 to $62.00 and set a "buy" rating on the stock in a research report on Friday, April 17th. Piper Sandler reissued a "buy" rating on shares of U.S. Bancorp in a research note on Thursday, February 26th. Finally, Jefferies Financial Group restated a "hold" rating and set a $60.00 price target on shares of U.S. Bancorp in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $61.20.

Insider Transactions at U.S. Bancorp

In other U.S. Bancorp news, insider Jodi L. Richard sold 40,000 shares of U.S. Bancorp 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 directly owned 207,251 shares of the company's stock, valued at $11,813,307. The trade was a 16.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Venkatachari Dilip sold 34,522 shares of the business'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 completion of the transaction, the executive vice president owned 51,292 shares in the company, valued at $2,847,731.84. The trade was a 40.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.21% of the company's stock.

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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