U.S. Bancorp $USB Stock: Asset Management One Co. Ltd. Raises Stake

Key Points

• Asset Management One increased its U.S. Bancorp stake by 3.5% in the third quarter, bringing its holdings to 747,977 shares valued at approximately $43.2 million. Institutional investors collectively own 77.6% of the company.
• Analysts maintain a generally positive outlook, with U.S. Bancorp carrying a “Moderate Buy” consensus rating and an average price target of $69.19, above its reported price of $59.65.
• U.S. Bancorp exceeded quarterly earnings expectations with $1.34 in EPS and $8.04 billion in revenue, while raising its quarterly dividend to $0.54 per share, equivalent to a 3.6% annualized yield.

Asset Management One Co. Ltd. lifted its holdings in shares of U.S. Bancorp (NYSE:USB - Free Report) by 3.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 747,977 shares of the financial services provider's stock after purchasing an additional 25,197 shares during the quarter. Asset Management One Co. Ltd.'s holdings in U.S. Bancorp were worth $43,203,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of USB. Mufg Bank LTD. purchased a new stake in U.S. Bancorp in the second quarter valued at approximately $2,680,199,000. Bank of America Corp DE raised its position in U.S. Bancorp by 6.9% during the first quarter. Bank of America Corp DE now owns 15,820,033 shares of the financial services provider's stock valued at $822,800,000 after purchasing an additional 1,022,898 shares in the last quarter. Dimensional Fund Advisors LP raised its position in 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 purchasing an additional 93,025 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in U.S. Bancorp during the second quarter worth about $536,457,000. Finally, First Trust Advisors LP lifted its stake in U.S. Bancorp by 39.9% during the first quarter. First Trust Advisors LP now owns 8,118,845 shares of the financial services provider's stock worth $422,261,000 after purchasing an additional 2,314,081 shares during the last quarter. Hedge funds and other institutional investors own 77.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on USB. Truist Financial decreased their price objective on U.S. Bancorp from $69.00 to $67.00 and set a "buy" rating on the stock in a report on Thursday, October 1st. Wells Fargo & Company boosted their target price on U.S. Bancorp from $66.00 to $69.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. UBS Group cut their target price on U.S. Bancorp from $66.00 to $64.00 and set a "neutral" rating for the company in a research note on Monday, October 5th. Oppenheimer increased their price target on shares of U.S. Bancorp from $72.00 to $73.00 and gave the company an "outperform" rating in a research report on Friday, October 16th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of U.S. Bancorp in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $69.19.

U.S. Bancorp Price Performance

USB opened at $59.65 on Thursday. The stock's 50 day simple moving average is $59.97 and its 200 day simple moving average is $57.98. 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 firm has a market cap of $92.93 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 1.14 and a beta of 1.00.

U.S. Bancorp (NYSE:USB - Get Free Report) last announced 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. U.S. Bancorp had a return on equity of 13.85% and a net margin of 18.85%. The business had revenue of $8.04 billion for the quarter, compared to analysts' expectations of $8 billion. During the same period in the previous year, the firm earned $1.22 EPS. The business's quarterly revenue was up 8.7% on a year-over-year basis. As a group, analysts predict that U.S. Bancorp will post 5.29 earnings per share for the current year.

U.S. Bancorp Increases Dividend

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

Insider Activity

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

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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