U.S. Bancorp $USB Stock Position Boosted by Basswood Capital Management L.L.C.

Key Points

• Basswood Capital Management increased its U.S. Bancorp stake by 3.4% in the fourth quarter, ending with 1.63 million shares worth about $86.96 million. The stock is now Basswood’s sixth-largest holding and makes up about 3.5% of its portfolio.
• U.S. Bancorp’s recent earnings beat expectations, reporting $1.18 EPS versus the $1.14 consensus and revenue of $7.32 billion, up 4.7% year over year. Analysts currently expect the company to earn about 5.07 EPS for the full year.
• Shares rose 2.2% to open at $58.90, and Wall Street sentiment remains generally positive with a consensus rating of Moderate Buy and an average price target of $61.20. However, a few insiders recently sold shares, including EVP Venkatachari Dilip and insider Jodi L. Richard.

Basswood Capital Management L.L.C. increased its position in shares of U.S. Bancorp (NYSE:USB - Free Report) by 3.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,629,664 shares of the financial services provider's stock after buying an additional 53,865 shares during the period. U.S. Bancorp comprises approximately 3.5% of Basswood Capital Management L.L.C.'s holdings, making the stock its 6th biggest holding. Basswood Capital Management L.L.C. owned about 0.10% of U.S. Bancorp worth $86,959,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Citigroup Inc. increased its stake in U.S. Bancorp by 2.4% during the 3rd quarter. Citigroup Inc. now owns 1,749,812 shares of the financial services provider's stock worth $84,568,000 after buying an additional 41,803 shares during the period. Danske Bank A S purchased a new stake in U.S. Bancorp during the 3rd quarter worth $37,162,000. Nordea Investment Management AB increased its stake in U.S. Bancorp by 15.3% during the 4th quarter. Nordea Investment Management AB now owns 2,690,174 shares of the financial services provider's stock worth $144,462,000 after buying an additional 357,300 shares during the period. Goodman Advisory Group LLC increased its stake in U.S. Bancorp by 30.5% during the 3rd quarter. Goodman Advisory Group LLC now owns 194,035 shares of the financial services provider's stock worth $9,378,000 after buying an additional 45,365 shares during the period. Finally, Lighthouse Investment Partners LLC increased its stake in U.S. Bancorp by 92.9% during the 3rd quarter. Lighthouse Investment Partners LLC now owns 252,335 shares of the financial services provider's stock worth $12,195,000 after buying an additional 121,529 shares during the period. Hedge funds and other institutional investors own 77.60% of the company's stock.

Insider Activity

In other news, EVP Venkatachari Dilip sold 34,522 shares of U.S. Bancorp stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $55.52, for a total value of $1,916,661.44. Following the completion of the transaction, the executive vice president directly owned 51,292 shares of the company's stock, valued at approximately $2,847,731.84. The trade was a 40.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 completion of the transaction, the insider directly owned 207,251 shares of the company's stock, valued at $11,813,307. This trade represents a 16.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.21% of the company's stock.

U.S. Bancorp Trading Up 2.2%

NYSE USB opened at $58.90 on Friday. U.S. Bancorp has a one year low of $42.55 and a one year high of $61.19. The company has a 50-day simple moving average of $55.25 and a 200-day simple moving average of $54.53. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $91.37 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 1.06 and a beta of 0.97.

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 EPS for the quarter, beating 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 business had revenue of $7.32 billion during the quarter, compared to analyst estimates of $7.27 billion. During the same period in the previous year, the business posted $1.03 EPS. The company's quarterly revenue was up 4.7% on a year-over-year basis. On average, equities analysts forecast that U.S. Bancorp will post 5.07 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on USB. Weiss Ratings raised shares of U.S. Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 4th. DA Davidson reissued a "buy" rating and set a $65.00 price objective on shares of U.S. Bancorp in a report on Friday, April 17th. JPMorgan Chase & Co. decreased their price objective 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. Truist Financial decreased their price objective on shares of U.S. Bancorp from $63.00 to $62.00 and set a "buy" rating for the company in a report on Friday, April 17th. Finally, Jefferies Financial Group reissued a "hold" rating and set a $60.00 price objective on shares of U.S. Bancorp in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, U.S. Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $61.20.

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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