U.S. Bancorp $USB Stock Purchased by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management Holding increased its U.S. Bancorp stake by 17.5% in the third quarter, adding 158,338 shares to hold 1,064,227 shares worth about $61.5 million.
• U.S. Bancorp beat quarterly earnings and revenue estimates, reporting $1.34 per share and $8.04 billion in revenue; revenue rose 8.7% year over year.
• The bank raised its quarterly dividend from $0.52 to $0.54 per share, equivalent to an annualized $2.16 and a 3.5% yield. Analysts’ consensus rating was “Moderate Buy,” with a $68.65 average price target.

Pictet Asset Management Holding SA boosted its position in U.S. Bancorp (NYSE:USB - Free Report) by 17.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,064,227 shares of the financial services provider's stock after purchasing an additional 158,338 shares during the period. Pictet Asset Management Holding SA owned about 0.07% of U.S. Bancorp worth $61,470,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in USB. Main Street Group LTD purchased a new position in shares of U.S. Bancorp during the 1st quarter worth approximately $28,000. Archer Investment Corp acquired a new stake in shares of U.S. Bancorp in the 2nd quarter valued at approximately $29,000. Parvin Asset Management LLC purchased a new stake in shares of U.S. Bancorp in the second quarter valued at approximately $30,000. NFSG Corp purchased a new stake in shares of U.S. Bancorp in the first quarter valued at approximately $31,000. Finally, John Boyer Inc. acquired a new position in U.S. Bancorp during the third quarter worth $34,000. Hedge funds and other institutional investors own 77.60% of the company's stock.

U.S. Bancorp Stock Performance

Shares of USB stock opened at $61.02 on Tuesday. The stock has a fifty day moving average price of $59.62 and a 200 day moving average price of $58.21. The stock has a market cap of $95.06 billion, a PE ratio of 11.89, a P/E/G ratio of 1.16 and a beta of 1.02. U.S. Bancorp has a 1 year low of $45.02 and a 1 year high of $66.07. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.83 and a current ratio of 0.83.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its 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. The company had revenue of $8.04 billion for the quarter, compared to the consensus estimate of $8 billion. U.S. Bancorp had a return on equity of 13.85% and a net margin of 18.85%. U.S. Bancorp's quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.22 earnings per share. Sell-side analysts forecast that U.S. Bancorp will post 5.30 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a dividend of $0.54 per share. This is a boost from U.S. Bancorp's previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $2.16 annualized dividend and a dividend yield of 3.5%. U.S. Bancorp's dividend payout ratio is presently 42.11%.

Analyst Ratings Changes

USB has been the subject of a number of recent analyst reports. HSBC raised their target price on U.S. Bancorp from $74.00 to $76.00 and gave the company a "buy" rating in a report on Monday, September 28th. Evercore reaffirmed an "outperform" rating and set a $67.00 price target (down from $72.00) on shares of U.S. Bancorp in a research note on Wednesday, October 28th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $64.00 price target (down from $71.00) on shares of U.S. Bancorp in a research note on Thursday, October 15th. CLSA set a $67.50 price target on shares of U.S. Bancorp in a report on Monday, July 20th. Finally, Robert W. Baird raised their price objective on shares of U.S. Bancorp from $64.00 to $68.00 and gave the company a "neutral" rating in a research note on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $68.65.

Insider Activity at U.S. Bancorp

In related news, CEO Gunjan Kedia sold 27,267 shares of the business's stock in a transaction dated 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 sale, the chief executive officer directly owned 426,262 shares in the company, valued at $26,585,960.94. The trade was a 6.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.21% of the stock is owned by corporate insiders.

U.S. Bancorp Profile

U.S. Bancorp is the parent company of U.S. Bank, a financial services provider serving consumers, businesses, institutions and government entities across the United States. Its history traces to 1863, when one of its predecessor institutions, First National Bank of Cincinnati, was established.

U.S. Bank offers consumer and business banking, lending, payment services, wealth management, investment services and corporate trust services. Its products include checking and savings accounts, credit cards, mortgages, commercial loans and digital banking solutions.

Headquartered in Minneapolis, Minnesota, U.S.

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