U.S. Bancorp $USB Stock Sold by Wedbush Securities Inc.

Key Points

• Wedbush Securities reduced its U.S. Bancorp stake by 21.1% in the third quarter, selling 17,808 shares and retaining 66,690 shares valued at approximately $3.85 million. Institutional investors and hedge funds collectively own 77.6% of the stock.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $69.19, above the stock’s $59.59 opening price.
• U.S. Bancorp beat quarterly earnings expectations with $1.34 EPS and $8.04 billion in revenue, while raising its quarterly dividend to $0.54 per share, equivalent to a 3.6% annualized yield.

Wedbush Securities Inc. reduced its holdings in U.S. Bancorp (NYSE:USB - Free Report) by 21.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 66,690 shares of the financial services provider's stock after selling 17,808 shares during the period. Wedbush Securities Inc.'s holdings in U.S. Bancorp were worth $3,852,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of USB. Archer Investment Corp bought a new stake in U.S. Bancorp in the second quarter valued at approximately $29,000. Parvin Asset Management LLC acquired a new position in U.S. Bancorp during the second quarter worth $30,000. Financial Life Planners bought a new position in shares of U.S. Bancorp in the 1st quarter valued at about $27,000. Main Street Group LTD acquired a new stake in shares of U.S. Bancorp in the 1st quarter valued at approximately $28,000. Finally, NFSG Corp acquired a new position in shares of U.S. Bancorp during the 1st quarter worth about $31,000. 77.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on USB. DA Davidson reaffirmed a "buy" rating and set a $73.00 target price on shares of U.S. Bancorp in a report on Friday, October 16th. Truist Financial reduced their price objective on U.S. Bancorp from $69.00 to $67.00 and set a "buy" rating on the stock in a research note on Thursday, October 1st. Raymond James Financial dropped their price target on U.S. Bancorp from $74.00 to $72.00 and set a "strong-buy" rating for the company in a research note on Tuesday, October 6th. Barclays boosted their target price on shares of U.S. Bancorp from $67.00 to $75.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. Finally, Robert W. Baird increased their price target on 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, fourteen have given a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $69.19.

U.S. Bancorp Stock Down 0.7%

USB stock opened at $59.59 on Friday. U.S. Bancorp has a fifty-two week low of $45.02 and a fifty-two week high of $66.07. The company has a market cap of $92.84 billion, a P/E ratio of 11.62, a price-to-earnings-growth ratio of 1.14 and a beta of 1.00. The stock's 50 day simple moving average is $60.25 and its 200 day simple moving average is $59.25. 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 issued its quarterly earnings data on Thursday, October 15th. The financial services provider reported $1.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.32 by $0.02. The firm had revenue of $8.04 billion during the quarter, compared to analysts' expectations of $8 billion. U.S. Bancorp had a net margin of 18.85% and a return on equity of 13.85%. The business's revenue was up 8.7% on a year-over-year basis. During the same period last year, the company earned $1.22 earnings per share. On average, research analysts expect that U.S. Bancorp will post 5.29 earnings per share for the current fiscal 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 an increase 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 is currently 42.11%.

Insider Buying and Selling

In other U.S. Bancorp news, CEO Gunjan Kedia sold 27,267 shares of the 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 completion of the sale, the chief executive officer owned 426,262 shares in the company, valued at approximately $26,585,960.94. This trade represents a 6.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company 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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