State of Michigan Retirement System Purchases 4,400 Shares of U.S. Bancorp $USB

State of Michigan Retirement System boosted its position in U.S. Bancorp (NYSE:USB) by 1.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 449,682 shares of the financial services provider’s stock after acquiring an additional 4,400 shares during the period. State of Michigan Retirement System’s holdings in U.S. Bancorp were worth $20,348,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Crestwood Advisors Group LLC raised its holdings in U.S. Bancorp by 10.6% in the first quarter. Crestwood Advisors Group LLC now owns 6,784 shares of the financial services provider’s stock worth $286,000 after buying an additional 649 shares during the last quarter. Ally Financial Inc. raised its holdings in U.S. Bancorp by 12.3% in the first quarter. Ally Financial Inc. now owns 91,000 shares of the financial services provider’s stock worth $3,842,000 after buying an additional 10,000 shares during the last quarter. United Community Bank raised its holdings in U.S. Bancorp by 21.8% in the first quarter. United Community Bank now owns 49,066 shares of the financial services provider’s stock worth $2,072,000 after buying an additional 8,796 shares during the last quarter. Jump Financial LLC raised its holdings in U.S. Bancorp by 1,952.5% in the first quarter. Jump Financial LLC now owns 840,308 shares of the financial services provider’s stock worth $35,478,000 after buying an additional 799,368 shares during the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc purchased a new position in U.S. Bancorp in the first quarter worth about $428,000. Institutional investors own 77.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on USB shares. TD Cowen lifted their price target on shares of U.S. Bancorp from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Oppenheimer reduced their price target on shares of U.S. Bancorp from $67.00 to $66.00 and set an “outperform” rating for the company in a research note on Tuesday, September 23rd. Evercore ISI lifted their price target on shares of U.S. Bancorp from $49.00 to $54.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Wells Fargo & Company lifted their price target on shares of U.S. Bancorp from $50.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, October 17th. Finally, Raymond James Financial upgraded shares of U.S. Bancorp from an “outperform” rating to a “strong-buy” rating and boosted their target price for the company from $51.00 to $57.00 in a research report on Monday, July 7th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.55.

U.S. Bancorp Price Performance

USB stock opened at $46.71 on Monday. U.S. Bancorp has a one year low of $35.18 and a one year high of $53.98. The company’s fifty day moving average price is $48.14 and its 200-day moving average price is $45.59. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market capitalization of $72.69 billion, a PE ratio of 10.69, a price-to-earnings-growth ratio of 1.25 and a beta of 1.06.

U.S. Bancorp (NYSE:USB) last released its earnings results on Thursday, October 16th. The financial services provider reported $1.22 EPS for the quarter, topping the consensus estimate of $1.11 by $0.11. U.S. Bancorp had a net margin of 16.89% and a return on equity of 13.34%. The firm had revenue of $7.34 billion for the quarter, compared to the consensus estimate of $7.17 billion. During the same quarter in the previous year, the firm earned $1.03 earnings per share. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, equities analysts anticipate that U.S. Bancorp will post 4.38 EPS for the current fiscal year.

U.S. Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Tuesday, September 30th. U.S. Bancorp’s payout ratio is presently 47.60%.

Insider Buying and Selling at U.S. Bancorp

In other news, Chairman Andrew Cecere sold 140,445 shares of the business’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $46.34, for a total value of $6,508,221.30. Following the transaction, the chairman owned 1,360,414 shares of the company’s stock, valued at approximately $63,041,584.76. The trade was a 9.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP James L. Chosy sold 26,909 shares of the company’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $46.86, for a total transaction of $1,260,955.74. Following the sale, the executive vice president directly owned 226,375 shares in the company, valued at approximately $10,607,932.50. The trade was a 10.62% decrease in their position. The SEC filing for this sale provides additional information. 0.23% of the stock is currently owned by insiders.

About U.S. Bancorp

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.