Magellan Asset Management Ltd Lowers Stock Position in U.S. Bancorp $USB

Magellan Asset Management Ltd cut its holdings in shares of U.S. Bancorp (NYSE:USB) by 5.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,048,050 shares of the financial services provider’s stock after selling 65,392 shares during the period. Magellan Asset Management Ltd owned 0.07% of U.S. Bancorp worth $55,924,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of USB. Financial Life Planners purchased a new position in shares of U.S. Bancorp during the third quarter worth approximately $25,000. Clayton Financial Group LLC purchased a new position in shares of U.S. Bancorp during the fourth quarter worth approximately $25,000. JPL Wealth Management LLC purchased a new position in shares of U.S. Bancorp during the third quarter worth approximately $28,000. Binnacle Investments Inc grew its position in shares of U.S. Bancorp by 77.8% during the third quarter. Binnacle Investments Inc now owns 624 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 273 shares during the last quarter. Finally, Westside Investment Management Inc. grew its position in U.S. Bancorp by 93.3% in the 3rd quarter. Westside Investment Management Inc. now owns 663 shares of the financial services provider’s stock valued at $32,000 after buying an additional 320 shares during the last quarter. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on USB. Jefferies Financial Group reiterated a “hold” rating and issued a $60.00 price objective on shares of U.S. Bancorp in a research report on Thursday, April 16th. Piper Sandler reiterated a “buy” rating on shares of U.S. Bancorp in a research report on Thursday, February 26th. DA Davidson reiterated a “buy” rating and issued a $65.00 price objective on shares of U.S. Bancorp in a research report on Friday, April 17th. Royal Bank Of Canada lifted their price objective on shares of U.S. Bancorp from $59.00 to $61.00 and gave the company an “outperform” rating in a research report on Friday, April 17th. Finally, Truist Financial lowered their price objective on shares of U.S. Bancorp from $63.00 to $62.00 and set a “buy” rating on the stock in a research report on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $61.20.

U.S. Bancorp Price Performance

U.S. Bancorp stock opened at $55.45 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 debt-to-equity ratio of 1.03, a quick ratio of 0.81 and a current ratio of 0.81. The business has a fifty day moving average of $54.64 and a two-hundred day moving average of $54.15. The company has a market cap of $86.01 billion, a P/E ratio of 11.63, a price-to-earnings-growth ratio of 0.96 and a beta of 0.97.

U.S. Bancorp (NYSE:USB) last released its earnings results on Thursday, April 16th. The financial services provider reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.04. U.S. Bancorp had a return on equity of 13.55% and a net margin of 18.01%.The company had revenue of $7.32 billion during the quarter, compared to the consensus estimate of $7.27 billion. During the same quarter last year, the company earned $1.03 earnings per share. U.S. Bancorp’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, analysts predict that U.S. Bancorp will post 5.09 earnings per share for the current fiscal year.

U.S. Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a $0.52 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $2.08 dividend on an annualized basis and a yield of 3.8%. U.S. Bancorp’s dividend payout ratio (DPR) is 43.61%.

Insiders Place Their Bets

In other U.S. Bancorp news, insider Jodi L. Richard sold 40,000 shares of the firm’s stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $57.00, for a total value of $2,280,000.00. Following the completion of the sale, the insider owned 207,251 shares of the company’s stock, valued at approximately $11,813,307. This trade represents a 16.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Venkatachari Dilip sold 34,522 shares of the firm’s stock in a transaction on 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 sale, the executive vice president directly owned 51,292 shares of the company’s stock, valued at approximately $2,847,731.84. This trade represents a 40.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is currently owned by company insiders.

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.