ICICI Prudential Asset Management Co Ltd Sells 135,300 Shares of U.S. Bancorp $USB

ICICI Prudential Asset Management Co Ltd lessened its holdings in shares of U.S. Bancorp (NYSE:USB) by 69.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 58,727 shares of the financial services provider’s stock after selling 135,300 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in U.S. Bancorp were worth $3,134,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Citigroup Inc. lifted its position in U.S. Bancorp by 2.4% during the third quarter. Citigroup Inc. now owns 1,749,812 shares of the financial services provider’s stock valued at $84,568,000 after purchasing an additional 41,803 shares during the last quarter. Danske Bank A S purchased a new position in shares of U.S. Bancorp in the third quarter worth about $37,162,000. Nordea Investment Management AB increased its stake in shares of U.S. Bancorp by 15.3% in the fourth 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 raised its stake in shares of U.S. Bancorp by 30.5% during the third quarter. Goodman Advisory Group LLC now owns 194,035 shares of the financial services provider’s stock valued at $9,378,000 after acquiring an additional 45,365 shares during the last quarter. Finally, Lighthouse Investment Partners LLC raised its holdings in shares of U.S. Bancorp by 92.9% during the third quarter. Lighthouse Investment Partners LLC now owns 252,335 shares of the financial services provider’s stock valued at $12,195,000 after acquiring an additional 121,529 shares in the last quarter. Institutional investors own 77.60% of the company’s stock.

U.S. Bancorp Price Performance

USB opened at $57.66 on Friday. 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 stock has a market capitalization of $89.44 billion, a P/E ratio of 12.09, a P/E/G ratio of 1.02 and a beta of 0.97. The company’s 50-day simple moving average is $55.12 and its two-hundred day simple moving average is $54.50. U.S. Bancorp has a 52-week low of $42.55 and a 52-week high of $61.19.

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

Insider Activity

In other U.S. Bancorp news, EVP Venkatachari Dilip sold 34,522 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total value of $1,916,661.44. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jodi L. Richard sold 40,000 shares of the firm’s stock in a transaction dated 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 transaction, the insider directly owned 207,251 shares in the company, valued at $11,813,307. The trade was a 16.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

USB has been the subject of several recent research reports. Oppenheimer raised their price objective on U.S. Bancorp from $73.00 to $74.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Weiss Ratings raised U.S. Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research 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 research report on Friday, April 17th. Truist Financial lowered their price objective on U.S. Bancorp from $63.00 to $62.00 and set a “buy” rating for the company in a research report on Friday, April 17th. Finally, JPMorgan Chase & Co. lowered their price target on U.S. Bancorp from $58.00 to $57.50 and set an “underweight” rating for the company in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $61.20.

About U.S. Bancorp

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.