U.S. Bancorp (NYSE:USB) Shares Sold by Highland Capital Management LLC

Highland Capital Management LLC reduced its position in U.S. Bancorp (NYSE:USBGet Rating) by 56.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,912 shares of the financial services provider’s stock after selling 91,571 shares during the period. Highland Capital Management LLC’s holdings in U.S. Bancorp were worth $3,309,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in U.S. Bancorp by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 111,805,389 shares of the financial services provider’s stock worth $5,942,456,000 after acquiring an additional 2,618,810 shares in the last quarter. BlackRock Inc. increased its holdings in U.S. Bancorp by 1.9% during the 1st quarter. BlackRock Inc. now owns 97,457,184 shares of the financial services provider’s stock worth $5,179,851,000 after purchasing an additional 1,840,496 shares during the last quarter. State Street Corp increased its holdings in U.S. Bancorp by 0.3% during the 1st quarter. State Street Corp now owns 63,300,947 shares of the financial services provider’s stock worth $3,393,153,000 after purchasing an additional 190,720 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in U.S. Bancorp by 7.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,052,957 shares of the financial services provider’s stock worth $1,172,115,000 after purchasing an additional 1,622,711 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of U.S. Bancorp by 1.7% in the 1st quarter. Northern Trust Corp now owns 17,793,541 shares of the financial services provider’s stock valued at $945,727,000 after acquiring an additional 303,443 shares during the last quarter. 74.93% of the stock is owned by institutional investors and hedge funds.

U.S. Bancorp Price Performance

NYSE:USB opened at $43.03 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.74 and a current ratio of 0.75. The stock’s 50-day simple moving average is $46.91 and its 200 day simple moving average is $49.37. The company has a market cap of $63.93 billion, a P/E ratio of 9.89, a P/E/G ratio of 1.52 and a beta of 0.97. U.S. Bancorp has a 52-week low of $43.00 and a 52-week high of $63.57.

U.S. Bancorp (NYSE:USBGet Rating) last announced its quarterly earnings results on Friday, July 15th. The financial services provider reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.89 billion. U.S. Bancorp had a return on equity of 15.05% and a net margin of 28.08%. The business’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.28 earnings per share. As a group, sell-side analysts forecast that U.S. Bancorp will post 4.45 EPS for the current fiscal year.

U.S. Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be paid a $0.48 dividend. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.46. This represents a $1.92 annualized dividend and a dividend yield of 4.46%. The ex-dividend date is Thursday, September 29th. U.S. Bancorp’s payout ratio is 42.30%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on USB. Citigroup boosted their price target on U.S. Bancorp to $52.00 in a report on Friday, July 22nd. Piper Sandler set a $50.00 price target on U.S. Bancorp in a research report on Tuesday, July 19th. Credit Suisse Group cut their price objective on U.S. Bancorp from $57.00 to $54.00 and set a “neutral” rating for the company in a report on Tuesday, July 19th. Wolfe Research reduced their target price on U.S. Bancorp from $62.00 to $54.00 and set an “outperform” rating for the company in a report on Thursday, May 26th. Finally, Royal Bank of Canada dropped their price target on U.S. Bancorp from $66.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, July 1st. One analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $58.56.

U.S. Bancorp Company Profile

(Get Rating)

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 in Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support segments.

Further Reading

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Institutional Ownership by Quarter for U.S. Bancorp (NYSE:USB)

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