M&T Bank Corp Sells 515,748 Shares of U.S. Bancorp $USB

M&T Bank Corp cut its holdings in shares of U.S. Bancorp (NYSE:USB) by 42.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 710,091 shares of the financial services provider’s stock after selling 515,748 shares during the quarter. M&T Bank Corp’s holdings in U.S. Bancorp were worth $32,132,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. IMG Wealth Management Inc. purchased a new stake in shares of U.S. Bancorp during the 2nd quarter valued at approximately $25,000. Saudi Central Bank purchased a new position in U.S. Bancorp in the first quarter worth $26,000. Hillsdale Investment Management Inc. bought a new position in shares of U.S. Bancorp during the 2nd quarter valued at about $27,000. Pineridge Advisors LLC raised its stake in shares of U.S. Bancorp by 446.2% during the second quarter. Pineridge Advisors LLC now owns 639 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 522 shares in the last quarter. Finally, Activest Wealth Management lifted its stake in U.S. Bancorp by 846.5% in the second quarter. Activest Wealth Management now owns 814 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 728 shares during the last quarter. Institutional investors own 77.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on USB. Truist Financial raised their price target on U.S. Bancorp from $51.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, October 17th. Cowen reaffirmed a “buy” rating on shares of U.S. Bancorp in a research note on Monday, October 20th. TD Cowen increased their price target on shares of U.S. Bancorp from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of U.S. Bancorp in a research note on Wednesday, October 8th. Finally, Evercore ISI boosted their price target on U.S. Bancorp from $49.00 to $54.00 and gave the company an “in-line” rating in a report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, U.S. Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $54.45.

Insider Buying and Selling

In related news, EVP James L. Chosy sold 26,909 shares of U.S. Bancorp 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 transaction, the executive vice president 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Andrew Cecere sold 140,445 shares of the company’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $46.34, for a total value of $6,508,221.30. Following the completion of the transaction, the chairman directly owned 1,360,414 shares of the company’s stock, valued at approximately $63,041,584.76. This trade represents a 9.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.23% of the company’s stock.

U.S. Bancorp Stock Performance

USB stock opened at $49.72 on Wednesday. The stock has a market capitalization of $77.29 billion, a PE ratio of 11.38, a price-to-earnings-growth ratio of 1.25 and a beta of 1.10. The stock’s 50 day simple moving average is $47.48 and its 200 day simple moving average is $46.59. U.S. Bancorp has a 12-month low of $35.18 and a 12-month high of $52.88. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.10.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.22 EPS for the quarter, beating the consensus estimate of $1.11 by $0.11. U.S. Bancorp had a return on equity of 13.34% and a net margin of 16.89%.The company had revenue of $7.34 billion for the quarter, compared to analysts’ expectations of $7.17 billion. During the same period last year, the firm posted $1.03 earnings per share. U.S. Bancorp’s revenue was up 6.8% compared to the same quarter last year. As a group, research analysts forecast that U.S. Bancorp will post 4.38 earnings per share 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. Investors of record on Tuesday, September 30th were issued a $0.52 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.50. U.S. Bancorp’s payout ratio is 47.60%.

U.S. Bancorp Company Profile

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.