U.S. Bancorp $USB Stake Decreased by Korea Investment CORP

Korea Investment CORP cut its holdings in shares of U.S. Bancorp (NYSE:USB) by 42.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 811,778 shares of the financial services provider’s stock after selling 599,465 shares during the period. Korea Investment CORP’s holdings in U.S. Bancorp were worth $39,233,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in USB. Vanguard Group Inc. increased its position in U.S. Bancorp by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 144,548,379 shares of the financial services provider’s stock valued at $6,986,023,000 after acquiring an additional 1,279,104 shares during the period. Geode Capital Management LLC boosted its position in U.S. Bancorp by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 36,632,410 shares of the financial services provider’s stock worth $1,650,305,000 after acquiring an additional 456,890 shares during the period. Norges Bank bought a new position in shares of U.S. Bancorp in the second quarter worth $971,285,000. Davis Selected Advisers grew its stake in shares of U.S. Bancorp by 29.8% in the second quarter. Davis Selected Advisers now owns 19,331,637 shares of the financial services provider’s stock worth $874,757,000 after purchasing an additional 4,442,623 shares in the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC increased its holdings in shares of U.S. Bancorp by 7.2% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 17,758,947 shares of the financial services provider’s stock valued at $858,290,000 after purchasing an additional 1,189,525 shares during the period. 77.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Royal Bank Of Canada lifted their price objective on shares of U.S. Bancorp from $57.00 to $59.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. HSBC reissued a “buy” rating and set a $62.00 target price on shares of U.S. Bancorp in a research note on Wednesday, January 7th. TD Cowen upped their price target on shares of U.S. Bancorp from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, January 21st. Argus increased their price objective on shares of U.S. Bancorp from $62.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Finally, Truist Financial upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating and raised their price objective for the company from $61.00 to $66.00 in a research note on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $60.02.

Insider Buying and Selling

In related news, insider Mark G. Runkel sold 32,195 shares of the stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $60.65, for a total transaction of $1,952,626.75. Following the completion of the sale, the insider directly owned 97,728 shares of the company’s stock, valued at $5,927,203.20. This represents a 24.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is currently owned by corporate insiders.

U.S. Bancorp Price Performance

Shares of U.S. Bancorp stock opened at $52.08 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.03. The company’s 50-day moving average price is $56.02 and its two-hundred day moving average price is $51.53. U.S. Bancorp has a 52 week low of $35.18 and a 52 week high of $61.19. The stock has a market cap of $80.91 billion, a PE ratio of 11.27, a price-to-earnings-growth ratio of 0.94 and a beta of 1.04.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.07. The company had revenue of $7.92 billion during the quarter, compared to analyst estimates of $7.31 billion. U.S. Bancorp had a net margin of 17.66% and a return on equity of 13.48%. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.07 EPS. As a group, sell-side analysts anticipate that U.S. Bancorp will post 4.38 EPS for the current fiscal year.

U.S. Bancorp Company 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.