Sit Investment Associates Inc. Sells 27,117 Shares of U.S. Bancorp $USB

Sit Investment Associates Inc. lessened its stake in shares of U.S. Bancorp (NYSE:USB) by 33.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 54,140 shares of the financial services provider’s stock after selling 27,117 shares during the quarter. Sit Investment Associates Inc.’s holdings in U.S. Bancorp were worth $2,889,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in U.S. Bancorp by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 146,376,783 shares of the financial services provider’s stock worth $7,810,665,000 after purchasing an additional 1,828,404 shares during the last quarter. State Street Corp raised its stake in U.S. Bancorp by 0.8% during the 4th quarter. State Street Corp now owns 69,701,898 shares of the financial services provider’s stock valued at $3,755,083,000 after buying an additional 522,368 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of U.S. Bancorp by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 37,679,617 shares of the financial services provider’s stock valued at $2,002,518,000 after buying an additional 443,646 shares during the period. Norges Bank bought a new position in shares of U.S. Bancorp during the 4th quarter valued at $1,887,497,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of U.S. Bancorp by 20.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 24,919,079 shares of the financial services provider’s stock worth $1,329,683,000 after buying an additional 4,153,080 shares during the last quarter. 77.60% of the stock is currently owned by institutional investors.

U.S. Bancorp Price Performance

Shares of U.S. Bancorp stock opened at $58.07 on Friday. U.S. Bancorp has a one year low of $42.93 and a one year high of $61.19. The stock’s fifty day moving average is $55.69 and its 200 day moving average is $54.86. The stock has a market cap of $90.07 billion, a P/E ratio of 12.17, a P/E/G ratio of 1.01 and a beta of 0.97. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.81 and a current ratio of 0.81.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Thursday, April 16th. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.04. The business had revenue of $7.32 billion during the quarter, compared to analyst estimates of $7.27 billion. U.S. Bancorp had a return on equity of 13.55% and a net margin of 18.01%.U.S. Bancorp’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.03 earnings per share. Sell-side analysts anticipate that U.S. Bancorp will post 5.08 earnings per share for the current year.

U.S. Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, June 30th. U.S. Bancorp’s payout ratio is presently 43.61%.

Insider Buying and Selling

In other U.S. Bancorp news, insider Jodi L. Richard sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $57.00, for a total transaction of $2,280,000.00. Following the sale, the insider owned 207,251 shares in the company, valued at approximately $11,813,307. This trade represents a 16.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Venkatachari Dilip sold 34,522 shares of U.S. Bancorp stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $55.52, for a total transaction of $1,916,661.44. Following the transaction, the executive vice president directly owned 51,292 shares in the company, valued at $2,847,731.84. This represents a 40.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.21% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Truist Financial reduced 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. Wall Street Zen raised U.S. Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday. Morgan Stanley set a $64.00 price target on shares of U.S. Bancorp in a research report on Friday, April 17th. JPMorgan Chase & Co. lowered their price objective on shares of U.S. Bancorp from $58.00 to $57.50 and set an “underweight” rating on the stock in a research note on Thursday, April 30th. Finally, Barclays raised their price objective on shares of U.S. Bancorp from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $61.29.

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.