Summit Financial LLC Boosts Stake in U.S. Bancorp (NYSE:USB)

Summit Financial LLC lifted its holdings in U.S. Bancorp (NYSE:USB) by 549.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 33,841 shares of the financial services provider’s stock after acquiring an additional 28,628 shares during the quarter. Summit Financial LLC’s holdings in U.S. Bancorp were worth $1,635,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of USB. Winch Advisory Services LLC raised its position in U.S. Bancorp by 1,088.9% in the fourth quarter. Winch Advisory Services LLC now owns 535 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 490 shares during the period. J.Safra Asset Management Corp purchased a new stake in shares of U.S. Bancorp during the 4th quarter worth approximately $26,000. FPC Investment Advisory Inc. bought a new stake in shares of U.S. Bancorp in the 4th quarter worth approximately $28,000. Global Wealth Strategies & Associates lifted its stake in U.S. Bancorp by 70.8% in the fourth quarter. Global Wealth Strategies & Associates now owns 603 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 250 shares during the last quarter. Finally, Stonebridge Financial Group LLC bought a new position in U.S. Bancorp during the fourth quarter valued at $30,000. 77.60% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Andrew Cecere sold 102,044 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $47.25, for a total value of $4,821,579.00. Following the completion of the sale, the chief executive officer now directly owns 1,230,316 shares in the company, valued at approximately $58,132,431. The trade was a 7.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Terrance R. Dolan sold 66,317 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $46.96, for a total transaction of $3,114,246.32. Following the transaction, the insider now directly owns 209,482 shares in the company, valued at approximately $9,837,274.72. This represents a 24.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 219,812 shares of company stock valued at $10,385,665 over the last 90 days. Insiders own 0.23% of the company’s stock.

U.S. Bancorp Stock Down 1.1 %

USB stock opened at $41.75 on Wednesday. The company’s 50 day moving average is $45.47 and its 200 day moving average is $47.56. The stock has a market cap of $65.04 billion, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 1.73 and a beta of 1.02. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 1.11. U.S. Bancorp has a 1-year low of $37.81 and a 1-year high of $53.98.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.01. U.S. Bancorp had a net margin of 14.75% and a return on equity of 12.94%. The firm had revenue of $7.01 billion for the quarter, compared to analyst estimates of $7 billion. During the same quarter in the prior year, the firm earned $0.99 EPS. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. Sell-side analysts predict that U.S. Bancorp will post 4.38 EPS for the current fiscal year.

U.S. Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a yield of 4.79%. U.S. Bancorp’s payout ratio is 52.77%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on USB shares. Compass Point boosted their target price on U.S. Bancorp from $49.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Piper Sandler raised shares of U.S. Bancorp from a “neutral” rating to an “overweight” rating and set a $58.00 price objective on the stock in a report on Monday, January 13th. Citigroup reduced their target price on shares of U.S. Bancorp from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, March 24th. DA Davidson upgraded shares of U.S. Bancorp from a “neutral” rating to a “buy” rating and upped their price target for the company from $58.00 to $60.00 in a research note on Thursday, January 2nd. Finally, Truist Financial initiated coverage on shares of U.S. Bancorp in a research note on Tuesday, January 7th. They issued a “hold” rating and a $54.00 price objective for the company. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, U.S. Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $53.21.

U.S. Bancorp 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.