Davis Asset Management L.P. Invests $43.20 Million in U.S. Bancorp $USB

Davis Asset Management L.P. bought a new position in U.S. Bancorp (NYSE:USB) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 715,210 shares of the financial services provider’s stock, valued at approximately $43,199,000. U.S. Bancorp accounts for about 1.1% of Davis Asset Management L.P.’s holdings, making the stock its 28th biggest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in USB. Financial Life Planners purchased a new stake in U.S. Bancorp in the first quarter worth about $27,000. Main Street Group LTD purchased a new position in shares of U.S. Bancorp during the 1st quarter worth approximately $28,000. JPL Wealth Management LLC purchased a new position in shares of U.S. Bancorp during the 3rd quarter worth approximately $28,000. Binnacle Investments Inc grew its holdings in shares of U.S. Bancorp by 77.8% during the 3rd quarter. Binnacle Investments Inc now owns 624 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 273 shares during the period. Finally, NFSG Corp bought a new position in shares of U.S. Bancorp in the 1st quarter worth approximately $31,000. 77.60% of the stock is currently owned by institutional investors.

U.S. Bancorp Stock Performance

Shares of U.S. Bancorp stock opened at $62.09 on Friday. U.S. Bancorp has a 1 year low of $45.02 and a 1 year high of $66.07. The firm’s 50-day moving average is $62.40 and its 200 day moving average is $57.63. The stock has a market cap of $96.74 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 1.02 and a beta of 0.96. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.83 and a quick ratio of 0.82.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.07. The business had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.58 billion. U.S. Bancorp had a net margin of 18.49% and a return on equity of 13.69%. During the same period last year, the business earned $1.11 EPS. Sell-side analysts anticipate that U.S. Bancorp will post 5.22 EPS for the current fiscal year.

U.S. Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.52 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.3%. U.S. Bancorp’s dividend payout ratio is presently 41.52%.

Insider Buying and Selling at U.S. Bancorp

In related news, insider Stephen L. Philipson sold 36,906 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $63.08, for a total transaction of $2,328,030.48. Following the completion of the sale, the insider owned 74,969 shares of the company’s stock, valued at $4,729,044.52. This trade represents a 32.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.21% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on USB. JPMorgan Chase & Co. raised their price objective on U.S. Bancorp from $67.50 to $69.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Jefferies Financial Group raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and upped their target price for the stock from $60.00 to $75.00 in a research report on Monday, July 6th. CLSA set a $67.50 price target on shares of U.S. Bancorp in a research note on Monday, July 20th. UBS Group lifted their price target on shares of U.S. Bancorp from $58.00 to $66.00 and gave the company a “neutral” rating in a research report on Tuesday, July 7th. Finally, Oppenheimer boosted their price objective on shares of U.S. Bancorp from $73.00 to $77.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $67.06.

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.