Magellan Asset Management Ltd Grows Stock Position in U.S. Bancorp $USB

Magellan Asset Management Ltd lifted its holdings in shares of U.S. Bancorp (NYSE:USB) by 16.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,113,442 shares of the financial services provider’s stock after acquiring an additional 157,104 shares during the period. Magellan Asset Management Ltd owned approximately 0.07% of U.S. Bancorp worth $53,813,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of USB. Guerra Advisors Inc purchased a new stake in U.S. Bancorp during the 3rd quarter worth approximately $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of U.S. Bancorp during the third quarter worth $26,000. Hillsdale Investment Management Inc. purchased a new stake in shares of U.S. Bancorp during the second quarter valued at $27,000. Pineridge Advisors LLC grew its holdings 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 valued at $29,000 after buying an additional 522 shares during the last quarter. Finally, Steigerwald Gordon & Koch Inc. acquired a new position in shares of U.S. Bancorp in the 3rd quarter valued at $31,000. Institutional investors and hedge funds own 77.60% of the company’s stock.

U.S. Bancorp Stock Down 1.4%

U.S. Bancorp stock opened at $55.02 on Wednesday. The business’s 50-day moving average price is $56.05 and its 200 day moving average price is $51.01. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.03. The firm has a market cap of $85.53 billion, a price-to-earnings ratio of 11.91, a price-to-earnings-growth ratio of 1.00 and a beta of 1.06. U.S. Bancorp has a 52 week low of $35.18 and a 52 week high of $61.19.

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

U.S. Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $2.08 dividend on an annualized basis and a yield of 3.8%. U.S. Bancorp’s dividend payout ratio is 45.02%.

Insider Buying and Selling

In other U.S. Bancorp news, insider Mark G. Runkel sold 32,195 shares of U.S. Bancorp stock in a transaction on Friday, February 6th. The shares were sold at an average price of $60.65, for a total value of $1,952,626.75. Following the completion of the transaction, the insider owned 97,728 shares of the company’s stock, valued at approximately $5,927,203.20. The trade was a 24.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on USB shares. UBS Group reiterated a “neutral” rating and set a $60.00 price target on shares of U.S. Bancorp in a research note on Wednesday, February 4th. TD Cowen lifted their target price on U.S. Bancorp from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Evercore upped their target price on U.S. Bancorp from $60.00 to $65.00 and gave the company an “in-line” rating in a research report on Thursday, February 5th. Keefe, Bruyette & Woods increased their price target on shares of U.S. Bancorp from $58.00 to $59.00 and gave the stock a “market perform” rating in a report on Wednesday, January 21st. Finally, Barclays lifted their price objective on shares of U.S. Bancorp from $56.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $59.79.

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.