Sit Investment Associates Inc. Cuts Stake in U.S. Bancorp $USB

Sit Investment Associates Inc. lessened its holdings in shares of U.S. Bancorp (NYSE:USB) by 33.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm 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 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Financial Life Planners purchased a new stake in U.S. Bancorp during the 3rd quarter valued at approximately $25,000. Clayton Financial Group LLC purchased a new position in shares of U.S. Bancorp in the fourth quarter worth $25,000. JPL Wealth Management LLC bought a new position in shares of U.S. Bancorp during the third quarter worth $28,000. Binnacle Investments Inc boosted its position in shares of U.S. Bancorp by 77.8% during the third 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 last quarter. Finally, Rossby Financial LCC grew its stake in U.S. Bancorp by 57.8% during the fourth quarter. Rossby Financial LCC now owns 579 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 212 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors.

U.S. Bancorp Price Performance

USB stock opened at $58.07 on Friday. The stock has a market cap of $90.07 billion, a PE ratio of 12.17, a P/E/G ratio of 1.01 and a beta of 0.97. U.S. Bancorp has a 12 month low of $42.93 and a 12 month high of $61.19. The company has a 50-day moving average price of $55.69 and a 200 day moving average price of $54.86. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.03.

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

U.S. Bancorp Announces Dividend

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

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Jefferies Financial Group reiterated a “hold” rating and issued a $60.00 price target on shares of U.S. Bancorp in a report on Thursday, April 16th. Piper Sandler restated a “buy” rating on shares of U.S. Bancorp in a research report on Thursday, February 26th. Morgan Stanley set a $64.00 target price on U.S. Bancorp in a report on Friday, April 17th. Barclays boosted their target price on U.S. Bancorp from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. Finally, Truist Financial dropped their price target on U.S. Bancorp from $63.00 to $62.00 and set a “buy” rating for the company in a research note on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, U.S. Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $61.29.

Insider Activity at U.S. Bancorp

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

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.