Illinois Municipal Retirement Fund Buys 33,517 Shares of U.S. Bancorp $USB

Illinois Municipal Retirement Fund increased its stake in shares of U.S. Bancorp (NYSE:USB) by 57.1% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 92,257 shares of the financial services provider’s stock after acquiring an additional 33,517 shares during the period. Illinois Municipal Retirement Fund’s holdings in U.S. Bancorp were worth $4,798,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Clayton Financial Group LLC acquired a new position in U.S. Bancorp during the fourth quarter worth $25,000. Financial Life Planners bought a new position in shares of U.S. Bancorp during the first quarter valued at $27,000. JPL Wealth Management LLC acquired a new stake in shares of U.S. Bancorp in the 3rd quarter valued at $28,000. Binnacle Investments Inc boosted its stake in shares of U.S. Bancorp by 77.8% in the 3rd quarter. Binnacle Investments Inc now owns 624 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 273 shares in the last quarter. Finally, NFSG Corp bought a new stake in shares of U.S. Bancorp in the 1st quarter worth about $31,000. Institutional investors and hedge funds own 77.60% of the company’s stock.

U.S. Bancorp Stock Performance

U.S. Bancorp stock opened at $63.14 on Friday. The stock has a 50-day simple moving average of $57.89 and a 200 day simple moving average of $56.08. The stock has a market capitalization of $97.93 billion, a price-to-earnings ratio of 12.60, a P/E/G ratio of 1.08 and a beta of 0.96. The company has a quick ratio of 0.81, a current ratio of 0.83 and a debt-to-equity ratio of 0.96. U.S. Bancorp has a 12-month low of $43.46 and a 12-month high of $64.84.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.07. The firm had revenue of $7.71 billion for 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 quarter in the prior year, the firm earned $1.11 EPS. On average, research analysts anticipate that U.S. Bancorp will post 5.18 earnings per share for the current fiscal year.

U.S. Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Tuesday, June 30th. U.S. Bancorp’s dividend payout ratio is presently 43.61%.

Insider Activity at U.S. Bancorp

In related news, insider Jodi L. Richard sold 40,000 shares of the business’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 value of $2,280,000.00. Following the completion of the transaction, the insider owned 207,251 shares in the company, valued at $11,813,307. The trade was a 16.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 directly owned 51,292 shares in the company, valued at approximately $2,847,731.84. This represents a 40.23% decrease in their position. The SEC filing for this sale provides additional information. 0.21% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on USB shares. Jefferies Financial Group upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating and increased their target price for the stock from $60.00 to $75.00 in a research report on Monday, July 6th. Stephens upped their price objective on shares of U.S. Bancorp from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Friday. Royal Bank Of Canada raised their price objective on shares of U.S. Bancorp from $61.00 to $68.00 and gave the stock an “outperform” rating in a report on Friday. UBS Group lifted their target price on shares of U.S. Bancorp from $58.00 to $66.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Finally, Wells Fargo & Company boosted their target price on U.S. Bancorp from $66.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $66.52.

Key Headlines Impacting U.S. Bancorp

Here are the key news stories impacting U.S. Bancorp this week:

• Positive Sentiment: U.S. Bancorp posted Q2 earnings of $1.35 per share on revenue of $7.71 billion, both above estimates, with record quarterly revenue driven by loan growth, fee income, and a boost from its BTIG acquisition. U.S. Bancorp Q2 Earnings Beat Estimates on NII & Fee Revenue Growth
• Positive Sentiment: Management raised full-year revenue guidance to a 7% to 9% growth range, signaling confidence that momentum from higher net interest income and fee revenue will continue. Is USB’s Stronger Outlook And BTIG Fee Push Altering The Investment Case For U.S. Bancorp (USB)?
• Positive Sentiment: Several firms lifted price targets after the earnings release, including Oppenheimer, Wells Fargo, Truist, RBC, and Baird, reflecting improved sentiment around USB’s outlook. US Bancorp analysts boost their forecasts after upbeat Q2 results

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.