SummitTX Capital L.P. Sells 19,720 Shares of U.S. Bancorp $USB

SummitTX Capital L.P. decreased its holdings in shares of U.S. Bancorp (NYSE:USB) by 32.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,800 shares of the financial services provider’s stock after selling 19,720 shares during the quarter. SummitTX Capital L.P.’s holdings in U.S. Bancorp were worth $2,122,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in U.S. Bancorp by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 146,376,783 shares of the financial services provider’s stock worth $7,810,665,000 after buying an additional 1,828,404 shares in the last quarter. State Street Corp grew its holdings in shares of U.S. Bancorp by 0.8% in the 4th quarter. State Street Corp now owns 69,701,898 shares of the financial services provider’s stock valued at $3,755,083,000 after acquiring an additional 522,368 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of U.S. Bancorp by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 37,679,617 shares of the financial services provider’s stock valued at $2,002,518,000 after acquiring an additional 443,646 shares in the last quarter. Norges Bank acquired a new stake in shares of U.S. Bancorp in the fourth quarter valued at about $1,887,497,000. Finally, Auto Owners Insurance Co increased its position in shares of U.S. Bancorp by 5,236.0% in the fourth quarter. Auto Owners Insurance Co now owns 33,350,000 shares of the financial services provider’s stock valued at $1,779,556,000 after acquiring an additional 32,725,000 shares during the last quarter. Institutional investors own 77.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. UBS Group increased their price target on U.S. Bancorp from $58.00 to $66.00 and gave the company a “neutral” rating in a research report on Tuesday, July 7th. Morgan Stanley boosted their price target on U.S. Bancorp from $64.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Wells Fargo & Company upped their price objective on U.S. Bancorp from $66.00 to $69.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Raymond James Financial assumed coverage on U.S. Bancorp in a report on Wednesday, July 8th. They issued a “strong-buy” rating and a $72.00 price objective for the company. Finally, Oppenheimer raised their target price on shares of U.S. Bancorp from $73.00 to $77.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Insider Activity at U.S. Bancorp

In related news, EVP Venkatachari Dilip sold 34,522 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total transaction of $1,916,661.44. Following the transaction, the executive vice president directly owned 51,292 shares of the company’s stock, valued at approximately $2,847,731.84. The trade was a 40.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen L. Philipson sold 36,906 shares of the stock in a transaction on Monday, July 20th. The shares were sold at an average price of $63.08, for a total value of $2,328,030.48. Following the completion of the sale, the insider owned 74,969 shares in the company, valued at approximately $4,729,044.52. This trade represents a 32.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.21% of the company’s stock.

U.S. Bancorp Trading Up 1.5%

Shares of NYSE:USB opened at $64.45 on Wednesday. U.S. Bancorp has a 52-week low of $43.46 and a 52-week high of $64.84. The company has a market capitalization of $99.97 billion, a P/E ratio of 12.86, a price-to-earnings-growth ratio of 1.04 and a beta of 0.96. The company has a 50-day simple moving average of $59.32 and a 200 day simple moving average of $56.55. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.82 and a current ratio of 0.83.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings results 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 business had revenue of $7.71 billion during the quarter, compared to analysts’ expectations of $7.58 billion. U.S. Bancorp had a return on equity of 13.69% and a net margin of 18.49%.During the same quarter last year, the company posted $1.11 earnings per share. Sell-side analysts forecast that U.S. Bancorp will post 5.22 earnings per share for the current year.

U.S. Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Tuesday, June 30th. U.S. Bancorp’s payout ratio is currently 41.52%.

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.