Pinnacle Financial Partners Inc Trims Stock Position in U.S. Bancorp $USB

Pinnacle Financial Partners Inc trimmed its holdings in U.S. Bancorp (NYSE:USB) by 75.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 27,673 shares of the financial services provider’s stock after selling 84,283 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in U.S. Bancorp were worth $1,337,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. IMG Wealth Management Inc. acquired a new stake in U.S. Bancorp during the second quarter worth about $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of U.S. Bancorp during the 3rd quarter worth approximately $26,000. Hillsdale Investment Management Inc. acquired a new stake in shares of U.S. Bancorp during the 2nd quarter worth approximately $27,000. Pineridge Advisors LLC increased its holdings in shares of U.S. Bancorp by 446.2% during the 2nd quarter. Pineridge Advisors LLC now owns 639 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 522 shares in the last quarter. Finally, Steigerwald Gordon & Koch Inc. purchased a new stake in U.S. Bancorp during the third quarter worth $31,000. 77.60% of the stock is owned by institutional investors and hedge funds.

U.S. Bancorp Stock Performance

Shares of NYSE:USB opened at $54.48 on Friday. The business’s 50 day moving average price is $51.80 and its 200-day moving average price is $48.84. U.S. Bancorp has a 1 year low of $35.18 and a 1 year high of $56.19. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $84.69 billion, a PE ratio of 12.47, a P/E/G ratio of 0.94 and a beta of 1.07.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. The company had revenue of $7.34 billion for the quarter, compared to analyst estimates of $7.17 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 16.89%.The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.03 EPS. As a group, equities research analysts expect that U.S. Bancorp will post 4.38 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 Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Wednesday, December 31st. U.S. Bancorp’s payout ratio is currently 47.60%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Morgan Stanley reaffirmed a “positive” rating on shares of U.S. Bancorp in a report on Friday, October 17th. Deutsche Bank Aktiengesellschaft upgraded U.S. Bancorp from a “hold” rating to a “buy” rating and set a $52.50 price target for the company in a research note on Thursday, October 23rd. Truist Financial increased their price target on U.S. Bancorp from $52.00 to $58.00 and gave the stock a “hold” rating in a research report on Thursday, December 18th. DA Davidson boosted their price objective on U.S. Bancorp from $57.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, October 17th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of U.S. Bancorp in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.30.

Insider Activity at U.S. Bancorp

In other news, Chairman Andrew Cecere sold 140,445 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $46.34, for a total value of $6,508,221.30. Following the completion of the sale, the chairman directly owned 1,360,414 shares in the company, valued at $63,041,584.76. This represents a 9.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP James L. Chosy sold 26,909 shares of U.S. Bancorp stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $46.86, for a total value of $1,260,955.74. Following the transaction, the executive vice president owned 226,375 shares in the company, valued at approximately $10,607,932.50. The trade was a 10.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.23% 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.