Portside Wealth Group LLC Cuts Position in U.S. Bancorp (NYSE:USB)

Portside Wealth Group LLC trimmed its position in shares of U.S. Bancorp (NYSE:USB) by 2.3% during the first quarter, Holdings Channel reports. The firm owned 39,106 shares of the financial services provider’s stock after selling 923 shares during the quarter. Portside Wealth Group LLC’s holdings in U.S. Bancorp were worth $1,651,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. FIL Ltd boosted its holdings in U.S. Bancorp by 42.0% during the 4th quarter. FIL Ltd now owns 28,872 shares of the financial services provider’s stock valued at $1,381,000 after acquiring an additional 8,542 shares during the period. Vanguard Group Inc. lifted its position in shares of U.S. Bancorp by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 138,836,896 shares of the financial services provider’s stock worth $6,640,569,000 after purchasing an additional 1,079,056 shares in the last quarter. M&T Bank Corp boosted its stake in shares of U.S. Bancorp by 36.9% in the fourth quarter. M&T Bank Corp now owns 1,158,848 shares of the financial services provider’s stock valued at $55,427,000 after purchasing an additional 312,504 shares during the period. D.A. Davidson & CO. grew its holdings in shares of U.S. Bancorp by 11.3% in the fourth quarter. D.A. Davidson & CO. now owns 380,767 shares of the financial services provider’s stock valued at $18,212,000 after purchasing an additional 38,802 shares in the last quarter. Finally, Sovran Advisors LLC purchased a new stake in U.S. Bancorp during the 4th quarter worth approximately $369,000. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

U.S. Bancorp Stock Performance

Shares of USB stock opened at $44.39 on Wednesday. The stock’s 50-day moving average is $41.03 and its two-hundred day moving average is $45.50. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.81. U.S. Bancorp has a 1 year low of $35.18 and a 1 year high of $53.98. The firm has a market cap of $69.16 billion, a price-to-earnings ratio of 11.71, a PEG ratio of 1.73 and a beta of 0.97.

U.S. Bancorp (NYSE:USB) last announced its earnings results on Wednesday, April 16th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. The firm had revenue of $6.96 billion during the quarter, compared to analysts’ expectations of $6.92 billion. U.S. Bancorp had a return on equity of 12.94% and a net margin of 14.75%. During the same period in the prior year, the firm earned $0.78 EPS. Analysts predict that U.S. Bancorp will post 4.38 earnings per share for the current year.

U.S. Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.51%. The ex-dividend date of this dividend was Monday, March 31st. U.S. Bancorp’s payout ratio is currently 49.50%.

Insider Transactions at U.S. Bancorp

In other U.S. Bancorp news, Director Aleem Gillani purchased 5,000 shares of the firm’s stock in a transaction that occurred on Monday, April 21st. The stock was purchased at an average price of $37.32 per share, for a total transaction of $186,600.00. Following the purchase, the director now directly owns 15,000 shares in the company, valued at approximately $559,800. This trade represents a 50.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on USB shares. TD Cowen initiated coverage on shares of U.S. Bancorp in a research report on Thursday, May 15th. They issued a “buy” rating and a $60.00 price target for the company. Piper Sandler reduced their price objective on U.S. Bancorp from $49.00 to $48.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Wells Fargo & Company lowered their target price on U.S. Bancorp from $56.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. DA Davidson reduced their price target on U.S. Bancorp from $54.00 to $49.00 and set a “buy” rating on the stock in a research report on Thursday, April 17th. Finally, Royal Bank of Canada decreased their price objective on U.S. Bancorp from $57.00 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, April 17th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, U.S. Bancorp has an average rating of “Moderate Buy” and an average price target of $50.89.

U.S. Bancorp Profile

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.