Norges Bank Buys New Holdings in U.S. Bancorp (NYSE:USB)

Norges Bank purchased a new position in shares of U.S. Bancorp (NYSE:USB) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 16,255,988 shares of the financial services provider’s stock, valued at approximately $777,524,000. Norges Bank owned approximately 1.04% of U.S. Bancorp at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Caisse Des Depots ET Consignations acquired a new stake in U.S. Bancorp during the fourth quarter valued at approximately $1,014,000. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its stake in U.S. Bancorp by 2.8% in the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 71,472 shares of the financial services provider’s stock valued at $3,419,000 after buying an additional 1,967 shares in the last quarter. NEOS Investment Management LLC grew its position in U.S. Bancorp by 31.6% in the fourth quarter. NEOS Investment Management LLC now owns 92,812 shares of the financial services provider’s stock valued at $4,439,000 after acquiring an additional 22,299 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in U.S. Bancorp by 11.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,490,468 shares of the financial services provider’s stock worth $121,684,000 after acquiring an additional 247,374 shares in the last quarter. Finally, Korea Investment CORP lifted its holdings in shares of U.S. Bancorp by 74.1% during the fourth quarter. Korea Investment CORP now owns 1,321,709 shares of the financial services provider’s stock valued at $63,217,000 after acquiring an additional 562,631 shares during the period. Institutional investors own 77.60% of the company’s stock.

Wall Street Analysts Forecast Growth

USB has been the subject of a number of recent analyst reports. Compass Point increased their target price on shares of U.S. Bancorp from $49.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Bank of America cut their target price on shares of U.S. Bancorp from $50.00 to $49.00 and set a “buy” rating for the company in a research note on Monday, March 17th. Truist Financial started coverage on U.S. Bancorp in a research report on Tuesday, January 7th. They set a “hold” rating and a $54.00 price target on the stock. Citigroup cut their price objective on U.S. Bancorp from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Monday. Finally, DA Davidson upgraded U.S. Bancorp from a “neutral” rating to a “buy” rating and increased their target price for the stock from $58.00 to $60.00 in a report on Thursday, January 2nd. Ten equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.48.

U.S. Bancorp Trading Down 1.2 %

NYSE:USB opened at $43.25 on Friday. The firm has a market capitalization of $67.39 billion, a price-to-earnings ratio of 11.41, a PEG ratio of 1.73 and a beta of 1.02. U.S. Bancorp has a 1-year low of $37.81 and a 1-year high of $53.98. The business’s 50-day moving average price is $45.87 and its two-hundred day moving average price is $47.57. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 1.11.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.01. The business had revenue of $7.01 billion for the quarter, compared to analyst estimates of $7 billion. U.S. Bancorp had a net margin of 14.75% and a return on equity of 12.94%. U.S. Bancorp’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.99 EPS. On average, equities analysts expect that U.S. Bancorp will post 4.38 earnings per share for the current year.

U.S. Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.62%. The ex-dividend date of this dividend is Monday, March 31st. U.S. Bancorp’s payout ratio is presently 52.77%.

Insider Buying and Selling at U.S. Bancorp

In related news, EVP James L. Chosy sold 21,451 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $47.65, for a total value of $1,022,140.15. Following the completion of the transaction, the executive vice president now directly owns 198,127 shares in the company, valued at approximately $9,440,751.55. The trade was a 9.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jodi L. Richard sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $47.59, for a total value of $1,427,700.00. Following the sale, the insider now directly owns 99,790 shares of the company’s stock, valued at approximately $4,749,006.10. The trade was a 23.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 219,812 shares of company stock valued at $10,385,665. Company insiders own 0.23% of the company’s stock.

About U.S. Bancorp

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.