Summit Financial LLC Has $1.64 Million Position in U.S. Bancorp (NYSE:USB)

Summit Financial LLC increased its stake in shares of U.S. Bancorp (NYSE:USB) by 549.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,841 shares of the financial services provider’s stock after purchasing an additional 28,628 shares during the quarter. Summit Financial LLC’s holdings in U.S. Bancorp were worth $1,635,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in USB. Rockefeller Capital Management L.P. raised its position in U.S. Bancorp by 26.8% in the third quarter. Rockefeller Capital Management L.P. now owns 325,838 shares of the financial services provider’s stock valued at $14,900,000 after purchasing an additional 68,852 shares during the last quarter. Benjamin Edwards Inc. increased its stake in shares of U.S. Bancorp by 1,261.6% in the third quarter. Benjamin Edwards Inc. now owns 142,264 shares of the financial services provider’s stock valued at $6,506,000 after buying an additional 131,816 shares during the period. Concentric Capital Strategies LP bought a new position in U.S. Bancorp in the 3rd quarter valued at approximately $3,320,000. Holocene Advisors LP bought a new position in U.S. Bancorp in the 3rd quarter valued at approximately $43,521,000. Finally, Hilltop Holdings Inc. grew its holdings in U.S. Bancorp by 184.3% during the 3rd quarter. Hilltop Holdings Inc. now owns 70,283 shares of the financial services provider’s stock worth $3,214,000 after acquiring an additional 45,560 shares during the last quarter. Institutional investors own 77.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Morgan Stanley dropped their price target on shares of U.S. Bancorp from $60.00 to $59.00 and set an “overweight” rating for the company in a research note on Friday, January 17th. Truist Financial began coverage on U.S. Bancorp in a report on Tuesday, January 7th. They set a “hold” rating and a $54.00 target price on the stock. Oppenheimer increased their price target on U.S. Bancorp from $62.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Wells Fargo & Company cut their price objective on U.S. Bancorp from $62.00 to $56.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. Finally, Bank of America reduced their target price on U.S. Bancorp from $50.00 to $49.00 and set a “buy” rating on the stock in a report on Monday, March 17th. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, U.S. Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $53.21.

Insider Buying and Selling at U.S. Bancorp

In other U.S. Bancorp news, CEO Andrew Cecere sold 102,044 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $47.25, for a total transaction of $4,821,579.00. Following the completion of the sale, the chief executive officer now directly owns 1,230,316 shares of the company’s stock, valued at approximately $58,132,431. The trade was a 7.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Terrance R. Dolan sold 66,317 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $46.96, for a total value of $3,114,246.32. Following the completion of the transaction, the insider now owns 209,482 shares in the company, valued at $9,837,274.72. This represents a 24.05 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 219,812 shares of company stock valued at $10,385,665. Corporate insiders own 0.23% of the company’s stock.

U.S. Bancorp Price Performance

USB stock opened at $41.75 on Wednesday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.81 and a quick ratio of 0.80. The company’s 50-day moving average is $45.47 and its 200-day moving average is $47.56. The stock has a market capitalization of $65.04 billion, a PE ratio of 11.01, a price-to-earnings-growth 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.

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

U.S. Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, March 31st. This represents a $2.00 annualized dividend and a yield of 4.79%. U.S. Bancorp’s payout ratio is 52.77%.

U.S. Bancorp Company 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.