California Public Employees Retirement System Sells 752,084 Shares of U.S. Bancorp $USB

California Public Employees Retirement System lessened its holdings in shares of U.S. Bancorp (NYSE:USB) by 18.7% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 3,263,435 shares of the financial services provider’s stock after selling 752,084 shares during the quarter. California Public Employees Retirement System’s holdings in U.S. Bancorp were worth $169,731,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of U.S. Bancorp by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 146,376,783 shares of the financial services provider’s stock worth $7,810,665,000 after acquiring an additional 1,828,404 shares in the last quarter. State Street Corp lifted its holdings in shares of U.S. Bancorp by 0.8% during 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 purchasing an additional 522,368 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of U.S. Bancorp by 1.2% during 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 purchasing an additional 443,646 shares in the last quarter. Norges Bank acquired a new position in shares of U.S. Bancorp in the 4th quarter valued at approximately $1,887,497,000. Finally, Auto Owners Insurance Co increased its stake in U.S. Bancorp by 5,236.0% during the 4th quarter. Auto Owners Insurance Co now owns 33,350,000 shares of the financial services provider’s stock worth $1,779,556,000 after purchasing an additional 32,725,000 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other 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 completion of the sale, the executive vice president owned 51,292 shares in the company, valued at $2,847,731.84. The trade was a 40.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jodi L. Richard sold 40,000 shares of the stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $57.00, for a total value of $2,280,000.00. Following the transaction, the insider owned 207,251 shares in the company, valued at approximately $11,813,307. This trade represents a 16.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. UBS Group raised their target price on shares of U.S. Bancorp from $58.00 to $66.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Raymond James Financial started coverage on U.S. Bancorp in a research report on Wednesday, July 8th. They set a “strong-buy” rating and a $72.00 price objective for the company. Wells Fargo & Company raised their price target on shares of U.S. Bancorp from $66.00 to $69.00 and gave the stock an “overweight” rating in a research note on Friday. Truist Financial boosted their price target on shares of U.S. Bancorp from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Stephens raised their price target on U.S. Bancorp from $63.00 to $67.00 and gave the company an “equal weight” rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.52.

Key Headlines Impacting U.S. Bancorp

Here are the key news stories impacting U.S. Bancorp this week:

• Positive Sentiment: U.S. Bancorp posted Q2 earnings of $1.35 per share on revenue of $7.71 billion, both above estimates, with record quarterly revenue driven by loan growth, fee income, and a boost from its BTIG acquisition. U.S. Bancorp Q2 Earnings Beat Estimates on NII & Fee Revenue Growth
• Positive Sentiment: Management raised full-year revenue guidance to a 7% to 9% growth range, signaling confidence that momentum from higher net interest income and fee revenue will continue. Is USB’s Stronger Outlook And BTIG Fee Push Altering The Investment Case For U.S. Bancorp (USB)?
• Positive Sentiment: Several firms lifted price targets after the earnings release, including Oppenheimer, Wells Fargo, Truist, RBC, and Baird, reflecting improved sentiment around USB’s outlook. US Bancorp analysts boost their forecasts after upbeat Q2 results

U.S. Bancorp Price Performance

NYSE:USB opened at $63.14 on Friday. The company has a market cap of $97.93 billion, a P/E ratio of 12.60, a P/E/G ratio of 1.08 and a beta of 0.96. The firm’s fifty day moving average price is $57.89 and its two-hundred day moving average price is $56.08. U.S. Bancorp has a one year low of $43.46 and a one year high of $64.84. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.83 and a quick ratio of 0.81.

U.S. Bancorp (NYSE:USB) last posted its earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.07. The company had revenue of $7.71 billion during the quarter, compared to analysts’ expectations of $7.58 billion. U.S. Bancorp had a net margin of 18.49% and a return on equity of 13.69%. During the same quarter last year, the company posted $1.11 EPS. Equities analysts expect that U.S. Bancorp will post 5.18 earnings per share for the current year.

U.S. Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.52 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.08 annualized dividend and a yield of 3.3%. U.S. Bancorp’s dividend payout ratio (DPR) is 43.61%.

U.S. Bancorp 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.