U.S. Bancorp $USB Stock: Park Avenue Securities LLC Raises Holdings

Park Avenue Securities LLC lifted its holdings in shares of U.S. Bancorp (NYSE:USB) by 10.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 182,326 shares of the financial services provider’s stock after acquiring an additional 17,046 shares during the period. Park Avenue Securities LLC’s holdings in U.S. Bancorp were worth $10,531,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in USB. Verdence Capital Advisors LLC lifted its position in U.S. Bancorp by 4.1% during the third quarter. Verdence Capital Advisors LLC now owns 50,923 shares of the financial services provider’s stock worth $2,941,000 after buying an additional 2,023 shares during the period. Solitude Financial Services boosted its stake in U.S. Bancorp by 1.1% in the 3rd quarter. Solitude Financial Services now owns 26,696 shares of the financial services provider’s stock worth $1,542,000 after buying an additional 301 shares during the last quarter. Leo Wealth LLC acquired a new stake in U.S. Bancorp in the 3rd quarter worth about $324,000. Access Investment Management LLC boosted its stake in U.S. Bancorp by 13.6% in the 3rd quarter. Access Investment Management LLC now owns 11,136 shares of the financial services provider’s stock worth $643,000 after buying an additional 1,329 shares during the last quarter. Finally, Tower View Wealth Management LLC purchased a new stake in U.S. Bancorp in the 3rd quarter valued at about $92,000. Institutional investors and hedge funds own 77.60% of the company’s stock.

U.S. Bancorp Trading Up 0.1%

Shares of USB opened at $59.76 on Wednesday. The firm has a market capitalization of $93.12 billion, a P/E ratio of 11.65 and a beta of 1.00. The stock’s fifty day simple moving average is $60.08 and its 200 day simple moving average is $57.96. U.S. Bancorp has a twelve month low of $45.02 and a twelve month high of $66.07.

U.S. Bancorp (NYSE:USB) last issued its earnings results on Thursday, October 15th. The financial services provider reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.02. The firm had revenue of $8.04 billion during the quarter, compared to analyst estimates of $8 billion. During the same quarter in the previous year, the business posted $1.22 EPS. U.S. Bancorp’s revenue was up 8.7% compared to the same quarter last year. Sell-side analysts predict that U.S. Bancorp will post 5.29 earnings per share for the current year.

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were paid a dividend of $0.54 per share. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.52. This represents a $2.16 annualized dividend and a yield of 3.6%. The ex-dividend date was Wednesday, September 30th. U.S. Bancorp’s payout ratio is currently 42.11%.

Insider Activity at U.S. Bancorp

In other news, CEO Gunjan Kedia sold 27,267 shares of the firm’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $62.37, for a total value of $1,700,642.79. Following the transaction, the chief executive officer directly owned 426,262 shares in the company, valued at $26,585,960.94. This trade represents a 6.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.21% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently commented on USB. Citigroup dropped their price objective on shares of U.S. Bancorp from $72.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, October 16th. Stephens increased their price objective on shares of U.S. Bancorp from $63.00 to $67.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Truist Financial decreased their target price on shares of U.S. Bancorp from $69.00 to $67.00 and set a “buy” rating on the stock in a research report on Thursday, October 1st. Wolfe Research assumed coverage on shares of U.S. Bancorp in a report on Tuesday. They issued a “peer perform” rating for the company. Finally, Keefe, Bruyette & Woods boosted their target price on shares of U.S. Bancorp from $63.00 to $66.00 and gave the company a “market perform” rating in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, U.S. Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $69.19.

U.S. Bancorp Profile

U.S. Bancorp (NYSE: USB) is a financial services holding company headquartered in Minneapolis, Minnesota, and the parent company of U.S. Bank National Association. U.S. Bank provides banking, lending, payment, investment and wealth-management services to individuals, businesses, institutions and government entities.

The company’s consumer and business banking operations offer deposit accounts, mortgages, home-equity and consumer loans, credit cards, small-business banking and commercial lending.