Griffin Asset Management Inc. Trims Stake in U.S. Bancorp $USB

Griffin Asset Management Inc. lowered its stake in shares of U.S. Bancorp (NYSE:USB) by 70.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 7,685 shares of the financial services provider’s stock after selling 18,057 shares during the period. Griffin Asset Management Inc.’s holdings in U.S. Bancorp were worth $348,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nuveen LLC purchased a new stake in U.S. Bancorp in the first quarter worth $138,183,000. Vanguard Group Inc. grew its stake in U.S. Bancorp by 1.7% in the first quarter. Vanguard Group Inc. now owns 141,230,279 shares of the financial services provider’s stock worth $5,962,742,000 after purchasing an additional 2,393,383 shares during the period. American Century Companies Inc. grew its stake in U.S. Bancorp by 17.4% in the first quarter. American Century Companies Inc. now owns 10,070,174 shares of the financial services provider’s stock worth $425,163,000 after purchasing an additional 1,493,318 shares during the period. Goldman Sachs Group Inc. grew its position in shares of U.S. Bancorp by 10.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 11,012,635 shares of the financial services provider’s stock worth $464,953,000 after buying an additional 1,045,509 shares during the period. Finally, National Bank of Canada FI grew its position in shares of U.S. Bancorp by 124.8% in the 1st quarter. National Bank of Canada FI now owns 1,802,961 shares of the financial services provider’s stock worth $76,121,000 after buying an additional 1,001,097 shares during the period. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Insider Activity

In other news, EVP Souheil Badran sold 23,727 shares of the firm’s stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $46.34, for a total transaction of $1,099,509.18. Following the sale, the executive vice president owned 70,346 shares of the company’s stock, valued at $3,259,833.64. This trade represents a 25.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by insiders.

U.S. Bancorp Stock Performance

Shares of USB opened at $46.16 on Tuesday. The business’s fifty day simple moving average is $47.79 and its two-hundred day simple moving average is $44.73. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.16. U.S. Bancorp has a 12 month low of $35.18 and a 12 month high of $53.98. The company has a market cap of $71.83 billion, a price-to-earnings ratio of 11.04, a P/E/G ratio of 1.33 and a beta of 1.06.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Thursday, July 17th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $1.07 by $0.04. U.S. Bancorp had a return on equity of 13.08% and a net margin of 16.30%.The company had revenue of $7.06 billion for the quarter, compared to analysts’ expectations of $7.07 billion. During the same period last year, the firm posted $0.98 earnings per share. U.S. Bancorp’s revenue was up 2.0% compared to the same quarter last year. U.S. Bancorp has set its FY 2025 guidance at EPS. Research analysts anticipate that U.S. Bancorp will post 4.38 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, September 30th. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.50. U.S. Bancorp’s payout ratio is 49.76%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Truist Financial upped their target price on shares of U.S. Bancorp from $49.00 to $51.00 and gave the stock a “hold” rating in a research report on Wednesday, September 17th. DA Davidson upped their price objective on shares of U.S. Bancorp from $49.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, July 21st. UBS Group upped their price target on U.S. Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 7th. Oppenheimer cut their price target on U.S. Bancorp from $67.00 to $66.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 23rd. Finally, Morgan Stanley set a $56.00 target price on U.S. Bancorp and gave the stock an “equal weight” rating in a research note on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, U.S. Bancorp has an average rating of “Moderate Buy” and a consensus price target of $53.11.

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.