SEB Asset Management AB Invests $42.48 Million in U.S. Bancorp $USB

SEB Asset Management AB purchased a new position in shares of U.S. Bancorp (NYSE:USB) in the 1st quarter, HoldingsChannel.com reports. The fund purchased 816,792 shares of the financial services provider’s stock, valued at approximately $42,481,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Inceptionr LLC raised its position in shares of U.S. Bancorp by 424.4% in the fourth quarter. Inceptionr LLC now owns 27,614 shares of the financial services provider’s stock valued at $1,473,000 after buying an additional 22,348 shares during the last quarter. Nordea Investment Management AB boosted its position in U.S. Bancorp by 15.3% during the fourth quarter. Nordea Investment Management AB now owns 2,690,174 shares of the financial services provider’s stock worth $144,462,000 after acquiring an additional 357,300 shares during the last quarter. Savvy Advisors Inc. grew its stake in U.S. Bancorp by 244.4% during the 4th quarter. Savvy Advisors Inc. now owns 30,872 shares of the financial services provider’s stock valued at $1,647,000 after acquiring an additional 21,907 shares in the last quarter. Cardinal Capital Management Inc. raised its holdings in U.S. Bancorp by 17.3% in the 4th quarter. Cardinal Capital Management Inc. now owns 285,196 shares of the financial services provider’s stock valued at $15,218,000 after acquiring an additional 42,095 shares during the last quarter. Finally, Keudell Morrison Wealth Management purchased a new position in U.S. Bancorp in the 4th quarter worth approximately $2,856,000. 77.60% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Jodi L. Richard sold 40,000 shares of the stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $57.00, for a total transaction of $2,280,000.00. Following the completion of the transaction, the insider directly owned 207,251 shares in the company, valued at approximately $11,813,307. This represents a 16.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Venkatachari Dilip sold 34,522 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total value of $1,916,661.44. Following the sale, the executive vice president directly owned 51,292 shares of the company’s stock, valued at $2,847,731.84. The trade was a 40.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on USB shares. Royal Bank Of Canada boosted their target price on U.S. Bancorp from $61.00 to $68.00 and gave the stock an “outperform” rating in a report on Friday. Wall Street Zen raised U.S. Bancorp from a “sell” rating to a “hold” rating in a report on Monday, July 6th. Robert W. Baird lifted their price objective on U.S. Bancorp from $64.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday. Raymond James Financial began coverage on U.S. Bancorp in a research note on Wednesday, July 8th. They set a “strong-buy” rating and a $72.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their target price on U.S. Bancorp from $57.50 to $65.00 and gave the company an “underweight” rating in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $66.52.

U.S. Bancorp News Roundup

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 Stock Performance

U.S. Bancorp stock opened at $63.14 on Friday. The firm has a 50 day simple moving average of $57.89 and a 200-day simple moving average of $56.08. U.S. Bancorp has a 1-year low of $43.46 and a 1-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. The stock has a market cap of $97.93 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 1.08 and a beta of 0.96.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.35 EPS for the quarter, beating the consensus estimate of $1.28 by $0.07. U.S. Bancorp had a net margin of 18.49% and a return on equity of 13.69%. The firm had revenue of $7.71 billion for the quarter, compared to analyst estimates of $7.58 billion. During the same quarter in the previous year, the company earned $1.11 EPS. On average, analysts expect that U.S. Bancorp will post 5.18 EPS for the current year.

U.S. Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend 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.