Victory Capital Management Inc. Buys 3,672,742 Shares of U.S. Bancorp $USB

Victory Capital Management Inc. increased its stake in U.S. Bancorp (NYSE:USB) by 63.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,480,254 shares of the financial services provider’s stock after buying an additional 3,672,742 shares during the period. Victory Capital Management Inc. owned 0.61% of U.S. Bancorp worth $505,866,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of USB. Financial Life Planners purchased a new stake in U.S. Bancorp in the third quarter worth about $25,000. Clayton Financial Group LLC purchased a new stake in U.S. Bancorp in the fourth quarter worth about $25,000. JPL Wealth Management LLC purchased a new stake in U.S. Bancorp in the third quarter worth about $28,000. Binnacle Investments Inc grew its holdings in U.S. Bancorp by 77.8% in the third quarter. Binnacle Investments Inc now owns 624 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 273 shares during the period. Finally, Rossby Financial LCC grew its holdings in U.S. Bancorp by 57.8% in the fourth quarter. Rossby Financial LCC now owns 579 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 212 shares during the period. Hedge funds and other institutional investors own 77.60% of the company’s stock.

U.S. Bancorp Trading Up 2.2%

Shares of USB stock opened at $58.90 on Friday. U.S. Bancorp has a 12-month low of $42.55 and a 12-month high of $61.19. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.03. The firm’s 50 day moving average is $55.25 and its 200 day moving average is $54.53. The stock has a market capitalization of $91.37 billion, a P/E ratio of 12.35, a P/E/G ratio of 1.04 and a beta of 0.97.

U.S. Bancorp (NYSE:USB) last issued its earnings results on Thursday, April 16th. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.04. U.S. Bancorp had a net margin of 18.01% and a return on equity of 13.55%. The company had revenue of $7.32 billion for the quarter, compared to analysts’ expectations of $7.27 billion. During the same quarter last year, the company posted $1.03 earnings per share. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. Research analysts expect that U.S. Bancorp will post 5.09 earnings per share for the current year.

Insider Activity at U.S. Bancorp

In related news, insider Jodi L. Richard sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $57.00, for a total value of $2,280,000.00. Following the sale, the insider owned 207,251 shares in the company, valued at approximately $11,813,307. This trade represents a 16.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Venkatachari Dilip sold 34,522 shares of the firm’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. This represents a 40.23% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.21% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. cut their price objective on shares of U.S. Bancorp from $58.00 to $57.50 and set an “underweight” rating on the stock in a report on Thursday, April 30th. Barclays increased their price target on shares of U.S. Bancorp from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Friday, April 17th. Truist Financial cut their price target on shares of U.S. Bancorp from $63.00 to $62.00 and set a “buy” rating on the stock in a report on Friday, April 17th. Weiss Ratings upgraded shares of U.S. Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 4th. Finally, DA Davidson reiterated a “buy” rating and set a $65.00 price target on shares of U.S. Bancorp in a report on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, U.S. Bancorp has an average rating of “Moderate Buy” and an average price target of $61.20.

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.