California Public Employees Retirement System Sells 348,813 Shares of U.S. Bancorp $USB

California Public Employees Retirement System reduced its position in U.S. Bancorp (NYSE:USB) by 11.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,729,136 shares of the financial services provider’s stock after selling 348,813 shares during the period. California Public Employees Retirement System owned approximately 0.18% of U.S. Bancorp worth $123,493,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. IMG Wealth Management Inc. acquired a new position in shares of U.S. Bancorp during the second quarter valued at about $25,000. Saudi Central Bank acquired a new stake in shares of U.S. Bancorp in the 1st quarter worth about $26,000. Hillsdale Investment Management Inc. bought a new position in U.S. Bancorp in the 2nd quarter valued at about $27,000. Pineridge Advisors LLC boosted its stake in U.S. Bancorp by 446.2% during the 2nd quarter. Pineridge Advisors LLC now owns 639 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 522 shares during the last quarter. Finally, Activest Wealth Management increased its holdings in U.S. Bancorp by 846.5% during the 2nd quarter. Activest Wealth Management now owns 814 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 728 shares in the last quarter. Institutional investors own 77.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Wells Fargo & Company raised their target price on U.S. Bancorp from $50.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, October 17th. TD Cowen lifted their price objective on shares of U.S. Bancorp from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, October 20th. Evercore ISI upped their target price on shares of U.S. Bancorp from $49.00 to $54.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Deutsche Bank Aktiengesellschaft raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $52.50 price target on the stock in a research report on Thursday, October 23rd. Finally, Truist Financial upped their price objective on shares of U.S. Bancorp from $51.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.45.

Insider Buying and Selling at U.S. Bancorp

In other news, EVP James L. Chosy sold 26,909 shares of the company’s stock in a transaction on Monday, October 20th. The stock was sold at an average price of $46.86, for a total transaction of $1,260,955.74. Following the transaction, the executive vice president owned 226,375 shares of the company’s stock, valued at $10,607,932.50. This represents a 10.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Andrew Cecere sold 140,445 shares of U.S. Bancorp stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $46.34, for a total value of $6,508,221.30. Following the completion of the sale, the chairman directly owned 1,360,414 shares of the company’s stock, valued at approximately $63,041,584.76. This trade represents a 9.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.23% of the stock is currently owned by corporate insiders.

U.S. Bancorp Price Performance

USB opened at $51.24 on Monday. The firm has a market cap of $79.65 billion, a P/E ratio of 11.73, a PEG ratio of 0.97 and a beta of 1.10. The firm has a 50-day moving average of $47.60 and a 200 day moving average of $46.74. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.82 and a current ratio of 0.82. U.S. Bancorp has a fifty-two week low of $35.18 and a fifty-two week high of $52.59.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.22 EPS for the quarter, topping the consensus estimate of $1.11 by $0.11. U.S. Bancorp had a net margin of 16.89% and a return on equity of 13.34%. The business had revenue of $7.34 billion for the quarter, compared to analyst estimates of $7.17 billion. During the same quarter in the previous year, the firm posted $1.03 earnings per share. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, research analysts expect that U.S. Bancorp will post 4.38 EPS for the current year.

U.S. Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a $0.52 dividend. The ex-dividend date was Tuesday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a yield of 4.1%. U.S. Bancorp’s dividend payout ratio (DPR) is currently 47.60%.

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.