Cardinal Capital Management Inc. Raises Stock Holdings in U.S. Bancorp $USB

Cardinal Capital Management Inc. boosted its position in shares of U.S. Bancorp (NYSE:USB) by 698.5% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 243,101 shares of the financial services provider’s stock after acquiring an additional 212,655 shares during the quarter. Cardinal Capital Management Inc.’s holdings in U.S. Bancorp were worth $11,749,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of USB. Vanguard Group Inc. boosted its position in U.S. Bancorp by 1.4% in the second quarter. Vanguard Group Inc. now owns 143,269,275 shares of the financial services provider’s stock valued at $6,482,935,000 after buying an additional 2,038,996 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of U.S. Bancorp by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 36,632,410 shares of the financial services provider’s stock valued at $1,650,305,000 after buying an additional 456,890 shares during the last quarter. Norges Bank acquired a new position in shares of U.S. Bancorp in the 2nd quarter valued at about $971,285,000. Amundi grew its holdings in U.S. Bancorp by 2.2% during the first quarter. Amundi now owns 19,907,665 shares of the financial services provider’s stock worth $773,268,000 after acquiring an additional 422,050 shares during the period. Finally, Davis Selected Advisers raised its position in U.S. Bancorp by 29.8% during the second quarter. Davis Selected Advisers now owns 19,331,637 shares of the financial services provider’s stock valued at $874,757,000 after acquiring an additional 4,442,623 shares in the last quarter. 77.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

USB has been the topic of a number of analyst reports. Wells Fargo & Company raised their price objective on shares of U.S. Bancorp from $50.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, October 17th. DA Davidson increased their target price on shares of U.S. Bancorp from $57.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, October 17th. Cowen reaffirmed a “buy” rating on shares of U.S. Bancorp in a report on Monday, October 20th. Truist Financial raised their price objective on U.S. Bancorp from $51.00 to $52.00 and gave the company a “hold” rating in a report on Friday, October 17th. Finally, Bank of America increased their target price on U.S. Bancorp from $54.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.16.

U.S. Bancorp Price Performance

U.S. Bancorp stock opened at $53.75 on Tuesday. The company has a fifty day simple moving average of $48.17 and a 200-day simple moving average of $47.14. The firm has a market capitalization of $83.54 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 1.01 and a beta of 1.10. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.10. U.S. Bancorp has a 52-week low of $35.18 and a 52-week high of $54.01.

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

U.S. Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.9%. The ex-dividend date is Wednesday, December 31st. U.S. Bancorp’s dividend payout ratio is presently 47.60%.

Insiders Place Their Bets

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

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.