DAVENPORT & Co LLC Cuts Stake in U.S. Bancorp $USB

DAVENPORT & Co LLC lessened its stake in U.S. Bancorp (NYSE:USB) by 6.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 200,231 shares of the financial services provider’s stock after selling 14,670 shares during the quarter. DAVENPORT & Co LLC’s holdings in U.S. Bancorp were worth $10,684,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Stolper Co grew its position in U.S. Bancorp by 1.1% during the 4th quarter. Stolper Co now owns 49,501 shares of the financial services provider’s stock valued at $2,641,000 after purchasing an additional 519 shares during the last quarter. Perennial Advisors LLC increased its stake in U.S. Bancorp by 7.0% during the 4th quarter. Perennial Advisors LLC now owns 111,087 shares of the financial services provider’s stock valued at $5,928,000 after purchasing an additional 7,275 shares in the last quarter. JGP Wealth Management LLC raised its holdings in U.S. Bancorp by 1.7% in the fourth quarter. JGP Wealth Management LLC now owns 19,796 shares of the financial services provider’s stock worth $1,056,000 after buying an additional 336 shares during the last quarter. Salem Investment Counselors Inc. lifted its stake in shares of U.S. Bancorp by 146.3% in the fourth quarter. Salem Investment Counselors Inc. now owns 7,348 shares of the financial services provider’s stock worth $395,000 after buying an additional 4,365 shares in the last quarter. Finally, Capital Asset Advisory Services LLC bought a new position in shares of U.S. Bancorp in the fourth quarter worth approximately $239,000. Institutional investors own 77.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on USB. Piper Sandler reissued a “buy” rating on shares of U.S. Bancorp in a research report on Thursday, February 26th. Truist Financial raised U.S. Bancorp from a “hold” rating to a “buy” rating and upped their price objective for the company from $61.00 to $66.00 in a research report on Thursday, February 26th. Keefe, Bruyette & Woods increased their target price on U.S. Bancorp from $58.00 to $59.00 and gave the company a “market perform” rating in a research note on Wednesday, January 21st. Wolfe Research cut U.S. Bancorp from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, January 7th. Finally, Oppenheimer upped their price target on U.S. Bancorp from $75.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.02.

Insider Activity at U.S. Bancorp

In related news, insider Mark G. Runkel sold 32,195 shares of the company’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $60.65, for a total transaction of $1,952,626.75. Following the completion of the sale, the insider owned 97,728 shares in the company, valued at approximately $5,927,203.20. This represents a 24.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.21% of the stock is owned by insiders.

U.S. Bancorp Stock Down 0.5%

USB opened at $51.87 on Thursday. The stock has a market capitalization of $80.51 billion, a price-to-earnings ratio of 11.23, a PEG ratio of 0.88 and a beta of 1.04. The firm has a 50 day moving average price of $55.32 and a 200-day moving average price of $51.76. U.S. Bancorp has a twelve month low of $35.18 and a twelve month high of $61.19. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.03.

U.S. Bancorp (NYSE:USB) last issued its earnings results on Tuesday, January 20th. The financial services provider reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.07. The company had revenue of $7.92 billion for the quarter, compared to analysts’ expectations of $7.31 billion. U.S. Bancorp had a net margin of 17.66% and a return on equity of 13.48%. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter last year, the company posted $1.07 earnings per share. Equities research analysts forecast that U.S. Bancorp will post 4.38 earnings per share for the current year.

U.S. Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Tuesday, March 31st. U.S. Bancorp’s dividend payout ratio (DPR) is 45.02%.

About U.S. Bancorp

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.