Harbour Investments Inc. Reduces Holdings in U.S. Bancorp $USB

Harbour Investments Inc. lessened its position in shares of U.S. Bancorp (NYSE:USB) by 7.7% during the second quarter, Holdings Channel reports. The institutional investor owned 26,933 shares of the financial services provider’s stock after selling 2,232 shares during the quarter. Harbour Investments Inc.’s holdings in U.S. Bancorp were worth $1,219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in USB. Nuveen LLC purchased a new position in shares of U.S. Bancorp during the 1st quarter valued at $138,183,000. Vanguard Group Inc. lifted its holdings in U.S. Bancorp by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 141,230,279 shares of the financial services provider’s stock worth $5,962,742,000 after purchasing an additional 2,393,383 shares in the last quarter. American Century Companies Inc. lifted its holdings in U.S. Bancorp by 17.4% during the 1st quarter. American Century Companies Inc. now owns 10,070,174 shares of the financial services provider’s stock worth $425,163,000 after purchasing an additional 1,493,318 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in U.S. Bancorp by 10.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 11,012,635 shares of the financial services provider’s stock worth $464,953,000 after purchasing an additional 1,045,509 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in U.S. Bancorp by 124.8% during the 1st quarter. National Bank of Canada FI now owns 1,802,961 shares of the financial services provider’s stock worth $76,121,000 after purchasing an additional 1,001,097 shares in the last quarter. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on USB. Bank of America increased their price objective on U.S. Bancorp from $54.00 to $55.00 and gave the stock a “buy” rating in a report on Friday. UBS Group increased their price objective on U.S. Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, October 7th. Morgan Stanley reissued a “positive” rating on shares of U.S. Bancorp in a report on Friday. DA Davidson increased their price objective on U.S. Bancorp from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Friday. Finally, Truist Financial increased their price objective on U.S. Bancorp from $51.00 to $52.00 and gave the stock a “hold” rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $54.48.

U.S. Bancorp Price Performance

Shares of NYSE USB opened at $45.66 on Friday. The firm has a market capitalization of $71.06 billion, a P/E ratio of 10.45, a P/E/G ratio of 1.33 and a beta of 1.06. The company has a quick ratio of 0.81, a current ratio of 0.82 and a debt-to-equity ratio of 1.10. The stock’s 50-day simple moving average is $47.93 and its two-hundred day simple moving average is $44.81. U.S. Bancorp has a twelve month low of $35.18 and a twelve month high of $53.98.

U.S. Bancorp (NYSE:USB) last announced its earnings results on Thursday, October 16th. The financial services provider reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.11. The business had revenue of $7.34 billion for the quarter, compared to analyst estimates of $7.17 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 16.89%.The company’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.03 EPS. As a group, equities analysts anticipate that U.S. Bancorp will post 4.38 EPS for the current fiscal 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 issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.6%. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.50. U.S. Bancorp’s payout ratio is 47.60%.

Insider Buying and Selling at U.S. Bancorp

In related news, EVP Souheil Badran sold 23,727 shares of the firm’s stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $46.34, for a total transaction of $1,099,509.18. Following the transaction, the executive vice president directly owned 70,346 shares of the company’s stock, valued at approximately $3,259,833.64. This trade represents a 25.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.23% of the company’s stock.

U.S. Bancorp 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.