Wedbush Securities Inc. Has $2.50 Million Stock Position in U.S. Bancorp $USB

Wedbush Securities Inc. grew its position in U.S. Bancorp (NYSE:USB) by 16.7% in the second quarter, Holdings Channel.com reports. The fund owned 55,226 shares of the financial services provider’s stock after buying an additional 7,890 shares during the period. Wedbush Securities Inc.’s holdings in U.S. Bancorp were worth $2,499,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of USB. Nuveen LLC bought a new position in U.S. Bancorp in the first quarter worth $138,183,000. Vanguard Group Inc. raised its stake in shares of U.S. Bancorp by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 141,230,279 shares of the financial services provider’s stock valued at $5,962,742,000 after buying an additional 2,393,383 shares in the last quarter. American Century Companies Inc. raised its stake in shares of U.S. Bancorp by 17.4% in the 1st quarter. American Century Companies Inc. now owns 10,070,174 shares of the financial services provider’s stock valued at $425,163,000 after buying an additional 1,493,318 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of U.S. Bancorp by 192.0% during the 2nd quarter. Nordea Investment Management AB now owns 1,994,993 shares of the financial services provider’s stock worth $90,752,000 after acquiring an additional 1,311,746 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of 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 valued at $464,953,000 after acquiring an additional 1,045,509 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors.

U.S. Bancorp Stock Up 1.0%

Shares of USB opened at $47.32 on Friday. The company has a market capitalization of $73.64 billion, a P/E ratio of 10.83, a PEG ratio of 1.25 and a beta of 1.10. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.82 and a quick ratio of 0.82. U.S. Bancorp has a one year low of $35.18 and a one year high of $53.98. The business’s 50 day simple moving average is $47.95 and its 200-day simple moving average is $45.84.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. The firm had revenue of $7.34 billion during the quarter, compared to analysts’ expectations of $7.17 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 16.89%.The business’s revenue was up 6.8% on a year-over-year basis. During the same period last year, the firm posted $1.03 EPS. As a group, sell-side analysts predict that U.S. Bancorp will post 4.38 EPS for the current fiscal year.

U.S. Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a $0.52 dividend. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.50. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, September 30th. U.S. Bancorp’s dividend payout ratio (DPR) is presently 47.60%.

Insider Activity

In other news, Chairman Andrew Cecere sold 140,445 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $46.34, for a total transaction of $6,508,221.30. Following the transaction, the chairman directly owned 1,360,414 shares in the company, valued at approximately $63,041,584.76. This represents a 9.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP James L. Chosy sold 26,909 shares of the stock in a transaction that occurred on 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 sale, the executive vice president directly owned 226,375 shares in the company, valued at $10,607,932.50. This trade represents a 10.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.23% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on USB shares. Evercore ISI increased their price target on shares of U.S. Bancorp from $49.00 to $54.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. UBS Group upped their price objective on U.S. Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, October 7th. Oppenheimer cut their target price on U.S. Bancorp from $67.00 to $66.00 and set an “outperform” rating for the company in a research report on Tuesday, September 23rd. Truist Financial boosted their price target on U.S. Bancorp from $51.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, October 17th. Finally, Citigroup increased their price objective on U.S. Bancorp from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, U.S. Bancorp currently has an average rating of “Moderate Buy” and an average price target of $54.55.

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.