PGGM Investments Raises Stake in U.S. Bancorp (NYSE:USB)

PGGM Investments grew its stake in U.S. Bancorp (NYSE:USB) by 1,523.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 104,344 shares of the financial services provider’s stock after acquiring an additional 97,916 shares during the quarter. PGGM Investments’ holdings in U.S. Bancorp were worth $4,991,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. FMR LLC increased its position in U.S. Bancorp by 32.7% during the third quarter. FMR LLC now owns 63,913,931 shares of the financial services provider’s stock worth $2,922,784,000 after purchasing an additional 15,746,852 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of U.S. Bancorp by 153.0% in the 3rd quarter. Franklin Resources Inc. now owns 7,949,347 shares of the financial services provider’s stock valued at $374,573,000 after buying an additional 4,807,662 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of U.S. Bancorp during the 4th quarter worth approximately $184,733,000. Charles Schwab Investment Management Inc. raised its position in shares of U.S. Bancorp by 5.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 49,789,725 shares of the financial services provider’s stock valued at $2,381,443,000 after buying an additional 2,460,845 shares during the period. Finally, Alecta Tjanstepension Omsesidigt acquired a new position in U.S. Bancorp in the fourth quarter valued at approximately $111,274,000. Hedge funds and other institutional investors own 77.60% of the company’s stock.

U.S. Bancorp Stock Performance

Shares of USB opened at $40.87 on Friday. U.S. Bancorp has a 1 year low of $37.81 and a 1 year high of $53.98. The stock has a market capitalization of $63.67 billion, a PE ratio of 10.78, a PEG ratio of 1.73 and a beta of 1.02. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.81. The stock has a 50-day simple moving average of $47.03 and a 200-day simple moving average of $47.79.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.01. U.S. Bancorp had a net margin of 14.75% and a return on equity of 12.94%. The company had revenue of $7.01 billion during the quarter, compared to the consensus estimate of $7 billion. During the same quarter in the previous year, the firm earned $0.99 earnings per share. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. On average, analysts predict that U.S. Bancorp will post 4.38 earnings per share for the current fiscal year.

U.S. Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.50 per share. The ex-dividend date is Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.89%. U.S. Bancorp’s payout ratio is currently 52.77%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on USB shares. Truist Financial initiated coverage on U.S. Bancorp in a research note on Tuesday, January 7th. They set a “hold” rating and a $54.00 target price for the company. Oppenheimer boosted their price objective on shares of U.S. Bancorp from $62.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Piper Sandler raised shares of U.S. Bancorp from a “neutral” rating to an “overweight” rating and set a $58.00 target price for the company in a research note on Monday, January 13th. Raymond James raised shares of U.S. Bancorp from a “market perform” rating to an “outperform” rating and set a $57.00 price target on the stock in a research note on Thursday, December 19th. Finally, Wells Fargo & Company increased their price objective on shares of U.S. Bancorp from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Ten analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.21.

Insider Activity at U.S. Bancorp

In related news, insider Terrance R. Dolan sold 66,317 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $46.96, for a total value of $3,114,246.32. Following the completion of the transaction, the insider now directly owns 209,482 shares of the company’s stock, valued at $9,837,274.72. This represents a 24.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP James L. Chosy sold 21,451 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $47.65, for a total transaction of $1,022,140.15. Following the sale, the executive vice president now directly owns 198,127 shares in the company, valued at approximately $9,440,751.55. The trade was a 9.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 219,812 shares of company stock valued at $10,385,665 over the last quarter. 0.23% of the stock is owned by insiders.

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.