California Public Employees Retirement System Sells 348,813 Shares of U.S. Bancorp $USB

California Public Employees Retirement System reduced its stake in U.S. Bancorp (NYSE:USB) by 11.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,729,136 shares of the financial services provider’s stock after selling 348,813 shares during the period. California Public Employees Retirement System’s holdings in U.S. Bancorp were worth $123,493,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Curbstone Financial Management Corp lifted its holdings in U.S. Bancorp by 0.6% during the 2nd quarter. Curbstone Financial Management Corp now owns 39,982 shares of the financial services provider’s stock worth $1,809,000 after purchasing an additional 222 shares in the last quarter. Crestwood Advisors Group LLC increased its position in shares of U.S. Bancorp by 3.5% during the second quarter. Crestwood Advisors Group LLC now owns 7,021 shares of the financial services provider’s stock valued at $318,000 after buying an additional 237 shares during the period. Mechanics Financial Corp lifted its holdings in shares of U.S. Bancorp by 5.3% in the second quarter. Mechanics Financial Corp now owns 4,806 shares of the financial services provider’s stock worth $217,000 after buying an additional 240 shares in the last quarter. Northern Financial Advisors Inc boosted its position in shares of U.S. Bancorp by 5.0% in the second quarter. Northern Financial Advisors Inc now owns 5,033 shares of the financial services provider’s stock valued at $228,000 after acquiring an additional 241 shares during the period. Finally, Lawson Kroeker Investment Management Inc. NE boosted its position in shares of U.S. Bancorp by 0.5% in the second quarter. Lawson Kroeker Investment Management Inc. NE now owns 46,109 shares of the financial services provider’s stock valued at $2,086,000 after acquiring an additional 249 shares during the period. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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

U.S. Bancorp Stock Down 0.3%

USB opened at $51.24 on Monday. The business’s fifty day simple moving average is $47.60 and its 200 day simple moving average is $46.74. U.S. Bancorp has a 52 week low of $35.18 and a 52 week high of $52.59. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.10. The stock has a market cap of $79.65 billion, a PE ratio of 11.73, a P/E/G ratio of 0.97 and a beta of 1.10.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.11. The firm had revenue of $7.34 billion during 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 revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.03 earnings per share. As a group, research analysts expect that U.S. Bancorp will post 4.38 earnings per share 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. Shareholders of record on Tuesday, September 30th were paid a $0.52 dividend. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Tuesday, September 30th. U.S. Bancorp’s payout ratio is presently 47.60%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. UBS Group upped their target price on shares of U.S. Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, October 7th. Wells Fargo & Company upped their price target on shares of U.S. Bancorp from $50.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, October 17th. Cowen reissued a “buy” rating on shares of U.S. Bancorp in a research note on Monday, October 20th. Truist Financial boosted their target price on U.S. Bancorp from $51.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, October 17th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of U.S. Bancorp in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $54.45.

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.