Confluence Investment Management LLC Decreases Holdings in U.S. Bancorp $USB

Confluence Investment Management LLC trimmed its holdings in U.S. Bancorp (NYSE:USB) by 1.0% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,933,812 shares of the financial services provider’s stock after selling 19,163 shares during the quarter. Confluence Investment Management LLC’s holdings in U.S. Bancorp were worth $93,461,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. HBK Sorce Advisory LLC lifted its stake in U.S. Bancorp by 7.4% in the third quarter. HBK Sorce Advisory LLC now owns 59,598 shares of the financial services provider’s stock worth $2,801,000 after purchasing an additional 4,113 shares during the last quarter. OFI Invest Asset Management increased its holdings in shares of U.S. Bancorp by 18.5% in the third quarter. OFI Invest Asset Management now owns 2,893 shares of the financial services provider’s stock worth $140,000 after buying an additional 451 shares during the period. Matrix Asset Advisors Inc. NY lifted its stake in shares of U.S. Bancorp by 0.3% in the 3rd quarter. Matrix Asset Advisors Inc. NY now owns 715,764 shares of the financial services provider’s stock valued at $34,593,000 after acquiring an additional 1,830 shares during the last quarter. Somerset Trust Co boosted its holdings in U.S. Bancorp by 2.0% during the 3rd quarter. Somerset Trust Co now owns 30,873 shares of the financial services provider’s stock valued at $1,492,000 after acquiring an additional 611 shares during the period. Finally, Perennial Advisors LLC grew its position in U.S. Bancorp by 2.2% during the 3rd quarter. Perennial Advisors LLC now owns 103,812 shares of the financial services provider’s stock worth $5,018,000 after acquiring an additional 2,227 shares during the last quarter. Institutional investors own 77.60% of the company’s stock.

Insider Buying and Selling

In other U.S. Bancorp news, Chairman Andrew Cecere sold 140,445 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was sold at an average price of $46.34, for a total transaction of $6,508,221.30. Following the completion of the transaction, the chairman owned 1,360,414 shares of the company’s stock, valued at approximately $63,041,584.76. This trade represents a 9.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP James L. Chosy sold 26,909 shares of the business’s stock in a transaction 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 owned 226,375 shares in the company, valued at approximately $10,607,932.50. This trade represents a 10.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.23% of the company’s stock.

U.S. Bancorp Trading Up 1.4%

NYSE:USB opened at $54.89 on Tuesday. The company has a 50-day moving average price of $48.92 and a 200-day moving average price of $47.50. The stock has a market cap of $85.33 billion, a price-to-earnings ratio of 12.56, a P/E/G ratio of 1.02 and a beta of 1.10. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.10. U.S. Bancorp has a 12 month low of $35.18 and a 12 month high of $54.90.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.11. U.S. Bancorp had a net margin of 16.89% and a return on equity of 13.34%. The company had revenue of $7.34 billion for the quarter, compared to analysts’ expectations of $7.17 billion. During the same quarter in the previous year, the company earned $1.03 earnings per share. U.S. Bancorp’s quarterly revenue was up 6.8% on a year-over-year basis. Equities analysts predict that U.S. Bancorp will post 4.38 EPS for the current year.

U.S. Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given a $0.52 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $2.08 annualized dividend and a dividend yield of 3.8%. U.S. Bancorp’s dividend payout ratio is currently 47.60%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on USB. Truist Financial boosted their price objective on U.S. Bancorp from $52.00 to $58.00 and gave the company a “hold” rating in a research report on Thursday. The Goldman Sachs Group set a $52.00 target price on shares of U.S. Bancorp and gave the stock a “neutral” rating in a research note on Friday, October 17th. Oppenheimer dropped their price target on shares of U.S. Bancorp from $66.00 to $64.00 and set an “outperform” rating for the company in a research report on Wednesday, November 19th. Evercore ISI boosted their price objective on shares of U.S. Bancorp from $49.00 to $54.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Finally, TD Cowen increased their target price on shares of U.S. Bancorp from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, U.S. Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $54.95.

U.S. Bancorp Company Profile

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.