Citigroup Inc. Grows Stock Holdings in U.S. Bancorp $USB

Citigroup Inc. increased its position in shares of U.S. Bancorp (NYSE:USB) by 2.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,749,812 shares of the financial services provider’s stock after purchasing an additional 41,803 shares during the period. Citigroup Inc.’s holdings in U.S. Bancorp were worth $84,568,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in U.S. Bancorp by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 144,548,379 shares of the financial services provider’s stock worth $6,986,023,000 after buying an additional 1,279,104 shares during the last quarter. Geode Capital Management LLC raised its position in shares of U.S. Bancorp by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 36,632,410 shares of the financial services provider’s stock worth $1,650,305,000 after acquiring an additional 456,890 shares in the last quarter. Norges Bank purchased a new stake in U.S. Bancorp during the second quarter worth approximately $971,285,000. Davis Selected Advisers boosted its holdings in U.S. Bancorp by 29.8% in the second quarter. Davis Selected Advisers now owns 19,331,637 shares of the financial services provider’s stock valued at $874,757,000 after purchasing an additional 4,442,623 shares in the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC increased its stake in U.S. Bancorp by 3.7% in the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 16,569,422 shares of the financial services provider’s stock valued at $749,766,000 after purchasing an additional 585,968 shares during the last quarter. 77.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Argus boosted their price objective on shares of U.S. Bancorp from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. JPMorgan Chase & Co. boosted their price target on U.S. Bancorp from $55.50 to $62.00 and gave the company an “underweight” rating in a research report on Monday, February 9th. Truist Financial upped their price objective on U.S. Bancorp from $58.00 to $61.00 and gave the company a “hold” rating in a research note on Wednesday, January 21st. TD Cowen lifted their target price on U.S. Bancorp from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods upped their price target on U.S. Bancorp from $58.00 to $59.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, U.S. Bancorp has an average rating of “Moderate Buy” and a consensus price target of $59.79.

U.S. Bancorp Stock Performance

NYSE USB opened at $58.63 on Monday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $91.13 billion, a P/E ratio of 12.69, a PEG ratio of 1.05 and a beta of 1.06. U.S. Bancorp has a 1-year low of $35.18 and a 1-year high of $61.19. The business has a 50 day moving average price of $55.98 and a 200 day moving average price of $50.86.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.07. U.S. Bancorp had a return on equity of 13.48% and a net margin of 17.66%.The business had revenue of $7.92 billion during the quarter, compared to the consensus estimate of $7.31 billion. During the same quarter in the previous year, the company posted $1.07 EPS. The business’s revenue was up 5.1% on a year-over-year basis. Sell-side analysts expect that U.S. Bancorp will post 4.38 EPS for the current fiscal year.

U.S. Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a dividend of $0.52 per share. The ex-dividend date was Wednesday, December 31st. This represents a $2.08 dividend on an annualized basis and a yield of 3.5%. U.S. Bancorp’s payout ratio is presently 45.02%.

Insider Activity

In other news, insider Mark G. Runkel sold 32,195 shares of the stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $60.65, for a total value of $1,952,626.75. Following the sale, the insider directly owned 97,728 shares in the company, valued at $5,927,203.20. This represents a 24.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by company insiders.

About U.S. Bancorp

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.