California Public Employees Retirement System Sells 752,084 Shares of U.S. Bancorp $USB

California Public Employees Retirement System lowered its holdings in shares of U.S. Bancorp (NYSE:USB) by 18.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,263,435 shares of the financial services provider’s stock after selling 752,084 shares during the period. California Public Employees Retirement System owned about 0.21% of U.S. Bancorp worth $169,731,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Clayton Financial Group LLC bought a new position in shares of U.S. Bancorp during the 4th quarter worth about $25,000. Financial Life Planners bought a new stake in U.S. Bancorp in the first quarter valued at about $27,000. Main Street Group LTD acquired a new position in U.S. Bancorp in the first quarter worth about $28,000. JPL Wealth Management LLC bought a new position in U.S. Bancorp during the third quarter worth about $28,000. Finally, Binnacle Investments Inc boosted its holdings in U.S. Bancorp by 77.8% during the third quarter. Binnacle Investments Inc now owns 624 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 273 shares in the last quarter. Institutional investors and hedge funds own 77.60% of the company’s stock.

Key U.S. Bancorp News

Here are the key news stories impacting U.S. Bancorp this week:

• Positive Sentiment: U.S. Bancorp posted Q2 earnings of $1.35 per share on revenue of $7.71 billion, both above estimates, with record quarterly revenue driven by loan growth, fee income, and a boost from its BTIG acquisition. U.S. Bancorp Q2 Earnings Beat Estimates on NII & Fee Revenue Growth
• Positive Sentiment: Management raised full-year revenue guidance to a 7% to 9% growth range, signaling confidence that momentum from higher net interest income and fee revenue will continue. Is USB’s Stronger Outlook And BTIG Fee Push Altering The Investment Case For U.S. Bancorp (USB)?
• Positive Sentiment: Several firms lifted price targets after the earnings release, including Oppenheimer, Wells Fargo, Truist, RBC, and Baird, reflecting improved sentiment around USB’s outlook. US Bancorp analysts boost their forecasts after upbeat Q2 results

U.S. Bancorp Price Performance

U.S. Bancorp stock opened at $63.14 on Friday. The business’s fifty day moving average is $57.89 and its two-hundred day moving average is $56.08. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.81 and a current ratio of 0.83. The firm has a market cap of $97.93 billion, a P/E ratio of 12.60, a P/E/G ratio of 1.08 and a beta of 0.96. U.S. Bancorp has a 52 week low of $43.46 and a 52 week high of $64.84.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.07. The firm had revenue of $7.71 billion during the quarter, compared to analysts’ expectations of $7.58 billion. U.S. Bancorp had a net margin of 18.49% and a return on equity of 13.69%. During the same quarter last year, the company posted $1.11 EPS. Equities research analysts forecast that U.S. Bancorp will post 5.18 earnings per share for the current fiscal year.

U.S. Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.52 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.3%. U.S. Bancorp’s dividend payout ratio is 43.61%.

Analyst Upgrades and Downgrades

USB has been the topic of several analyst reports. Weiss Ratings upgraded U.S. Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 4th. Jefferies Financial Group upgraded U.S. Bancorp from a “hold” rating to a “buy” rating and raised their target price for the stock from $60.00 to $75.00 in a research report on Monday, July 6th. Wall Street Zen upgraded U.S. Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, July 6th. Barclays increased their price objective on U.S. Bancorp from $67.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Stephens lifted their price objective on U.S. Bancorp from $63.00 to $67.00 and gave the company an “equal weight” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.52.

Insiders Place Their Bets

In other news, insider Jodi L. Richard sold 40,000 shares of the business’s stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $57.00, for a total transaction of $2,280,000.00. Following the completion of the transaction, the insider directly owned 207,251 shares in the company, valued at approximately $11,813,307. The trade was a 16.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Venkatachari Dilip sold 34,522 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $55.52, for a total value of $1,916,661.44. Following the completion of the sale, the executive vice president directly owned 51,292 shares of the company’s stock, valued at approximately $2,847,731.84. This trade represents a 40.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.21% of the company’s stock.

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.