Allspring Global Investments Holdings LLC Boosts Stake in U.S. Bancorp $USB

Allspring Global Investments Holdings LLC grew its stake in U.S. Bancorp (NYSE:USB) by 178.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 199,931 shares of the financial services provider’s stock after purchasing an additional 128,257 shares during the period. Allspring Global Investments Holdings LLC’s holdings in U.S. Bancorp were worth $10,546,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in USB. Paulson Wealth Management Inc. increased its stake in shares of U.S. Bancorp by 2.0% in the 4th quarter. Paulson Wealth Management Inc. now owns 8,780 shares of the financial services provider’s stock worth $469,000 after acquiring an additional 173 shares during the last quarter. Flputnam Investment Management Co. grew its holdings in shares of U.S. Bancorp by 1.4% in the fourth quarter. Flputnam Investment Management Co. now owns 13,721 shares of the financial services provider’s stock valued at $732,000 after purchasing an additional 186 shares during the period. Formidable Asset Management LLC increased its position in U.S. Bancorp by 0.8% during the first quarter. Formidable Asset Management LLC now owns 23,373 shares of the financial services provider’s stock worth $1,247,000 after purchasing an additional 186 shares during the last quarter. Balboa Wealth Partners raised its position in shares of U.S. Bancorp by 4.0% during the 1st quarter. Balboa Wealth Partners now owns 4,920 shares of the financial services provider’s stock valued at $256,000 after buying an additional 188 shares during the period. Finally, Richmond Investment Services LLC raised its position in shares of U.S. Bancorp by 1.9% during the 4th quarter. Richmond Investment Services LLC now owns 10,107 shares of the financial services provider’s stock valued at $539,000 after buying an additional 192 shares during the period. Institutional investors and hedge funds own 77.60% of the company’s stock.

Wall Street Analyst Weigh In

USB has been the subject of several analyst reports. Jefferies Financial Group upgraded U.S. Bancorp from a “hold” rating to a “buy” rating and increased their price objective for the stock from $60.00 to $75.00 in a research report on Monday, July 6th. Weiss Ratings raised U.S. Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Evercore upgraded shares of U.S. Bancorp from an “in-line” rating to an “outperform” rating and set a $72.00 price objective on the stock in a report on Monday. Morgan Stanley upped their target price on shares of U.S. Bancorp from $64.00 to $67.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Finally, BTIG Research set a $67.50 price objective on shares of U.S. Bancorp in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $67.00.

Insider Activity

In other news, EVP Venkatachari Dilip sold 34,522 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total transaction of $1,916,661.44. Following the completion of the transaction, the executive vice president directly owned 51,292 shares of the company’s stock, valued at approximately $2,847,731.84. The trade was a 40.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.21% of the company’s stock.

U.S. Bancorp Stock Performance

Shares of USB stock opened at $64.48 on Thursday. The firm has a 50 day moving average of $58.48 and a two-hundred day moving average of $56.30. The stock has a market capitalization of $100.02 billion, a PE ratio of 12.87, a P/E/G ratio of 1.04 and a beta of 0.96. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio 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, topping analysts’ consensus estimates of $1.28 by $0.07. The business had revenue of $7.71 billion for the quarter, compared to analyst estimates of $7.58 billion. U.S. Bancorp had a return on equity of 13.69% and a net margin of 18.49%.During the same quarter in the prior year, the company earned $1.11 earnings per share. On average, research analysts predict that U.S. Bancorp will post 5.22 EPS for the current fiscal year.

U.S. Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Tuesday, June 30th. U.S. Bancorp’s dividend payout ratio (DPR) is presently 41.52%.

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.