Concorde Asset Management LLC Lowers Stock Holdings in U.S. Bancorp (NYSE:USB)

Concorde Asset Management LLC cut its holdings in shares of U.S. Bancorp (NYSE:USB) by 7.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,014 shares of the financial services provider’s stock after selling 541 shares during the period. Concorde Asset Management LLC’s holdings in U.S. Bancorp were worth $335,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Morse Asset Management Inc acquired a new position in shares of U.S. Bancorp in the third quarter worth $229,000. Empire Financial Management Company LLC acquired a new position in U.S. Bancorp during the 3rd quarter worth $215,000. Unigestion Holding SA acquired a new position in U.S. Bancorp during the 3rd quarter worth $600,000. M&T Bank Corp raised its position in U.S. Bancorp by 2.8% in the 3rd quarter. M&T Bank Corp now owns 846,344 shares of the financial services provider’s stock valued at $38,704,000 after purchasing an additional 22,803 shares in the last quarter. Finally, Wealthquest Corp purchased a new position in shares of U.S. Bancorp in the 3rd quarter valued at about $1,160,000. Institutional investors and hedge funds own 77.60% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on USB shares. Raymond James upgraded shares of U.S. Bancorp from a “market perform” rating to an “outperform” rating and set a $57.00 target price on the stock in a research note on Thursday, December 19th. Citigroup dropped their price objective on shares of U.S. Bancorp from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. DA Davidson raised shares of U.S. Bancorp from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $58.00 to $60.00 in a research report on Thursday, January 2nd. Morgan Stanley dropped their target price on U.S. Bancorp from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday. Finally, Piper Sandler raised U.S. Bancorp from a “neutral” rating to an “overweight” rating and set a $58.00 price target for the company in a report on Monday, January 13th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $52.52.

U.S. Bancorp Price Performance

Shares of NYSE:USB opened at $37.22 on Friday. U.S. Bancorp has a one year low of $35.18 and a one year high of $53.98. The stock has a market capitalization of $57.99 billion, a price-to-earnings ratio of 9.82, a PEG ratio of 1.73 and a beta of 0.91. The company has a 50-day simple moving average of $43.65 and a 200-day simple moving average of $47.07. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.81.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $1.06 by $0.01. U.S. Bancorp had a return on equity of 12.94% and a net margin of 14.75%. The firm had revenue of $7.01 billion during the quarter, compared to the consensus estimate of $7 billion. During the same period in the prior year, the business earned $0.99 EPS. The firm’s revenue was up 3.7% compared to the same quarter last year. On average, analysts predict that U.S. Bancorp will post 4.38 EPS for the current year.

U.S. Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a yield of 5.37%. U.S. Bancorp’s dividend payout ratio (DPR) is 52.77%.

Insider Buying and Selling at U.S. Bancorp

In other news, CEO Andrew Cecere sold 102,044 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $47.25, for a total transaction of $4,821,579.00. Following the transaction, the chief executive officer now directly owns 1,230,316 shares in the company, valued at $58,132,431. The trade was a 7.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Terrance R. Dolan sold 66,317 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $46.96, for a total transaction of $3,114,246.32. Following the completion of the sale, the insider now owns 209,482 shares of the company’s stock, valued at approximately $9,837,274.72. The trade was a 24.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 219,812 shares of company stock valued at $10,385,665. 0.23% of the stock is owned by company insiders.

About U.S. Bancorp

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.