Ironwood Investment Counsel LLC Raises Stock Holdings in U.S. Bancorp $USB

Ironwood Investment Counsel LLC raised its stake in U.S. Bancorp (NYSE:USB) by 2.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 151,806 shares of the financial services provider’s stock after purchasing an additional 4,270 shares during the period. U.S. Bancorp accounts for approximately 1.0% of Ironwood Investment Counsel LLC’s investment portfolio, making the stock its 27th largest holding. Ironwood Investment Counsel LLC’s holdings in U.S. Bancorp were worth $6,869,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of USB. Curbstone Financial Management Corp grew its position in shares of U.S. Bancorp by 0.6% in the 2nd quarter. Curbstone Financial Management Corp now owns 39,982 shares of the financial services provider’s stock worth $1,809,000 after buying an additional 222 shares during the last quarter. Crestwood Advisors Group LLC boosted its stake in U.S. Bancorp by 3.5% in the second quarter. Crestwood Advisors Group LLC now owns 7,021 shares of the financial services provider’s stock valued at $318,000 after acquiring an additional 237 shares in the last quarter. Mechanics Financial Corp grew its holdings in U.S. Bancorp by 5.3% in the second quarter. Mechanics Financial Corp now owns 4,806 shares of the financial services provider’s stock worth $217,000 after purchasing an additional 240 shares during the last quarter. Northern Financial Advisors Inc grew its holdings in U.S. Bancorp by 5.0% in the second quarter. Northern Financial Advisors Inc now owns 5,033 shares of the financial services provider’s stock worth $228,000 after purchasing an additional 241 shares during the last quarter. Finally, Lawson Kroeker Investment Management Inc. NE increased its position in shares of U.S. Bancorp by 0.5% during the second quarter. Lawson Kroeker Investment Management Inc. NE now owns 46,109 shares of the financial services provider’s stock worth $2,086,000 after purchasing an additional 249 shares in the last quarter. 77.60% of the stock is owned by hedge funds and other institutional investors.

U.S. Bancorp Stock Performance

USB opened at $47.62 on Wednesday. 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 $53.98. The firm has a 50 day moving average of $47.91 and a two-hundred day moving average of $45.99. The firm has a market capitalization of $74.02 billion, a PE ratio of 10.90, a P/E/G ratio of 1.25 and a beta of 1.10.

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

U.S. Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a dividend of $0.52 per share. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a yield of 4.4%. The ex-dividend date was Tuesday, September 30th. U.S. Bancorp’s dividend payout ratio (DPR) is 47.60%.

Insider Buying and Selling

In related news, EVP James L. Chosy sold 26,909 shares of the 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 directly owned 226,375 shares of the company’s stock, valued at approximately $10,607,932.50. This represents a 10.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Andrew Cecere sold 140,445 shares of the firm’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $46.34, for a total transaction of $6,508,221.30. Following the sale, the chairman owned 1,360,414 shares in the company, valued at approximately $63,041,584.76. This represents a 9.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

USB has been the subject of a number of recent analyst reports. UBS Group raised their price objective on U.S. Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 7th. Truist Financial raised their price target on U.S. Bancorp from $51.00 to $52.00 and gave the stock a “hold” rating in a report on Friday, October 17th. Oppenheimer dropped their price target on U.S. Bancorp from $67.00 to $66.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 23rd. The Goldman Sachs Group set a $52.00 price objective on shares of U.S. Bancorp and gave the company a “neutral” rating in a research report on Friday, October 17th. Finally, Evercore ISI lifted their target price on shares of U.S. Bancorp from $49.00 to $54.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.55.

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.