Davis Asset Management L.P. Acquires New Shares in U.S. Bancorp $USB

Davis Asset Management L.P. acquired a new position in U.S. Bancorp (NYSE:USB) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 715,210 shares of the financial services provider’s stock, valued at approximately $43,199,000. U.S. Bancorp makes up approximately 1.1% of Davis Asset Management L.P.’s holdings, making the stock its 28th biggest position.

A number of other hedge funds have also bought and sold shares of the business. Financial Life Planners purchased a new stake in shares of U.S. Bancorp during the 1st quarter valued at about $27,000. Main Street Group LTD bought a new stake in shares of U.S. Bancorp in the first quarter worth approximately $28,000. Rossby Financial LCC grew its stake in shares of U.S. Bancorp by 57.8% in the fourth quarter. Rossby Financial LCC now owns 579 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 212 shares during the period. NFSG Corp purchased a new position in shares of U.S. Bancorp during the first quarter valued at approximately $31,000. Finally, JPL Wealth Management LLC purchased a new position in shares of U.S. Bancorp during the third quarter valued at approximately $28,000. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Oppenheimer raised their target price on shares of U.S. Bancorp from $73.00 to $77.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. UBS Group boosted their target price on shares of U.S. Bancorp from $58.00 to $66.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Truist Financial increased their price target on U.S. Bancorp from $66.00 to $69.00 and gave the company a “buy” rating in a report on Friday, July 17th. Evercore upgraded U.S. Bancorp from an “in-line” rating to an “outperform” rating and set a $72.00 price target on the stock in a research note on Monday, July 20th. Finally, Morgan Stanley raised their price target on U.S. Bancorp from $64.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.06.

U.S. Bancorp Price Performance

Shares of NYSE:USB opened at $62.09 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $96.74 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 1.02 and a beta of 0.96. The firm’s 50 day moving average price is $62.40 and its 200-day moving average price is $57.63. U.S. Bancorp has a twelve month low of $45.02 and a twelve month high of $66.07.

U.S. Bancorp (NYSE:USB) last announced its earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.07. The company had revenue of $7.69 billion during the quarter, compared to analyst estimates 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 period in the previous year, the business posted $1.11 earnings per share. Equities research analysts expect that U.S. Bancorp will post 5.22 EPS for the current year.

U.S. Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Tuesday, June 30th. U.S. Bancorp’s dividend payout ratio (DPR) is currently 41.52%.

Insider Buying and Selling at U.S. Bancorp

In other news, insider Stephen L. Philipson sold 36,906 shares of the business’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $63.08, for a total transaction of $2,328,030.48. Following the completion of the sale, the insider owned 74,969 shares of the company’s stock, valued at $4,729,044.52. The trade was a 32.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.21% of the stock is owned by corporate insiders.

U.S. Bancorp 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.