Nordea Investment Management AB Sells 24,708 Shares of U.S. Bancorp (NYSE:USB)

Posted by Defense World Staff on Jul 3rd, 2023

U.S. Bancorp logo Nordea Investment Management AB reduced its stake in U.S. Bancorp (NYSE:USB – Free Report) by 6.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 388,857 shares of the financial services provider’s stock after selling 24,708 shares during the period. Nordea Investment Management AB’s holdings in U.S. Bancorp were worth $13,653,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of USB. Retirement Financial Solutions LLC bought a new stake in U.S. Bancorp in the 4th quarter valued at $25,000. Hollencrest Capital Management purchased a new position in shares of U.S. Bancorp in the 4th quarter worth $26,000. Core Alternative Capital grew its stake in shares of U.S. Bancorp by 85.7% in the 1st quarter. Core Alternative Capital now owns 741 shares of the financial services provider’s stock worth $27,000 after buying an additional 342 shares in the last quarter. EWG Elevate Inc. purchased a new position in shares of U.S. Bancorp in the 4th quarter worth $28,000. Finally, SRS Capital Advisors Inc. boosted its stake in shares of U.S. Bancorp by 46.9% during the 4th quarter. SRS Capital Advisors Inc. now owns 673 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 215 shares during the period. 74.61% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Richard P. Mckenney bought 20,000 shares of U.S. Bancorp stock in a transaction on Friday, May 5th. The shares were bought at an average cost of $30.37 per share, with a total value of $607,400.00. Following the completion of the purchase, the director now directly owns 20,000 shares of the company’s stock, valued at $607,400. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Alan B. Colberg purchased 10,000 shares of the company’s stock in a transaction on Friday, April 21st. The stock was acquired at an average cost of $34.14 per share, for a total transaction of $341,400.00. Following the completion of the transaction, the director now directly owns 10,050 shares in the company, valued at $343,107. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard P. Mckenney purchased 20,000 shares of the company’s stock in a transaction on Friday, May 5th. The shares were bought at an average price of $30.37 per share, with a total value of $607,400.00. Following the completion of the transaction, the director now owns 20,000 shares of the company’s stock, valued at $607,400. The disclosure for this purchase can be found here. Insiders have bought 76,698 shares of company stock valued at $2,446,082 over the last ninety days. Company insiders own 0.24% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Barclays reduced their price target on shares of U.S. Bancorp from $52.00 to $48.00 in a report on Tuesday, June 27th. Royal Bank of Canada dropped their price objective on shares of U.S. Bancorp from $55.00 to $49.00 and set an “outperform” rating on the stock in a report on Friday, March 24th. Oppenheimer upped their price objective on shares of U.S. Bancorp from $64.00 to $67.00 and gave the company an “outperform” rating in a report on Thursday, April 20th. TheStreet downgraded shares of U.S. Bancorp from a “b-” rating to a “c+” rating in a report on Tuesday, May 2nd. Finally, UBS Group downgraded shares of U.S. Bancorp from a “buy” rating to a “neutral” rating in a report on Monday, April 10th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, U.S. Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $49.63.

U.S. Bancorp Price Performance

Shares of NYSE USB opened at $33.04 on Monday. The firm has a 50-day simple moving average of $31.49 and a 200-day simple moving average of $38.87. The stock has a market capitalization of $50.65 billion, a price-to-earnings ratio of 8.79, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.90. U.S. Bancorp has a 52 week low of $27.27 and a 52 week high of $49.95.

U.S. Bancorp (NYSE:USB – Free Report) last issued its earnings results on Wednesday, April 19th. The financial services provider reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.09). The business had revenue of $7.18 billion during the quarter, compared to analyst estimates of $7.14 billion. U.S. Bancorp had a net margin of 19.21% and a return on equity of 16.70%. U.S. Bancorp’s quarterly revenue was up 28.2% on a year-over-year basis. During the same quarter last year, the company earned $0.99 earnings per share. On average, equities analysts predict that U.S. Bancorp will post 4.5 earnings per share for the current fiscal year.

U.S. Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Shareholders of record on Friday, June 30th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 5.81%. The ex-dividend date is Thursday, June 29th. U.S. Bancorp’s dividend payout ratio (DPR) is presently 51.06%.

U.S. Bancorp Company Profile

(Free Report)

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 in Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support segments.