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

Concorde Asset Management LLC cut its stake in U.S. Bancorp (NYSE:USB) by 7.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Heritage Trust Co acquired a new stake in shares of U.S. Bancorp in the 4th quarter worth approximately $3,731,000. Summit Financial Wealth Advisors LLC grew its holdings in U.S. Bancorp by 5.4% in the fourth quarter. Summit Financial Wealth Advisors LLC now owns 103,800 shares of the financial services provider’s stock valued at $4,865,000 after purchasing an additional 5,279 shares during the last quarter. Covestor Ltd increased its position in shares of U.S. Bancorp by 12.3% in the fourth quarter. Covestor Ltd now owns 1,955 shares of the financial services provider’s stock valued at $94,000 after buying an additional 214 shares in the last quarter. Argent Trust Co boosted its position in shares of U.S. Bancorp by 2.5% in the 4th quarter. Argent Trust Co now owns 53,959 shares of the financial services provider’s stock worth $2,581,000 after buying an additional 1,321 shares in the last quarter. Finally, Accredited Investors Inc. grew its stake in U.S. Bancorp by 0.5% in the 4th quarter. Accredited Investors Inc. now owns 66,198 shares of the financial services provider’s stock valued at $3,166,000 after acquiring an additional 308 shares during the last quarter. 77.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at U.S. Bancorp

In related news, EVP James L. Chosy sold 21,451 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $47.65, for a total value of $1,022,140.15. Following the transaction, the executive vice president now owns 198,127 shares in the company, valued at approximately $9,440,751.55. The trade was a 9.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jodi L. Richard sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $47.59, for a total value of $1,427,700.00. Following the sale, the insider now owns 99,790 shares of the company’s stock, valued at approximately $4,749,006.10. This trade represents a 23.11 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 219,812 shares of company stock valued at $10,385,665. Corporate insiders own 0.23% of the company’s stock.

U.S. Bancorp Stock Performance

NYSE:USB opened at $37.22 on Friday. The firm’s fifty day simple moving average is $43.65 and its 200 day simple moving average is $47.07. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 1.11. U.S. Bancorp has a twelve month low of $35.18 and a twelve month high of $53.98. The firm 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.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $1.07 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $7.01 billion for the quarter, compared to analysts’ expectations of $7 billion. During the same quarter in the previous year, the firm posted $0.99 earnings per share. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. As a group, equities research analysts expect that U.S. Bancorp will post 4.38 earnings per share for the current fiscal year.

U.S. Bancorp Announces Dividend

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

Analysts Set New Price Targets

USB has been the topic of several recent research reports. Piper Sandler raised shares of U.S. Bancorp from a “neutral” rating to an “overweight” rating and set a $58.00 price target on the stock in a report on Monday, January 13th. Citigroup reduced their target price on U.S. Bancorp from $65.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Wolfe Research upgraded U.S. Bancorp from a “peer perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a report on Thursday, April 3rd. Oppenheimer boosted their price target on U.S. Bancorp from $62.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $43.50 price objective (down previously from $51.00) on shares of U.S. Bancorp in a research note on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $52.52.

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.