Corebridge Financial Inc. Reduces Stock Position in U.S. Bancorp (NYSE:USB)

Corebridge Financial Inc. reduced its holdings in shares of U.S. Bancorp (NYSE:USB) by 13.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 373,329 shares of the financial services provider’s stock after selling 59,716 shares during the quarter. Corebridge Financial Inc.’s holdings in U.S. Bancorp were worth $17,856,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. United Services Automobile Association boosted its stake in U.S. Bancorp by 2.1% during the 4th quarter. United Services Automobile Association now owns 35,088 shares of the financial services provider’s stock valued at $1,678,000 after acquiring an additional 709 shares during the last quarter. Crowley Wealth Management Inc. bought a new position in shares of U.S. Bancorp during the fourth quarter worth about $135,000. Vanguard Group Inc. grew its stake in U.S. Bancorp by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 138,836,896 shares of the financial services provider’s stock worth $6,640,569,000 after purchasing an additional 1,079,056 shares in the last quarter. LPL Financial LLC increased its holdings in U.S. Bancorp by 11.6% in the fourth quarter. LPL Financial LLC now owns 2,431,993 shares of the financial services provider’s stock valued at $116,322,000 after buying an additional 252,268 shares during the last quarter. Finally, Blueprint Investment Partners LLC acquired a new stake in U.S. Bancorp during the fourth quarter valued at approximately $329,000. Institutional investors and hedge funds own 77.60% of the company’s stock.

U.S. Bancorp Stock Up 2.3 %

USB stock opened at $43.81 on Tuesday. The firm’s 50-day moving average is $46.21 and its two-hundred day moving average is $47.63. The company has a market capitalization of $68.25 billion, a price-to-earnings ratio of 11.56, a price-to-earnings-growth ratio of 1.73 and a beta of 1.02. U.S. Bancorp has a 52 week low of $37.81 and a 52 week high of $53.98. 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 (NYSE:USB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.01. The business had revenue of $7.01 billion for the quarter, compared to analyst estimates of $7 billion. U.S. Bancorp had a net margin of 14.75% and a return on equity of 12.94%. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter last year, the business earned $0.99 earnings per share. On average, analysts forecast that U.S. Bancorp will post 4.38 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 Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.57%. The ex-dividend date of this dividend is Monday, March 31st. U.S. Bancorp’s payout ratio is currently 52.77%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Oppenheimer boosted their price target on U.S. Bancorp from $62.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, January 17th. The Goldman Sachs Group lowered their target price on shares of U.S. Bancorp from $51.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Raymond James upgraded shares of U.S. Bancorp from a “market perform” rating to an “outperform” rating and set a $57.00 price target on the stock in a research report on Thursday, December 19th. Truist Financial assumed coverage on shares of U.S. Bancorp in a research report on Tuesday, January 7th. They set a “hold” rating and a $54.00 price objective for the company. Finally, Citigroup cut their target price on shares of U.S. Bancorp from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Monday. Ten analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.48.

Insiders Place Their Bets

In other news, CEO Andrew Cecere sold 102,044 shares of U.S. Bancorp stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $47.25, for a total value of $4,821,579.00. Following the transaction, the chief executive officer now owns 1,230,316 shares of the company’s stock, valued at $58,132,431. The trade was a 7.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Terrance R. Dolan sold 66,317 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 209,482 shares of the company’s stock, valued at approximately $9,837,274.72. This represents a 24.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 219,812 shares of company stock worth $10,385,665. 0.23% of the stock is owned by corporate 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.