Black Maple Capital Management LP Lowers Stock Position in U.S. Bancorp $USB

by · The Cerbat Gem

Black Maple Capital Management LP lessened its holdings in shares of U.S. Bancorp (NYSE:USB – Free Report) by 91.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,000 shares of the financial services provider’s stock after selling 70,500 shares during the period. Black Maple Capital Management LP’s holdings in U.S. Bancorp were worth $317,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in U.S. Bancorp by 323.0% in the fourth quarter. Brighton Jones LLC now owns 48,274 shares of the financial services provider’s stock valued at $2,309,000 after purchasing an additional 36,863 shares during the last quarter. Neuberger Berman Group LLC raised its position in shares of U.S. Bancorp by 15.2% in the first quarter. Neuberger Berman Group LLC now owns 113,408 shares of the financial services provider’s stock valued at $4,788,000 after buying an additional 14,923 shares during the last quarter. Kovitz Investment Group Partners LLC lifted its stake in shares of U.S. Bancorp by 10.3% during the 1st quarter. Kovitz Investment Group Partners LLC now owns 77,258 shares of the financial services provider’s stock worth $3,262,000 after purchasing an additional 7,188 shares during the period. Fox Run Management L.L.C. purchased a new position in U.S. Bancorp during the first quarter worth about $802,000. Finally, Providence Capital Advisors LLC boosted its position in shares of U.S. Bancorp by 6.6% in the first quarter. Providence Capital Advisors LLC now owns 209,182 shares of the financial services provider’s stock worth $8,832,000 after acquiring an additional 12,968 shares during the last quarter. 77.60% of the stock is currently owned by institutional investors and hedge funds.

U.S. Bancorp Trading Down 0.3%

NYSE:USB opened at $53.41 on Friday. The stock has a market cap of $83.02 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 1.01 and a beta of 1.10. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.82 and a current ratio of 0.82. The business has a fifty day moving average of $48.05 and a 200-day moving average of $47.02. U.S. Bancorp has a 1 year low of $35.18 and a 1 year high of $53.98.

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

U.S. Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Wednesday, December 31st. U.S. Bancorp’s payout ratio is presently 47.60%.

Insider Buying and Selling

In related news, EVP James L. Chosy sold 26,909 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $46.86, for a total value of $1,260,955.74. Following the sale, the executive vice president directly owned 226,375 shares in the company, valued at $10,607,932.50. The trade was a 10.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Andrew Cecere sold 140,445 shares of the stock in a transaction on Monday, October 20th. The shares were sold at an average price of $46.34, for a total value of $6,508,221.30. Following the sale, the chairman owned 1,360,414 shares of the company’s stock, valued at $63,041,584.76. This trade represents a 9.36% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.23% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on USB. Truist Financial boosted their price target on U.S. Bancorp from $51.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, October 17th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of U.S. Bancorp in a research note on Wednesday, October 8th. The Goldman Sachs Group set a $52.00 target price on U.S. Bancorp and gave the company a “neutral” rating in a research report on Friday, October 17th. Cowen reaffirmed a “buy” rating on shares of U.S. Bancorp in a research report on Monday, October 20th. Finally, Evercore ISI raised their price objective on 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 analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.16.

Get Our Latest Report on USB

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 through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.

Featured Articles

Want to see what other hedge funds are holding USB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for U.S. Bancorp (NYSE:USB – Free Report).