Chase Investment Counsel Corp Has $397,000 Holdings in U.S. Bancorp (NYSE:USB)

Chase Investment Counsel Corp increased its stake in shares of U.S. Bancorp (NYSE:USB) by 8.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,006 shares of the financial services provider’s stock after purchasing an additional 799 shares during the period. Chase Investment Counsel Corp’s holdings in U.S. Bancorp were worth $397,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in USB. Redwood Wealth Management Group LLC acquired a new position in U.S. Bancorp in the second quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. bought a new position in shares of U.S. Bancorp during the first quarter worth about $30,000. 1620 Investment Advisors Inc. bought a new position in shares of U.S. Bancorp during the second quarter worth about $30,000. Eagle Bay Advisors LLC grew its stake in U.S. Bancorp by 93.2% in the first quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 331 shares in the last quarter. Finally, LRI Investments LLC bought a new position in shares of U.S. Bancorp during the 1st quarter worth approximately $31,000. 77.60% of the stock is owned by institutional investors and hedge funds.

U.S. Bancorp Price Performance

Shares of NYSE USB opened at $45.48 on Monday. The stock has a market capitalization of $70.97 billion, a PE ratio of 15.06, a P/E/G ratio of 3.06 and a beta of 1.04. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.81 and a quick ratio of 0.80. The business has a fifty day moving average price of $44.53 and a two-hundred day moving average price of $42.38. U.S. Bancorp has a fifty-two week low of $30.47 and a fifty-two week high of $47.31.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.04. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. The firm had revenue of $6.87 billion during the quarter, compared to analysts’ expectations of $6.81 billion. During the same period in the previous year, the firm earned $1.12 EPS. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. As a group, equities analysts predict that U.S. Bancorp will post 3.86 earnings per share for the current fiscal year.

U.S. Bancorp declared that its board has approved a share repurchase program on Thursday, September 12th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

U.S. Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.40%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s payout ratio is 66.23%.

Insider Transactions at U.S. Bancorp

In other U.S. Bancorp news, Director Aleem Gillani purchased 10,000 shares of the stock in a transaction dated Thursday, July 18th. The stock was bought at an average price of $44.99 per share, with a total value of $449,900.00. Following the acquisition, the director now owns 10,000 shares of the company’s stock, valued at $449,900. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on USB shares. DA Davidson lifted their target price on U.S. Bancorp from $44.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Wells Fargo & Company lifted their target price on U.S. Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Morgan Stanley lifted their price target on U.S. Bancorp from $47.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Jefferies Financial Group dropped their price target on U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating for the company in a report on Wednesday, July 3rd. Finally, The Goldman Sachs Group dropped their price target on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Thirteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $48.18.

U.S. Bancorp Company Profile

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.