U.S. Bancorp (NYSE:USB) Shares Purchased by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. grew its stake in shares of U.S. Bancorp (NYSE:USB) by 2.6% in the third quarter, Holdings Channel.com reports. The fund owned 19,099 shares of the financial services provider’s stock after buying an additional 481 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in U.S. Bancorp were worth $873,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Banque Cantonale Vaudoise lifted its position in shares of U.S. Bancorp by 49.0% in the 1st quarter. Banque Cantonale Vaudoise now owns 6,034 shares of the financial services provider’s stock valued at $270,000 after acquiring an additional 1,983 shares in the last quarter. Wedmont Private Capital lifted its holdings in shares of U.S. Bancorp by 3.9% in the first quarter. Wedmont Private Capital now owns 16,118 shares of the financial services provider’s stock valued at $708,000 after purchasing an additional 611 shares in the last quarter. Park Avenue Securities LLC boosted its position in shares of U.S. Bancorp by 3.5% in the first quarter. Park Avenue Securities LLC now owns 166,945 shares of the financial services provider’s stock worth $7,462,000 after buying an additional 5,575 shares during the period. Marcum Wealth LLC grew its holdings in shares of U.S. Bancorp by 63.2% during the first quarter. Marcum Wealth LLC now owns 9,990 shares of the financial services provider’s stock valued at $447,000 after buying an additional 3,868 shares in the last quarter. Finally, Midwest Financial Group LLC raised its position in U.S. Bancorp by 2.0% during the first quarter. Midwest Financial Group LLC now owns 31,556 shares of the financial services provider’s stock valued at $1,411,000 after buying an additional 606 shares during the period. 77.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

USB has been the topic of several research analyst reports. Barclays lifted their target price on U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday. Wells Fargo & Company upped their price objective on shares of U.S. Bancorp from $52.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday. Oppenheimer lifted their target price on shares of U.S. Bancorp from $57.00 to $59.00 and gave the company an “outperform” rating in a research note on Thursday. The Goldman Sachs Group dropped their price target on shares of U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 11th. Finally, JPMorgan Chase & Co. cut U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 price objective for the company. in a research report on Thursday, June 27th. Twelve equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $50.34.

U.S. Bancorp Stock Performance

Shares of NYSE:USB opened at $49.98 on Friday. 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’s fifty day moving average price is $45.10 and its two-hundred day moving average price is $42.63. U.S. Bancorp has a fifty-two week low of $30.47 and a fifty-two week high of $50.47. The stock has a market capitalization of $77.99 billion, a price-to-earnings ratio of 16.55, a price-to-earnings-growth ratio of 3.32 and a beta of 1.03.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.04. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. The company had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.90 billion. During the same quarter last year, the business posted $1.05 earnings per share. The company’s revenue was down 2.4% on a year-over-year basis. As a group, analysts predict that U.S. Bancorp will post 3.86 EPS for the current fiscal year.

U.S. Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend was Monday, September 30th. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s payout ratio is 66.23%.

U.S. Bancorp announced that its Board of Directors has authorized a stock buyback program on Thursday, September 12th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

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.