Intech Investment Management LLC increased its stake in U.S. Bancorp (NYSE:USB – Free Report) by 63.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,284 shares of the financial services provider’s stock after buying an additional 5,911 shares during the period. Intech Investment Management LLC’s holdings in U.S. Bancorp were worth $699,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Redwood Wealth Management Group LLC purchased a new position in shares of U.S. Bancorp during the 2nd quarter worth approximately $25,000. Frazier Financial Advisors LLC grew its stake in U.S. Bancorp by 222.7% in the third quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 441 shares during the period. LRI Investments LLC bought a new position in U.S. Bancorp in the first quarter worth $31,000. 1620 Investment Advisors Inc. purchased a new position in U.S. Bancorp during the second quarter valued at $30,000. Finally, Y.D. More Investments Ltd bought a new stake in shares of U.S. Bancorp during the 2nd quarter valued at $33,000. 77.60% of the stock is currently owned by hedge funds and other institutional investors.
U.S. Bancorp Stock Down 0.4 %
USB opened at $53.29 on Friday. The stock has a market capitalization of $83.13 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 3.15 and a beta of 1.02. The firm has a 50 day moving average price of $48.44 and a 200-day moving average price of $44.44. U.S. Bancorp has a twelve month low of $37.67 and a twelve month high of $53.98. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.04.
U.S. Bancorp announced that its Board of Directors has approved a share buyback plan on Thursday, September 12th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
U.S. Bancorp Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.50 dividend. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.00 dividend on an annualized basis and a yield of 3.75%. U.S. Bancorp’s dividend payout ratio is currently 61.16%.
Insiders Place Their Bets
In other news, insider Jodi L. Richard sold 25,000 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $49.03, for a total value of $1,225,750.00. Following the transaction, the insider now owns 129,790 shares in the company, valued at $6,363,603.70. This represents a 16.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.23% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on USB. Citigroup upgraded shares of U.S. Bancorp from a “neutral” rating to a “buy” rating and increased their price target for the stock from $49.00 to $65.00 in a research note on Monday, November 25th. Stephens raised their target price on shares of U.S. Bancorp from $49.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. The Goldman Sachs Group dropped their price target on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 11th. Wells Fargo & Company raised their price objective on U.S. Bancorp from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Oppenheimer boosted their target price on U.S. Bancorp from $59.00 to $64.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Twelve research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, U.S. Bancorp presently has an average rating of “Hold” and an average price target of $52.02.
Get Our Latest Stock Analysis on USB
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.
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