Renaissance Technologies LLC Buys New Holdings in U.S. Bancorp (NYSE:USB)

Renaissance Technologies LLC purchased a new position in shares of U.S. Bancorp (NYSE:USB) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 231,700 shares of the financial services provider’s stock, valued at approximately $9,198,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Redwood Wealth Management Group LLC bought a new stake in U.S. Bancorp in the second quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. acquired a new stake in U.S. Bancorp during the first quarter valued at approximately $30,000. 1620 Investment Advisors Inc. bought a new stake in shares of U.S. Bancorp in the 2nd quarter valued at approximately $30,000. Eagle Bay Advisors LLC raised its holdings in shares of U.S. Bancorp by 93.2% in the 1st quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock worth $31,000 after buying 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. Institutional investors own 77.60% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Citigroup upped their price target on U.S. Bancorp from $45.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Morgan Stanley increased their target price on shares of U.S. Bancorp from $47.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Royal Bank of Canada restated an “outperform” rating and issued a $48.00 price target on shares of U.S. Bancorp in a research report on Friday, September 13th. The Goldman Sachs Group dropped their price objective on shares of U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Finally, Evercore ISI boosted their target price on U.S. Bancorp from $45.00 to $48.00 and gave the stock an “in-line” rating in a report on Tuesday, June 25th. Thirteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $48.18.

U.S. Bancorp Stock Down 0.5 %

NYSE:USB opened at $45.63 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 1.05. U.S. Bancorp has a 12-month low of $30.47 and a 12-month high of $47.31. The stock’s fifty day simple moving average is $44.51 and its 200-day simple moving average is $42.34. The firm has a market capitalization of $71.20 billion, a P/E ratio of 15.11, a P/E/G ratio of 4.36 and a beta of 1.04.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.04. The company had revenue of $6.87 billion during the quarter, compared to analysts’ expectations of $6.81 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. U.S. Bancorp’s revenue was down 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.12 EPS. Equities research analysts expect that U.S. Bancorp will post 3.87 earnings per share for the current year.

U.S. Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.38%. The ex-dividend date is Monday, September 30th. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio (DPR) is presently 66.23%.

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

Insider Buying and Selling at U.S. Bancorp

In other U.S. Bancorp news, Director Aleem Gillani acquired 10,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were acquired at an average price of $44.99 per share, for a total transaction of $449,900.00. Following the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $449,900. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.23% of the company’s stock.

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.