Point72 Hong Kong Ltd Makes New $2.40 Million Investment in U.S. Bancorp (NYSE:USB)

Point72 Hong Kong Ltd purchased a new stake in U.S. Bancorp (NYSE:USB) during the second quarter, according to its most recent filing with the SEC. The firm purchased 60,549 shares of the financial services provider’s stock, valued at approximately $2,404,000.

Other large investors have also recently made changes to their positions in the company. Redwood Wealth Management Group LLC purchased a new position in U.S. Bancorp in the second quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. bought a new stake in shares of U.S. Bancorp in the 1st quarter valued at about $30,000. 1620 Investment Advisors Inc. purchased a new position in shares of U.S. Bancorp in the 2nd quarter worth approximately $30,000. Eagle Bay Advisors LLC raised its stake in shares of U.S. Bancorp by 93.2% during the 1st quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 331 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in U.S. Bancorp during the first quarter valued at approximately $31,000. 77.60% of the stock is owned by institutional investors.

U.S. Bancorp Price Performance

Shares of USB opened at $44.75 on Thursday. The business’s 50-day moving average is $44.51 and its two-hundred day moving average is $42.34. The company has a market capitalization of $69.83 billion, a P/E ratio of 14.82, a P/E/G ratio of 3.06 and a beta of 1.04. U.S. Bancorp has a fifty-two week low of $30.47 and a fifty-two week high of $47.31. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.81.

U.S. Bancorp (NYSE:USB) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.98 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $6.81 billion. During the same period last year, the company earned $1.12 earnings per share. U.S. Bancorp’s revenue for the quarter was down 4.3% compared to the same quarter last year. Research analysts predict that U.S. Bancorp will post 3.86 earnings per share for the current year.

U.S. Bancorp declared that its Board of Directors has initiated a share repurchase program on Thursday, September 12th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

U.S. Bancorp Increases Dividend

The company also recently announced 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. This represents a $2.00 annualized dividend and a dividend yield of 4.47%. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Monday, September 30th. U.S. Bancorp’s payout ratio is 66.23%.

Insider Activity at U.S. Bancorp

In other news, Director Aleem Gillani purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The shares were bought at an average price of $44.99 per share, for a total transaction of $449,900.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at $449,900. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Wells Fargo & Company lifted their price target on shares of U.S. Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. cut U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 price target for the company. in a research note on Thursday, June 27th. DA Davidson raised their price target on U.S. Bancorp from $44.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Royal Bank of Canada restated an “outperform” rating and set a $48.00 price objective on shares of U.S. Bancorp in a report on Friday, September 13th. Finally, UBS Group lifted their target price on shares of U.S. Bancorp from $43.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Thirteen research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $48.18.

U.S. Bancorp 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.