Grimes & Company Inc. Acquires 801 Shares of U.S. Bancorp (NYSE:USB)

Grimes & Company Inc. increased its holdings in shares of U.S. Bancorp (NYSE:USB) by 3.5% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 23,853 shares of the financial services provider’s stock after purchasing an additional 801 shares during the period. Grimes & Company Inc.’s holdings in U.S. Bancorp were worth $1,091,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of USB. Redwood Wealth Management Group LLC bought a new stake in shares of U.S. Bancorp during the 2nd quarter worth $25,000. 1620 Investment Advisors Inc. bought a new stake in shares of U.S. Bancorp during the 2nd quarter worth $30,000. Eagle Bay Advisors LLC lifted its position 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 buying an additional 331 shares during the last quarter. LRI Investments LLC bought a new position in U.S. Bancorp in the first quarter valued at about $31,000. Finally, Y.D. More Investments Ltd bought a new position in U.S. Bancorp in the second quarter valued at about $33,000. 77.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on USB shares. Robert W. Baird set a $54.00 target price on U.S. Bancorp in a research report on Thursday, October 17th. Oppenheimer increased their target price on U.S. Bancorp from $57.00 to $59.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. UBS Group increased their target price on U.S. Bancorp from $43.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Evercore ISI increased their price target on U.S. Bancorp from $49.00 to $51.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. Finally, Jefferies Financial Group decreased their price target on U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Wednesday, July 3rd. Thirteen analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $50.72.

U.S. Bancorp Trading Down 0.2 %

NYSE USB opened at $48.45 on Friday. The business has a 50 day simple moving average of $45.61 and a 200 day simple moving average of $42.77. U.S. Bancorp has a one year low of $30.47 and a one year high of $50.47. The stock has a market capitalization of $75.60 billion, a P/E ratio of 16.04, a P/E/G ratio of 3.32 and a beta of 1.03. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.81 and a quick ratio of 0.80.

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

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.00 annualized dividend and a yield of 4.13%. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio is presently 66.23%.

U.S. Bancorp declared that its Board of Directors has initiated a stock repurchase program on Thursday, September 12th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was 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 approximately $6,363,603.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

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.