U.S. Bancorp (NYSE:USB) Shares Sold by Old Port Advisors

Old Port Advisors cut its position in shares of U.S. Bancorp (NYSE:USB) by 8.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,313 shares of the financial services provider’s stock after selling 788 shares during the quarter. Old Port Advisors’ holdings in U.S. Bancorp were worth $380,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Marshall Wace LLP increased its stake in U.S. Bancorp by 1,438.4% during the second quarter. Marshall Wace LLP now owns 2,263,296 shares of the financial services provider’s stock valued at $89,853,000 after purchasing an additional 2,116,175 shares during the last quarter. National Bank of Canada FI increased its stake in U.S. Bancorp by 313.8% during the second quarter. National Bank of Canada FI now owns 2,698,642 shares of the financial services provider’s stock valued at $105,903,000 after purchasing an additional 2,046,522 shares during the last quarter. BNP Paribas Financial Markets increased its stake in U.S. Bancorp by 88.9% during the first quarter. BNP Paribas Financial Markets now owns 2,331,050 shares of the financial services provider’s stock valued at $104,198,000 after purchasing an additional 1,097,179 shares during the last quarter. Clearbridge Investments LLC increased its stake in U.S. Bancorp by 16.2% during the first quarter. Clearbridge Investments LLC now owns 6,941,466 shares of the financial services provider’s stock valued at $310,284,000 after purchasing an additional 967,143 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in U.S. Bancorp by 15.6% during the second quarter. American Century Companies Inc. now owns 6,846,497 shares of the financial services provider’s stock valued at $271,806,000 after purchasing an additional 925,073 shares during the last quarter. Institutional investors and hedge funds own 77.60% of the company’s stock.

U.S. Bancorp Trading Down 0.7 %

Shares of NYSE:USB opened at $48.23 on Wednesday. The company has a 50 day moving average of $46.00 and a 200-day moving average of $42.93. The firm has a market cap of $75.26 billion, a P/E ratio of 15.97, a P/E/G ratio of 2.85 and a beta of 1.03. U.S. Bancorp has a twelve month low of $30.59 and a twelve month high of $50.47. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. U.S. Bancorp had a net margin of 12.92% and a return on equity of 12.91%. The company had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.90 billion. During the same period in the prior year, the business posted $1.05 EPS. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, analysts anticipate that U.S. Bancorp will post 3.9 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a yield of 4.15%. U.S. Bancorp’s dividend payout ratio is currently 66.23%.

U.S. Bancorp announced that its Board of Directors has approved a stock buyback plan on Thursday, September 12th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on USB shares. The Goldman Sachs Group reduced their price target 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. Barclays boosted their target price on shares of U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. DA Davidson boosted their target price on shares of U.S. Bancorp from $49.00 to $54.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Evercore ISI boosted their target price on shares of 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, Royal Bank of Canada set a $53.00 target price on shares of U.S. Bancorp in a research note on Thursday, October 17th. Thirteen research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, U.S. Bancorp currently has an average rating of “Hold” and a consensus target price of $50.72.

Insider Activity at U.S. Bancorp

In related 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 transaction of $1,225,750.00. Following the completion of the sale, the insider now directly owns 129,790 shares of the company’s stock, valued at $6,363,603.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.23% of the company’s stock.

U.S. Bancorp Company 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.