MAI Capital Management reduced its holdings in U.S. Bancorp (NYSE:USB – Free Report) by 11.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,213 shares of the financial services provider’s stock after selling 6,714 shares during the quarter. MAI Capital Management’s holdings in U.S. Bancorp were worth $2,296,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Redwood Wealth Management Group LLC purchased a new stake in shares of U.S. Bancorp in the 2nd quarter valued at approximately $25,000. Frazier Financial Advisors LLC lifted its holdings in shares of 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 valued at $29,000 after purchasing an additional 441 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of U.S. Bancorp in the second quarter worth $30,000. LRI Investments LLC purchased a new position in shares of U.S. Bancorp during the first quarter valued at $31,000. Finally, Y.D. More Investments Ltd acquired a new position in U.S. Bancorp during the second quarter valued at $33,000. Institutional investors and hedge funds own 77.60% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages have commented on USB. Royal Bank of Canada set a $53.00 price objective on U.S. Bancorp in a research report on Thursday, October 17th. Morgan Stanley raised shares of U.S. Bancorp from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $54.00 to $57.00 in a research report on Monday, September 30th. DA Davidson lifted 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. Deutsche Bank Aktiengesellschaft cut shares of U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 price target on the stock. in a report on Thursday, October 24th. Finally, The Goldman Sachs Group cut their price objective on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Thirteen analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, U.S. Bancorp presently has a consensus rating of “Hold” and an average price target of $51.22.
U.S. Bancorp Trading Up 0.7 %
Shares of NYSE:USB opened at $50.74 on Thursday. U.S. Bancorp has a 52-week low of $36.49 and a 52-week high of $51.76. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $79.16 billion, a P/E ratio of 15.52, a P/E/G ratio of 2.94 and a beta of 1.02. The stock’s 50-day moving average is $47.33 and its 200-day moving average is $43.91.
U.S. Bancorp (NYSE:USB – Get Free Report) last released its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The firm had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.90 billion. During the same quarter last year, the firm posted $1.05 EPS. The company’s revenue was down 2.4% on a year-over-year basis. Equities research analysts predict that U.S. Bancorp will post 3.93 earnings per share for the current year.
U.S. Bancorp Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.50 per share. The ex-dividend date was Monday, September 30th. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a yield of 3.94%. U.S. Bancorp’s dividend payout ratio (DPR) is 61.16%.
U.S. Bancorp announced that its board has authorized a share buyback 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 usually a sign that the company’s board of directors believes its shares are undervalued.
Insider Activity at U.S. Bancorp
In other news, insider Jodi L. Richard sold 25,000 shares of U.S. Bancorp stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the sale, the insider now owns 129,790 shares of the company’s stock, valued at approximately $6,363,603.70. This trade represents a 16.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate 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.
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