First Manhattan Co. trimmed its position in U.S. Bancorp (NYSE:USB) by 2.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,355,557 shares of the financial services provider’s stock after selling 37,710 shares during the period. First Manhattan Co. owned about 0.08% of U.S. Bancorp worth $71,586,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the business. Bank of Montreal Can purchased a new position in shares of U.S. Bancorp during the 2nd quarter valued at about $131,487,000. Bank of New York Mellon Corp raised its stake in U.S. Bancorp by 15.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 15,867,860 shares of the financial services provider’s stock valued at $793,710,000 after purchasing an additional 2,071,326 shares during the period. BTIM Corp. bought a new stake in U.S. Bancorp during the 2nd quarter valued at approximately $78,408,000. Chevy Chase Trust Holdings Inc. bought a new stake in U.S. Bancorp during the 2nd quarter valued at approximately $72,386,000. Finally, Cornerstone Wealth Management LLC raised its stake in U.S. Bancorp by 5,122.1% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,133,620 shares of the financial services provider’s stock valued at $22,487,000 after purchasing an additional 1,111,912 shares during the period. 74.42% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have issued reports on USB. ValuEngine raised U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, July 26th. Zacks Investment Research downgraded U.S. Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, September 25th. Nomura dropped their target price on U.S. Bancorp from $60.00 to $54.00 and set a “neutral” rating for the company in a report on Thursday, October 18th. Citigroup cut U.S. Bancorp from a “buy” rating to a “neutral” rating in a report on Friday, November 2nd. Finally, Oppenheimer upgraded U.S. Bancorp from a “market perform” rating to an “outperform” rating and set a $62.00 target price for the company in a report on Thursday, October 18th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company’s stock. U.S. Bancorp presently has an average rating of “Hold” and a consensus target price of $59.36.
USB opened at $52.64 on Wednesday. U.S. Bancorp has a 52-week low of $48.49 and a 52-week high of $58.50. The firm has a market cap of $84.82 billion, a P/E ratio of 15.39, a price-to-earnings-growth ratio of 1.70 and a beta of 0.91. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.85 and a quick ratio of 0.84.
U.S. Bancorp (NYSE:USB) last issued its earnings results on Wednesday, October 17th. The financial services provider reported $1.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.04 by $0.02. U.S. Bancorp had a return on equity of 15.14% and a net margin of 27.53%. The business had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.68 billion. During the same period in the prior year, the business earned $0.88 EPS. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, research analysts forecast that U.S. Bancorp will post 4.1 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 2.81%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date was Thursday, September 27th. U.S. Bancorp’s dividend payout ratio is currently 43.27%.
In other U.S. Bancorp news, Vice Chairman Terrance R. Dolan sold 15,524 shares of the company’s stock in a transaction on Thursday, October 18th. The stock was sold at an average price of $52.91, for a total value of $821,374.84. Following the completion of the sale, the insider now directly owns 124,086 shares in the company, valued at approximately $6,565,390.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Gillern Jeffry H. Von sold 17,508 shares of the company’s stock in a transaction on Wednesday, October 24th. The stock was sold at an average price of $50.81, for a total value of $889,581.48. Following the completion of the sale, the insider now owns 121,137 shares of the company’s stock, valued at $6,154,970.97. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by corporate insiders.
About U.S. Bancorp
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. The company operates through five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.
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