DNB Asset Management AS boosted its holdings in shares of U.S. Bancorp (NYSE:USB) by 7.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 170,229 shares of the financial services provider’s stock after acquiring an additional 12,007 shares during the quarter. DNB Asset Management AS’s holdings in U.S. Bancorp were worth $9,420,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Equitable Trust Co. increased its position in U.S. Bancorp by 1.7% during the second quarter. Equitable Trust Co. now owns 11,990 shares of the financial services provider’s stock worth $628,000 after buying an additional 200 shares during the last quarter. Adams Diversified Equity Fund Inc. boosted its holdings in shares of U.S. Bancorp by 8.1% during the second quarter. Adams Diversified Equity Fund Inc. now owns 483,000 shares of the financial services provider’s stock worth $25,309,000 after acquiring an additional 36,000 shares during the period. FTB Advisors Inc. boosted its holdings in shares of U.S. Bancorp by 34.8% during the second quarter. FTB Advisors Inc. now owns 5,251 shares of the financial services provider’s stock worth $274,000 after acquiring an additional 1,356 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of U.S. Bancorp by 2.2% during the second quarter. Charles Schwab Investment Management Inc. now owns 6,615,250 shares of the financial services provider’s stock worth $346,640,000 after acquiring an additional 144,372 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its holdings in shares of U.S. Bancorp by 0.6% during the second quarter. Oregon Public Employees Retirement Fund now owns 160,241 shares of the financial services provider’s stock worth $8,397,000 after acquiring an additional 936 shares during the period. 75.50% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director David B. Omaley sold 10,133 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $55.76, for a total value of $565,016.08. Following the completion of the sale, the director now directly owns 191,754 shares in the company, valued at $10,692,203.04. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $55.25, for a total value of $520,897.00. Following the completion of the sale, the insider now owns 94,658 shares of the company’s stock, valued at $5,229,854.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,547 shares of company stock valued at $2,862,231. 0.24% of the stock is currently owned by corporate insiders.
A number of brokerages have recently issued reports on USB. UBS Group boosted their price objective on U.S. Bancorp from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, October 3rd. Macquarie cut U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 price objective for the company. in a report on Thursday, August 1st. JPMorgan Chase & Co. upgraded U.S. Bancorp from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $52.50 to $57.00 in a report on Wednesday, July 31st. Citigroup cut U.S. Bancorp from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $54.00 to $49.00 in a report on Tuesday, October 8th. Finally, Morgan Stanley boosted their price objective on U.S. Bancorp from $55.00 to $56.00 and gave the stock an “underweight” rating in a report on Thursday, July 18th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $56.31.
Shares of USB stock opened at $54.57 on Thursday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.86. The stock has a market cap of $83.93 billion, a P/E ratio of 13.31, a price-to-earnings-growth ratio of 2.07 and a beta of 1.10. The stock has a 50 day simple moving average of $54.18 and a 200 day simple moving average of $52.80. U.S. Bancorp has a 1 year low of $43.14 and a 1 year high of $57.81.
U.S. Bancorp (NYSE:USB) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.04. The business had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.81 billion. U.S. Bancorp had a return on equity of 15.45% and a net margin of 26.70%. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.06 earnings per share. Analysts forecast that U.S. Bancorp will post 4.3 EPS for the current year.
U.S. Bancorp declared that its Board of Directors has approved a stock repurchase plan on Thursday, June 27th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 3.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.42 dividend. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.37. This represents a $1.68 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend was Friday, September 27th. U.S. Bancorp’s payout ratio is 40.98%.
U.S. Bancorp Profile
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in 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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