Corundum Group Inc. Lowers Position in U.S. Bancorp (NYSE:USB)

Corundum Group Inc. decreased its stake in U.S. Bancorp (NYSE:USB) by 19.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,119 shares of the financial services provider’s stock after selling 6,903 shares during the quarter. Corundum Group Inc.’s holdings in U.S. Bancorp were worth $1,286,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in USB. Brookstone Capital Management increased its holdings in U.S. Bancorp by 2,056.5% in the 1st quarter. Brookstone Capital Management now owns 218,668 shares of the financial services provider’s stock worth $9,774,000 after acquiring an additional 208,528 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of U.S. Bancorp during the 2nd quarter valued at $20,188,000. Mission Wealth Management LP lifted its stake in shares of U.S. Bancorp by 200.7% during the 1st quarter. Mission Wealth Management LP now owns 18,273 shares of the financial services provider’s stock valued at $817,000 after buying an additional 12,197 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in U.S. Bancorp by 6.4% in the 1st quarter. Janus Henderson Group PLC now owns 276,599 shares of the financial services provider’s stock worth $12,363,000 after buying an additional 16,686 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in U.S. Bancorp by 90.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 862,317 shares of the financial services provider’s stock worth $36,676,000 after buying an additional 409,192 shares in the last quarter. Institutional investors own 77.60% of the company’s stock.

U.S. Bancorp Stock Down 1.6 %

Shares of USB opened at $49.16 on Monday. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 1.05. The business has a fifty day moving average of $45.24 and a 200 day moving average of $42.66. The company has a market cap of $76.71 billion, a PE ratio of 16.28, a P/E/G ratio of 3.32 and a beta of 1.03. U.S. Bancorp has a 52-week low of $30.47 and a 52-week high of $50.47.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. The firm had revenue of $6.86 billion during the quarter, compared to analysts’ expectations of $6.90 billion. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.05 EPS. On average, sell-side analysts expect that U.S. Bancorp will post 3.86 EPS for the current year.

U.S. Bancorp announced that its Board of Directors has initiated a share buyback program on Thursday, September 12th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.50 per share. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.07%. U.S. Bancorp’s dividend payout ratio is currently 66.23%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. lowered U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 price objective for the company. in a research note on Thursday, June 27th. Oppenheimer lifted their price objective on shares of U.S. Bancorp from $57.00 to $59.00 and gave the company an “outperform” rating in a research report on Thursday. DA Davidson upped their target price on shares of U.S. Bancorp from $49.00 to $54.00 and gave the stock a “neutral” rating in a research report on Thursday. Barclays lifted their price target on shares of U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Royal Bank of Canada set a $53.00 target price on U.S. Bancorp in a report on Thursday. Twelve equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $50.71.

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.