Cerity Partners LLC Buys 101,264 Shares of U.S. Bancorp (NYSE:USB)

Cerity Partners LLC increased its stake in shares of U.S. Bancorp (NYSE:USB) by 17.0% during the third quarter, HoldingsChannel reports. The fund owned 697,059 shares of the financial services provider’s stock after buying an additional 101,264 shares during the period. Cerity Partners LLC’s holdings in U.S. Bancorp were worth $31,881,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Redwood Wealth Management Group LLC acquired a new position in shares of U.S. Bancorp during the second quarter worth about $25,000. Frazier Financial Advisors LLC lifted its stake in U.S. Bancorp by 222.7% in the 3rd quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 441 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in U.S. Bancorp during the 2nd quarter worth approximately $30,000. LRI Investments LLC bought a new position in shares of U.S. Bancorp during the 1st quarter worth approximately $31,000. Finally, Y.D. More Investments Ltd acquired a new stake in shares of U.S. Bancorp in the second quarter valued at approximately $33,000. 77.60% of the stock is owned by institutional investors.

U.S. Bancorp Stock Performance

NYSE:USB opened at $52.49 on Monday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04. The stock has a 50 day simple moving average of $47.63 and a 200 day simple moving average of $44.06. U.S. Bancorp has a 1-year low of $36.49 and a 1-year high of $52.69. The stock has a market cap of $81.89 billion, a P/E ratio of 16.05, a PEG ratio of 3.03 and a beta of 1.02.

U.S. Bancorp (NYSE:USB) last announced 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 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 analysts’ expectations of $6.90 billion. During the same quarter in the previous year, the business posted $1.05 earnings per share. U.S. Bancorp’s quarterly revenue was down 2.4% on a year-over-year basis. Research analysts anticipate that U.S. Bancorp will post 3.93 earnings per share for the current year.

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

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date was Monday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio is presently 61.16%.

Insider Transactions at U.S. Bancorp

In related news, insider Jodi L. Richard sold 25,000 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $49.03, for a total value of $1,225,750.00. Following the transaction, the insider now owns 129,790 shares in the company, valued at approximately $6,363,603.70. This trade represents a 16.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on USB shares. Barclays raised 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 report on Thursday, October 17th. Evercore ISI lifted their target price on U.S. Bancorp from $51.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Royal Bank of Canada set a $53.00 price target on U.S. Bancorp in a research report on Thursday, October 17th. Wells Fargo & Company boosted their price target on U.S. Bancorp from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Robert W. Baird set a $54.00 price objective on U.S. Bancorp in a report on Thursday, October 17th. Thirteen research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $51.22.

U.S. Bancorp 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.