72,602 Shares in U.S. Bancorp (NYSE:USB) Purchased by Concentric Capital Strategies LP

Concentric Capital Strategies LP bought a new stake in shares of U.S. Bancorp (NYSE:USB) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 72,602 shares of the financial services provider’s stock, valued at approximately $3,320,000.

Several other large investors have also recently made changes to their positions in USB. FMR LLC grew its stake in shares of U.S. Bancorp by 32.7% in the 3rd quarter. FMR LLC now owns 63,913,931 shares of the financial services provider’s stock worth $2,922,784,000 after buying an additional 15,746,852 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of U.S. Bancorp by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 47,328,880 shares of the financial services provider’s stock worth $2,164,350,000 after acquiring an additional 1,796,336 shares during the last quarter. Davis Selected Advisers increased its holdings in shares of U.S. Bancorp by 0.3% during the second quarter. Davis Selected Advisers now owns 14,228,444 shares of the financial services provider’s stock valued at $564,869,000 after acquiring an additional 43,437 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of U.S. Bancorp by 0.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 13,312,930 shares of the financial services provider’s stock worth $528,523,000 after purchasing an additional 94,841 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in U.S. Bancorp by 2.7% in the 2nd quarter. Legal & General Group Plc now owns 12,376,977 shares of the financial services provider’s stock worth $491,364,000 after purchasing an additional 325,374 shares in the last quarter. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

U.S. Bancorp Trading Down 1.0 %

Shares of U.S. Bancorp stock opened at $52.76 on Tuesday. U.S. Bancorp has a 1-year low of $37.81 and a 1-year high of $53.98. The company’s fifty day simple moving average is $48.44 and its 200-day simple moving average is $44.48. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $82.31 billion, a PE ratio of 16.13, a P/E/G ratio of 3.14 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 EPS for the quarter, topping 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 company had revenue of $6.86 billion for the quarter, compared to analysts’ expectations of $6.90 billion. During the same period last year, the firm earned $1.05 EPS. U.S. Bancorp’s revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, equities analysts anticipate that U.S. Bancorp will post 3.93 earnings per share for the current year.

U.S. Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid 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 dividend yield of 3.79%. U.S. Bancorp’s payout ratio is 61.16%.

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

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Oppenheimer raised their price objective on shares of U.S. Bancorp from $59.00 to $64.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. DA Davidson raised their price target on shares of U.S. Bancorp from $49.00 to $54.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Morgan Stanley upgraded shares of U.S. Bancorp from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $54.00 to $57.00 in a report on Monday, September 30th. Stephens increased their target price on U.S. Bancorp from $49.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft cut U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 price target for the company. in a research note on Thursday, October 24th. Twelve research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $52.02.

Insider Buying and Selling

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $49.03, for a total value of $1,225,750.00. Following the completion of the transaction, the insider now directly owns 129,790 shares in the company, valued at $6,363,603.70. This represents a 16.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is currently owned by insiders.

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.