Welch & Forbes LLC boosted its position in shares of U.S. Bancorp (NYSE:USB) by 2.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 318,980 shares of the financial services provider’s stock after purchasing an additional 6,752 shares during the period. Welch & Forbes LLC’s holdings in U.S. Bancorp were worth $17,652,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of USB. Manchester Financial Inc. purchased a new stake in shares of U.S. Bancorp in the 2nd quarter valued at approximately $30,000. Lenox Wealth Advisors LLC acquired a new position in U.S. Bancorp during the 3rd quarter worth approximately $33,000. Hillsdale Investment Management Inc. acquired a new position in U.S. Bancorp during the 2nd quarter worth approximately $37,000. Prime Capital Investment Advisors LLC grew its holdings in U.S. Bancorp by 174.0% during the 2nd quarter. Prime Capital Investment Advisors LLC now owns 707 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 449 shares in the last quarter. Finally, Old North State Trust LLC grew its holdings in U.S. Bancorp by 99.1% during the 3rd quarter. Old North State Trust LLC now owns 667 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 332 shares in the last quarter. 75.49% of the stock is currently owned by institutional investors.
Shares of U.S. Bancorp stock traded up $0.91 during trading hours on Friday, hitting $53.93. The company had a trading volume of 191,513 shares, compared to its average volume of 5,532,521. The company’s 50-day moving average is $53.90 and its two-hundred day moving average is $52.64. U.S. Bancorp has a twelve month low of $43.14 and a twelve month high of $57.81. The company has a market cap of $85.02 billion, a P/E ratio of 13.15, a price-to-earnings-growth ratio of 2.03 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.84 and a quick ratio of 0.83.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.07 by $0.02. U.S. Bancorp had a net margin of 26.70% and a return on equity of 15.45%. The firm had revenue of $5.58 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the prior year, the firm earned $1.02 EPS. U.S. Bancorp’s revenue for the quarter was down 1.1% on a year-over-year basis. Sell-side analysts expect that U.S. Bancorp will post 4.3 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, September 27th. This represents a $1.68 dividend on an annualized basis and a yield of 3.12%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.37. U.S. Bancorp’s dividend payout ratio is presently 40.98%.
U.S. Bancorp declared that its Board of Directors has initiated a share buyback plan on Thursday, June 27th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
Several research firms have commented on USB. Macquarie cut shares of U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 price target for the company. in a report on Thursday, August 1st. Credit Suisse Group reiterated a “hold” rating and set a $55.00 price target on shares of U.S. Bancorp in a report on Thursday, September 12th. Wedbush boosted their price target on shares of U.S. Bancorp from $46.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Deutsche Bank set a $59.00 price target on shares of U.S. Bancorp and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, UBS Group boosted their price target on shares of U.S. Bancorp from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, October 3rd. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $56.31.
In other news, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $57.33, for a total value of $1,146,600.00. Following the completion of the transaction, the insider now owns 65,959 shares in the company, valued at approximately $3,781,429.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David B. Omaley sold 10,133 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.76, for a total transaction of $565,016.08. Following the completion of the transaction, the director now owns 191,754 shares of the company’s stock, valued at approximately $10,692,203.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,547 shares of company stock valued at $2,862,231. 0.24% of the stock is owned by insiders.
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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