Redpoint Investment Management Pty Ltd boosted its position in shares of U.S. Bancorp (NYSE:USB) by 11.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 37,780 shares of the financial services provider’s stock after purchasing an additional 3,740 shares during the period. Redpoint Investment Management Pty Ltd’s holdings in U.S. Bancorp were worth $1,760,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. Pinnacle Financial Partners Inc. lifted its holdings in U.S. Bancorp by 18.8% during the 4th quarter. Pinnacle Financial Partners Inc. now owns 230,353 shares of the financial services provider’s stock valued at $10,683,000 after purchasing an additional 36,426 shares during the last quarter. Fruth Investment Management bought a new position in U.S. Bancorp during the 4th quarter valued at about $256,000. Ellenbecker Investment Group bought a new position in U.S. Bancorp during the 4th quarter valued at about $246,000. OneAscent Financial Services LLC bought a new position in U.S. Bancorp during the 4th quarter valued at about $2,611,000. Finally, Radnor Capital Management LLC lifted its holdings in U.S. Bancorp by 1.8% during the 4th quarter. Radnor Capital Management LLC now owns 53,674 shares of the financial services provider’s stock valued at $2,501,000 after purchasing an additional 925 shares during the last quarter. 73.22% of the stock is owned by hedge funds and other institutional investors.
Shares of USB opened at $49.51 on Thursday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.80 and a current ratio of 0.82. U.S. Bancorp has a twelve month low of $28.36 and a twelve month high of $57.20. The firm’s 50 day moving average price is $46.13 and its two-hundred day moving average price is $40.01. The firm has a market cap of $74.58 billion, a P/E ratio of 16.39, a PEG ratio of 2.16 and a beta of 1.08.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Wednesday, December 30th. U.S. Bancorp’s payout ratio is currently 38.71%.
U.S. Bancorp announced that its Board of Directors has approved a share buyback program on Tuesday, December 22nd that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
Several equities analysts recently issued reports on USB shares. BidaskClub raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, December 12th. Jefferies Financial Group raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday. Credit Suisse Group raised shares of U.S. Bancorp from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $41.00 to $49.00 in a research note on Friday, December 11th. Morgan Stanley raised shares of U.S. Bancorp from an “underweight” rating to an “equal weight” rating and set a $57.00 target price for the company in a research note on Monday, November 30th. Finally, Stephens raised shares of U.S. Bancorp from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $42.00 to $52.00 in a research note on Monday, November 30th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $49.93.
In other news, insider James B. Kelligrew sold 2,868 shares of the business’s stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $40.55, for a total value of $116,297.40. Following the sale, the insider now owns 60,933 shares of the company’s stock, valued at $2,470,833.15. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.
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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