Inverness Counsel LLC NY Decreases Stake in U.S. Bancorp (NYSE:USB)

Inverness Counsel LLC NY lessened its holdings in shares of U.S. Bancorp (NYSE:USB) by 2.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,473 shares of the financial services provider’s stock after selling 833 shares during the period. Inverness Counsel LLC NY’s holdings in U.S. Bancorp were worth $1,565,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in USB. JPMorgan Chase & Co. grew its position in shares of U.S. Bancorp by 54.6% in the first quarter. JPMorgan Chase & Co. now owns 36,167,368 shares of the financial services provider’s stock valued at $2,000,417,000 after purchasing an additional 12,779,463 shares during the period. Federated Hermes Inc. lifted its stake in shares of U.S. Bancorp by 2,912.1% in the first quarter. Federated Hermes Inc. now owns 3,325,857 shares of the financial services provider’s stock worth $183,953,000 after buying an additional 3,215,441 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of U.S. Bancorp by 22.2% in the first quarter. Ameriprise Financial Inc. now owns 12,478,633 shares of the financial services provider’s stock worth $690,275,000 after buying an additional 2,267,492 shares in the last quarter. FIL Ltd lifted its stake in shares of U.S. Bancorp by 40.7% in the first quarter. FIL Ltd now owns 5,743,021 shares of the financial services provider’s stock worth $317,647,000 after buying an additional 1,660,680 shares in the last quarter. Finally, Schroder Investment Management Group lifted its stake in shares of U.S. Bancorp by 100.9% in the first quarter. Schroder Investment Management Group now owns 2,999,412 shares of the financial services provider’s stock worth $165,898,000 after buying an additional 1,506,279 shares in the last quarter. Institutional investors own 73.80% of the company’s stock.

A number of brokerages have commented on USB. Morgan Stanley lifted their target price on shares of U.S. Bancorp from $60.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 29th. Oppenheimer lifted their target price on shares of U.S. Bancorp from $70.00 to $73.00 and gave the stock an “outperform” rating in a research note on Friday, July 16th. Barclays lifted their target price on shares of U.S. Bancorp from $65.00 to $68.00 and gave the stock an “overweight” rating in a research note on Friday, July 16th. Credit Suisse Group boosted their price target on shares of U.S. Bancorp from $58.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, August 25th. Finally, Compass Point boosted their price target on shares of U.S. Bancorp from $59.00 to $61.00 and gave the company a “neutral” rating in a research note on Tuesday, May 18th. Six investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $62.37.

USB stock traded up $1.09 on Wednesday, hitting $57.00. The company’s stock had a trading volume of 124,760 shares, compared to its average volume of 6,539,679. The firm has a 50 day moving average of $56.53 and a two-hundred day moving average of $57.08. U.S. Bancorp has a 1 year low of $34.17 and a 1 year high of $62.47. The stock has a market cap of $84.51 billion, a price-to-earnings ratio of 11.97, a price-to-earnings-growth ratio of 1.71 and a beta of 1.14. The company has a current ratio of 0.76, a quick ratio of 0.74 and a debt-to-equity ratio of 0.76.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Wednesday, July 14th. The financial services provider reported $1.28 EPS for the quarter, beating the consensus estimate of $1.14 by $0.14. The firm had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.62 billion. U.S. Bancorp had a net margin of 29.83% and a return on equity of 15.18%. U.S. Bancorp’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 EPS. As a group, equities analysts forecast that U.S. Bancorp will post 5 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Thursday, September 30th will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 3.23%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.42. U.S. Bancorp’s dividend payout ratio is presently 54.90%.

About U.S. Bancorp

U.S. Bancorp operates as a bank holding company, which offers financial services including lending and depository services, cash management, foreign exchange and trust and investment management. The firm also offers mortgage, refinance, auto, boat and RV loans, credit lines, credit card services, merchant, bank, checking and savings accounts, debit cards, online and mobile banking, ATM processing, mortgage banking, insurance, brokerage and leasing services.

See Also: Quick Ratio

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Institutional Ownership by Quarter for U.S. Bancorp (NYSE:USB)

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