State Street Corp Lowers Stock Position in U.S. Bancorp $USB

State Street Corp decreased its holdings in U.S. Bancorp (NYSE:USB) by 0.9% in the 2nd quarter, Holdings Channel reports. The firm owned 68,530,587 shares of the financial services provider’s stock after selling 645,013 shares during the period. State Street Corp’s holdings in U.S. Bancorp were worth $3,134,862,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of U.S. Bancorp in the second quarter valued at about $971,285,000. Davis Selected Advisers increased its position in U.S. Bancorp by 29.8% in the 2nd quarter. Davis Selected Advisers now owns 19,331,637 shares of the financial services provider’s stock valued at $874,757,000 after acquiring an additional 4,442,623 shares during the period. Nuveen LLC acquired a new position in U.S. Bancorp in the 1st quarter valued at about $138,183,000. Arrowstreet Capital Limited Partnership raised its stake in U.S. Bancorp by 1,589.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,472,252 shares of the financial services provider’s stock valued at $157,119,000 after acquiring an additional 3,266,724 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in U.S. Bancorp by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 143,269,275 shares of the financial services provider’s stock worth $6,482,935,000 after acquiring an additional 2,038,996 shares during the period. Institutional investors and hedge funds own 77.60% of the company’s stock.

Insider Activity at U.S. Bancorp

In related news, EVP James L. Chosy sold 26,909 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $46.86, for a total value of $1,260,955.74. Following the sale, the executive vice president owned 226,375 shares in the company, valued at $10,607,932.50. This represents a 10.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Andrew Cecere sold 140,445 shares of U.S. Bancorp stock in a transaction on Monday, October 20th. The stock was sold at an average price of $46.34, for a total value of $6,508,221.30. Following the transaction, the chairman directly owned 1,360,414 shares of the company’s stock, valued at approximately $63,041,584.76. This represents a 9.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.23% of the stock is owned by insiders.

U.S. Bancorp Stock Performance

NYSE:USB opened at $51.58 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.10. U.S. Bancorp has a fifty-two week low of $35.18 and a fifty-two week high of $52.24. The stock has a market cap of $80.18 billion, a PE ratio of 11.80, a price-to-earnings-growth ratio of 0.97 and a beta of 1.10. The firm’s fifty day simple moving average is $47.72 and its 200-day simple moving average is $46.86.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.22 EPS for the quarter, beating the consensus estimate of $1.11 by $0.11. The firm had revenue of $7.34 billion during the quarter, compared to analysts’ expectations of $7.17 billion. U.S. Bancorp had a net margin of 16.89% and a return on equity of 13.34%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.03 earnings per share. Analysts expect that U.S. Bancorp will post 4.38 earnings per share for the current fiscal year.

U.S. Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Wednesday, December 31st. U.S. Bancorp’s dividend payout ratio (DPR) is presently 47.60%.

Analyst Ratings Changes

Several brokerages have weighed in on USB. Wells Fargo & Company lifted their target price on U.S. Bancorp from $50.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, October 17th. The Goldman Sachs Group set a $52.00 price objective on shares of U.S. Bancorp and gave the company a “neutral” rating in a research report on Friday, October 17th. Morgan Stanley reissued a “positive” rating on shares of U.S. Bancorp in a research note on Friday, October 17th. Deutsche Bank Aktiengesellschaft upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $52.50 price objective for the company in a research report on Thursday, October 23rd. Finally, Citigroup lifted their target price on shares of U.S. Bancorp from $65.00 to $70.00 and gave the company a “buy” rating in a report on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.16.

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.