Rockland Trust Co. boosted its stake in U.S. Bancorp (NYSE:USB) by 2.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,587 shares of the financial services provider’s stock after purchasing an additional 400 shares during the quarter. Rockland Trust Co.’s holdings in U.S. Bancorp were worth $933,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the business. Manchester Financial Inc. bought a new stake in U.S. Bancorp in the second quarter worth about $30,000. Lenox Wealth Advisors LLC bought a new stake in shares of U.S. Bancorp in the third quarter valued at approximately $33,000. Hillsdale Investment Management Inc. bought a new stake in shares of U.S. Bancorp in the second quarter valued at approximately $37,000. Prime Capital Investment Advisors LLC raised its position in shares of U.S. Bancorp by 174.0% in the second quarter. Prime Capital Investment Advisors LLC now owns 707 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 449 shares during the period. Finally, Old North State Trust LLC raised its position in shares of U.S. Bancorp by 99.1% in the third quarter. Old North State Trust LLC now owns 667 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 332 shares during the period. Institutional investors and hedge funds own 75.49% of the company’s stock.
USB stock opened at $53.47 on Friday. 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 has a one year low of $43.14 and a one year high of $57.81. The stock has a market cap of $82.90 billion, a PE ratio of 12.47, a P/E/G ratio of 2.04 and a beta of 1.10. The firm has a 50 day simple moving average of $53.94 and a two-hundred day simple moving average of $52.66.
U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $1.09 earnings per share for the quarter, topping the Zacks’ 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 analyst estimates of $5.73 billion. During the same period in the previous year, the business posted $1.02 EPS. The business’s quarterly revenue was down 1.1% on a year-over-year basis. On average, research analysts expect that U.S. Bancorp will post 4.3 EPS for the current fiscal year.
U.S. Bancorp declared that its Board of Directors has approved a stock buyback program on Thursday, June 27th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 3.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.42 per share. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.37. This represents a $1.68 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date is Friday, September 27th. U.S. Bancorp’s dividend payout ratio is currently 40.98%.
In other U.S. Bancorp news, EVP Mark G. Runkel sold 10,986 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $57.32, for a total value of $629,717.52. Following the completion of the transaction, the executive vice president now directly owns 45,213 shares in the company, valued at approximately $2,591,609.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $57.33, for a total transaction of $1,146,600.00. Following the completion of the transaction, the insider now owns 65,959 shares of the company’s stock, valued at $3,781,429.47. The disclosure for this sale can be found here. Insiders have sold a total of 50,547 shares of company stock valued at $2,862,231 over the last quarter. 0.24% of the stock is currently owned by company insiders.
Several equities analysts recently commented on the stock. Credit Suisse Group reaffirmed a “hold” rating and set a $55.00 price objective on shares of U.S. Bancorp in a research note on Thursday, September 12th. JPMorgan Chase & Co. raised shares of U.S. Bancorp from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $52.50 to $57.00 in a research note on Wednesday, July 31st. UBS Group boosted their price objective on shares of U.S. Bancorp from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Thursday, October 3rd. Deutsche Bank set a $59.00 price objective on shares of U.S. Bancorp and gave the company a “hold” rating in a research note on Friday, July 26th. Finally, Citigroup cut shares of U.S. Bancorp from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $54.00 to $49.00 in a research note on Tuesday. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. U.S. Bancorp currently has an average rating of “Hold” and an average target price of $56.31.
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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