Envestnet Asset Management Inc. Purchases 165,821 Shares of U.S. Bancorp $USB

Envestnet Asset Management Inc. grew its position in U.S. Bancorp (NYSE:USB) by 2.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,387,388 shares of the financial services provider’s stock after purchasing an additional 165,821 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.47% of U.S. Bancorp worth $334,279,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Crestwood Advisors Group LLC boosted its position in shares of U.S. Bancorp by 10.6% during the first quarter. Crestwood Advisors Group LLC now owns 6,784 shares of the financial services provider’s stock worth $286,000 after acquiring an additional 649 shares during the last quarter. Ally Financial Inc. boosted its position in shares of U.S. Bancorp by 12.3% during the first quarter. Ally Financial Inc. now owns 91,000 shares of the financial services provider’s stock worth $3,842,000 after acquiring an additional 10,000 shares during the last quarter. United Community Bank boosted its position in shares of U.S. Bancorp by 21.8% during the first quarter. United Community Bank now owns 49,066 shares of the financial services provider’s stock worth $2,072,000 after acquiring an additional 8,796 shares during the last quarter. Jump Financial LLC boosted its position in shares of U.S. Bancorp by 1,952.5% during the first quarter. Jump Financial LLC now owns 840,308 shares of the financial services provider’s stock worth $35,478,000 after acquiring an additional 799,368 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of U.S. Bancorp by 7.2% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 233,157 shares of the financial services provider’s stock worth $9,844,000 after acquiring an additional 15,743 shares during the last quarter. 77.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on USB shares. Citigroup upped their target price on shares of U.S. Bancorp from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, October 17th. Oppenheimer dropped their target price on shares of U.S. Bancorp from $67.00 to $66.00 and set an “outperform” rating for the company in a research report on Tuesday, September 23rd. Morgan Stanley restated a “positive” rating on shares of U.S. Bancorp in a research report on Friday, October 17th. Deutsche Bank Aktiengesellschaft raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $52.50 price target on the stock in a research note on Thursday. Finally, Wall Street Zen raised shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.55.

Insider Buying and Selling at U.S. Bancorp

In other news, EVP James L. Chosy sold 26,909 shares of the stock in a transaction on Monday, October 20th. The shares were 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 of the company’s stock, valued at approximately $10,607,932.50. This represents a 10.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Andrew Cecere sold 140,445 shares of the stock in a transaction on Monday, October 20th. The shares were sold at an average price of $46.34, for a total transaction of $6,508,221.30. Following the completion of the sale, the chairman directly owned 1,360,414 shares in the company, valued at approximately $63,041,584.76. This represents a 9.36% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

U.S. Bancorp Price Performance

U.S. Bancorp stock opened at $48.31 on Monday. U.S. Bancorp has a 52-week low of $35.18 and a 52-week high of $53.98. The company has a market cap of $75.17 billion, a price-to-earnings ratio of 11.05, a PEG ratio of 1.29 and a beta of 1.06. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.10. The firm’s fifty day moving average is $48.10 and its 200 day moving average is $45.23.

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

U.S. Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a $0.52 dividend. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Tuesday, September 30th. U.S. Bancorp’s payout ratio is currently 47.60%.

About U.S. Bancorp

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.