Palisade Asset Management LLC decreased its holdings in shares of U.S. Bancorp (NYSE:USB – Free Report) by 4.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 238,680 shares of the financial services provider’s stock after selling 9,890 shares during the quarter. U.S. Bancorp accounts for approximately 1.3% of Palisade Asset Management LLC’s investment portfolio, making the stock its 25th largest position. Palisade Asset Management LLC’s holdings in U.S. Bancorp were worth $13,786,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in USB. Dogwood Wealth Management LLC boosted its stake in shares of U.S. Bancorp by 32.9% in the 2nd quarter. Dogwood Wealth Management LLC now owns 687 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 170 shares in the last quarter. Blalock Williams LLC grew its holdings in shares of U.S. Bancorp by 3.8% during the 2nd quarter. Blalock Williams LLC now owns 4,680 shares of the financial services provider’s stock valued at $283,000 after purchasing an additional 171 shares during the last quarter. Virtue Capital Management LLC increased its position in U.S. Bancorp by 2.4% during the 3rd quarter. Virtue Capital Management LLC now owns 7,517 shares of the financial services provider’s stock worth $434,000 after purchasing an additional 177 shares in the last quarter. International Assets Investment Management LLC increased its position in U.S. Bancorp by 1.7% during the 3rd quarter. International Assets Investment Management LLC now owns 11,093 shares of the financial services provider’s stock worth $636,000 after purchasing an additional 181 shares in the last quarter. Finally, FAS Wealth Partners Inc. increased its position in U.S. Bancorp by 0.9% during the 1st quarter. FAS Wealth Partners Inc. now owns 19,964 shares of the financial services provider’s stock worth $1,038,000 after purchasing an additional 186 shares in the last quarter. Institutional investors own 77.60% of the company’s stock.
U.S. Bancorp Trading Down 0.4%
Shares of USB stock opened at $59.49 on Friday. The stock has a market cap of $92.68 billion, a price-to-earnings ratio of 11.60, a PEG ratio of 1.13 and a beta of 1.02. The stock has a 50-day moving average of $59.65 and a 200-day moving average of $58.18. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.87. U.S. Bancorp has a 1-year low of $45.02 and a 1-year high of $66.07.
U.S. Bancorp (NYSE:USB – Get Free Report) last issued its quarterly earnings data on Thursday, October 15th. The financial services provider reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.02. The company had revenue of $8.04 billion during the quarter, compared to the consensus estimate of $8 billion. U.S. Bancorp had a return on equity of 13.85% and a net margin of 18.85%. The firm’s revenue was up 8.7% compared to the same quarter last year. During the same period last year, the company earned $1.22 earnings per share. On average, equities research analysts forecast that U.S. Bancorp will post 5.30 earnings per share for the current year.
U.S. Bancorp Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $2.16 dividend on an annualized basis and a yield of 3.6%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.52. U.S. Bancorp’s payout ratio is currently 42.11%.
Insiders Place Their Bets
In other U.S. Bancorp news, CEO Gunjan Kedia sold 27,267 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $62.37, for a total transaction of $1,700,642.79. Following the completion of the transaction, the chief executive officer owned 426,262 shares in the company, valued at approximately $26,585,960.94. This trade represents a 6.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.21% of the company’s stock.
Analysts Set New Price Targets
USB has been the subject of several research reports. Truist Financial dropped their price objective on shares of U.S. Bancorp from $69.00 to $67.00 and set a “buy” rating for the company in a research note on Thursday, October 1st. Argus boosted their target price on shares of U.S. Bancorp from $63.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Stephens upped their price target on shares of U.S. Bancorp from $63.00 to $67.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Wells Fargo & Company increased their price target on U.S. Bancorp from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, JPMorgan Chase & Co. raised their price objective on U.S. Bancorp from $65.00 to $65.50 and gave the company a “neutral” rating in a report on Friday, October 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, U.S. Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $68.65.
U.S. Bancorp Company Profile
U.S. Bancorp is the parent company of U.S. Bank, a financial services provider serving consumers, businesses, institutions and government entities across the United States. Its history traces to 1863, when one of its predecessor institutions, First National Bank of Cincinnati, was established.
U.S. Bank offers consumer and business banking, lending, payment services, wealth management, investment services and corporate trust services. Its products include checking and savings accounts, credit cards, mortgages, commercial loans and digital banking solutions.
Headquartered in Minneapolis, Minnesota, U.S.
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