Oppenheimer & Co. Inc. Cuts Stock Position in U.S. Bancorp (NYSE:USB)

Oppenheimer & Co. Inc. trimmed its holdings in U.S. Bancorp (NYSE:USB) by 1.1% during the 3rd quarter, Holdings Channel.com reports. The fund owned 126,020 shares of the financial services provider’s stock after selling 1,386 shares during the period. Oppenheimer & Co. Inc.’s holdings in U.S. Bancorp were worth $5,763,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Redwood Wealth Management Group LLC bought a new position in U.S. Bancorp in the 2nd quarter worth approximately $25,000. LRI Investments LLC bought a new position in shares of U.S. Bancorp during the first quarter worth $31,000. 1620 Investment Advisors Inc. purchased a new position in U.S. Bancorp during the second quarter valued at $30,000. Y.D. More Investments Ltd bought a new stake in U.S. Bancorp in the 2nd quarter valued at $33,000. Finally, Crewe Advisors LLC purchased a new stake in U.S. Bancorp in the 1st quarter worth $39,000. Institutional investors own 77.60% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on USB. Robert W. Baird set a $54.00 target price on U.S. Bancorp in a report on Thursday, October 17th. Oppenheimer lifted their price objective on U.S. Bancorp from $59.00 to $64.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Barclays increased their target price on U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. UBS Group upped their price target on shares of U.S. Bancorp from $43.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Finally, Royal Bank of Canada set a $53.00 price objective on shares of U.S. Bancorp in a research note on Thursday, October 17th. Thirteen equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $51.12.

Insider Buying and Selling at U.S. Bancorp

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the sale, the insider now owns 129,790 shares of the company’s stock, valued at approximately $6,363,603.70. This trade represents a 16.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.23% of the company’s stock.

U.S. Bancorp Trading Down 1.7 %

NYSE USB opened at $50.32 on Friday. The stock has a market cap of $78.50 billion, a PE ratio of 15.39, a PEG ratio of 2.99 and a beta of 1.02. U.S. Bancorp has a 12 month low of $36.21 and a 12 month high of $51.76. The company’s 50-day moving average price is $46.79 and its 200-day moving average price is $43.58. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04.

U.S. Bancorp (NYSE:USB) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The business had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.90 billion. During the same period in the previous year, the company posted $1.05 EPS. U.S. Bancorp’s revenue was down 2.4% on a year-over-year basis. Equities research analysts forecast that U.S. Bancorp will post 3.93 earnings per share for the current year.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.97%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend was Monday, September 30th. U.S. Bancorp’s dividend payout ratio is presently 61.16%.

U.S. Bancorp declared that its Board of Directors has approved a share buyback program on Thursday, September 12th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

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.