Invst LLC Sells 359 Shares of U.S. Bancorp (NYSE:USB)

Invst LLC reduced its position in U.S. Bancorp (NYSE:USB) by 2.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 16,767 shares of the financial services provider’s stock after selling 359 shares during the period. Invst LLC’s holdings in U.S. Bancorp were worth $767,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in USB. State Street Corp grew its holdings in U.S. Bancorp by 1.2% during the 3rd quarter. State Street Corp now owns 67,282,970 shares of the financial services provider’s stock worth $3,110,115,000 after acquiring an additional 819,805 shares during the period. FMR LLC boosted its position in shares of U.S. Bancorp by 32.7% in the 3rd quarter. FMR LLC now owns 63,913,931 shares of the financial services provider’s stock worth $2,922,784,000 after purchasing an additional 15,746,852 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of U.S. Bancorp by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 47,328,880 shares of the financial services provider’s stock worth $2,164,350,000 after purchasing an additional 1,796,336 shares during the period. Geode Capital Management LLC increased its holdings in U.S. Bancorp by 1.8% in the third quarter. Geode Capital Management LLC now owns 33,086,597 shares of the financial services provider’s stock valued at $1,507,616,000 after purchasing an additional 599,852 shares during the last quarter. Finally, Davis Selected Advisers lifted its stake in U.S. Bancorp by 0.3% in the second quarter. Davis Selected Advisers now owns 14,228,444 shares of the financial services provider’s stock valued at $564,869,000 after buying an additional 43,437 shares during the period. 77.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Jodi L. Richard sold 25,000 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $49.03, for a total value of $1,225,750.00. Following the completion of the transaction, the insider now directly 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on USB shares. Evercore ISI boosted their target price on U.S. Bancorp from $51.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Morgan Stanley upgraded shares of U.S. Bancorp from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $54.00 to $57.00 in a report on Monday, September 30th. Compass Point lifted their price target on shares of U.S. Bancorp from $49.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday. Barclays upped their price objective on shares of U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, The Goldman Sachs Group reduced their target price on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th. Twelve investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $53.27.

U.S. Bancorp Price Performance

NYSE USB opened at $51.57 on Wednesday. The firm’s 50 day moving average is $49.24 and its 200-day moving average is $44.95. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $80.45 billion, a PE ratio of 15.77, a price-to-earnings-growth ratio of 3.08 and a beta of 1.03. U.S. Bancorp has a 12-month low of $37.81 and a 12-month high of $53.98.

U.S. Bancorp (NYSE:USB) last released 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 net margin of 12.92% and a return on equity of 12.91%. The business had revenue of $6.86 billion during the quarter, compared to the consensus estimate of $6.90 billion. During the same quarter last year, the firm earned $1.05 earnings per share. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. Equities research analysts anticipate that U.S. Bancorp will post 3.93 earnings per share for the current fiscal year.

U.S. Bancorp announced that its Board of Directors has initiated a share buyback plan on Thursday, September 12th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

U.S. Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.88%. U.S. Bancorp’s dividend payout ratio is currently 61.16%.

U.S. Bancorp 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.