Summit Financial Wealth Advisors LLC Invests $4.51 Million in U.S. Bancorp (NYSE:USB)

Summit Financial Wealth Advisors LLC bought a new stake in shares of U.S. Bancorp (NYSE:USB) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 98,521 shares of the financial services provider’s stock, valued at approximately $4,505,000.

A number of other large investors also recently added to or reduced their stakes in the business. Redwood Wealth Management Group LLC bought a new stake in shares of U.S. Bancorp in the 2nd quarter valued at about $25,000. Frazier Financial Advisors LLC increased its stake in U.S. Bancorp by 222.7% in the 3rd quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 441 shares during the period. 1620 Investment Advisors Inc. bought a new stake in U.S. Bancorp in the second quarter valued at approximately $30,000. LRI Investments LLC purchased a new stake in shares of U.S. Bancorp during the first quarter valued at approximately $31,000. Finally, Y.D. More Investments Ltd bought a new position in shares of U.S. Bancorp in the second quarter worth approximately $33,000. Hedge funds and other institutional investors own 77.60% of the company’s stock.

U.S. Bancorp Trading Up 2.2 %

U.S. Bancorp stock opened at $53.63 on Tuesday. U.S. Bancorp has a 12 month low of $36.49 and a 12 month high of $53.93. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04. The business’s fifty day simple moving average is $47.81 and its two-hundred day simple moving average is $44.15. The company has a market capitalization of $83.66 billion, a price-to-earnings ratio of 16.40, a price-to-earnings-growth ratio of 3.10 and a beta of 1.02.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. The company had revenue of $6.86 billion for the quarter, compared to analysts’ expectations of $6.90 billion. U.S. Bancorp had a net margin of 12.92% and a return on equity of 12.91%. U.S. Bancorp’s revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.05 EPS. As a group, equities analysts predict that U.S. Bancorp will post 3.93 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.50 per share. 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. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.73%. U.S. Bancorp’s dividend payout ratio is presently 61.16%.

U.S. Bancorp declared that its Board of Directors has authorized a share buyback program on Thursday, September 12th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Royal Bank of Canada set a $53.00 price target on shares of U.S. Bancorp in a research report on Thursday, October 17th. Morgan Stanley upgraded shares of U.S. Bancorp from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $54.00 to $57.00 in a report on Monday, September 30th. Evercore ISI upped their price target on U.S. Bancorp from $51.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Barclays increased their price objective on U.S. Bancorp from $52.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Finally, DA Davidson boosted their target price on U.S. Bancorp from $49.00 to $54.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Twelve analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, U.S. Bancorp has an average rating of “Hold” and a consensus target price of $52.02.

Insider Activity at U.S. Bancorp

In other news, insider Jodi L. Richard sold 25,000 shares of the company’s 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 transaction, the insider now directly owns 129,790 shares of the company’s stock, valued at $6,363,603.70. This represents a 16.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.23% of the stock is owned by insiders.

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.