TRUE Private Wealth Advisors increased its holdings in shares of U.S. Bancorp (NYSE:USB) by 4.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 56,035 shares of the financial services provider’s stock after purchasing an additional 2,573 shares during the quarter. U.S. Bancorp accounts for 0.5% of TRUE Private Wealth Advisors’ portfolio, making the stock its 28th biggest holding. TRUE Private Wealth Advisors’ holdings in U.S. Bancorp were worth $3,124,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in USB. Northern Trust Corp grew its stake in U.S. Bancorp by 0.8% during the 2nd quarter. Northern Trust Corp now owns 20,491,980 shares of the financial services provider’s stock worth $1,073,779,000 after buying an additional 171,826 shares during the last quarter. Daily Journal Corp grew its holdings in shares of U.S. Bancorp by 9,900.0% during the second quarter. Daily Journal Corp now owns 14,000,000 shares of the financial services provider’s stock worth $7,336,000 after purchasing an additional 13,860,000 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of U.S. Bancorp by 2.4% during the second quarter. Janus Henderson Group PLC now owns 13,382,530 shares of the financial services provider’s stock worth $701,230,000 after purchasing an additional 310,818 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in shares of U.S. Bancorp by 17,492.7% during the second quarter. Nuveen Asset Management LLC now owns 12,734,464 shares of the financial services provider’s stock worth $667,286,000 after purchasing an additional 12,662,079 shares during the last quarter. Finally, Clearbridge Investments LLC grew its holdings in shares of U.S. Bancorp by 1.8% during the first quarter. Clearbridge Investments LLC now owns 11,207,103 shares of the financial services provider’s stock worth $540,070,000 after purchasing an additional 195,579 shares during the last quarter. 75.49% of the stock is currently owned by hedge funds and other institutional investors.
In other U.S. Bancorp news, EVP Mark G. Runkel sold 10,986 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $57.32, for a total value of $629,717.52. Following the completion of the sale, the executive vice president now owns 45,213 shares in the company, valued at approximately $2,591,609.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $55.25, for a total transaction of $520,897.00. Following the completion of the sale, the insider now owns 94,658 shares of the company’s stock, valued at approximately $5,229,854.50. The disclosure for this sale can be found here. Insiders have sold a total of 50,547 shares of company stock valued at $2,862,231 over the last three months. 0.24% of the stock is currently owned by insiders.
U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $1.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.02. U.S. Bancorp had a net margin of 26.70% and a return on equity of 15.45%. The company had revenue of $5.58 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the prior year, the business posted $1.02 EPS. U.S. Bancorp’s quarterly revenue was down 1.1% on a year-over-year basis. Research analysts predict that U.S. Bancorp will post 4.3 EPS for the current fiscal year.
U.S. Bancorp announced that its board has authorized a stock repurchase plan on Thursday, June 27th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.42 per share. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.37. This represents a $1.68 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend is Friday, September 27th. U.S. Bancorp’s dividend payout ratio (DPR) is currently 40.98%.
Several equities analysts have issued reports on USB shares. Citigroup lowered U.S. Bancorp from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $54.00 to $49.00 in a report on Tuesday. Credit Suisse Group restated a “hold” rating and issued a $55.00 price objective on shares of U.S. Bancorp in a research report on Thursday, September 12th. Wedbush raised their price objective on shares of U.S. Bancorp from $46.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Morgan Stanley lifted their price target on shares of U.S. Bancorp from $55.00 to $56.00 and gave the company an “underweight” rating in a research report on Thursday, July 18th. Finally, Deutsche Bank set a $59.00 price target on shares of U.S. Bancorp and gave the company a “hold” rating in a research report on Friday, July 26th. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $56.31.
About U.S. Bancorp
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.
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