Crossmark Global Holdings Inc. lowered its position in U.S. Bancorp (NYSE:USB) by 55.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 49,811 shares of the financial services provider’s stock after selling 61,091 shares during the period. Crossmark Global Holdings Inc.’s holdings in U.S. Bancorp were worth $1,709,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of USB. Royal Bank of Canada raised its holdings in U.S. Bancorp by 51.9% in the 2nd quarter. Royal Bank of Canada now owns 14,939,966 shares of the financial services provider’s stock worth $851,130,000 after purchasing an additional 5,103,553 shares during the period. Invesco Ltd. lifted its position in shares of U.S. Bancorp by 54.5% during the 2nd quarter. Invesco Ltd. now owns 7,552,426 shares of the financial services provider’s stock valued at $430,261,000 after buying an additional 2,665,153 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in U.S. Bancorp by 10.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 18,244,534 shares of the financial services provider’s stock valued at $1,039,391,000 after acquiring an additional 1,736,735 shares during the period. Schroder Investment Management Group increased its holdings in U.S. Bancorp by 100.9% in the 1st quarter. Schroder Investment Management Group now owns 2,999,412 shares of the financial services provider’s stock worth $165,898,000 after acquiring an additional 1,506,279 shares in the last quarter. Finally, Mackenzie Financial Corp raised its position in U.S. Bancorp by 68.5% during the second quarter. Mackenzie Financial Corp now owns 3,106,554 shares of the financial services provider’s stock worth $176,980,000 after acquiring an additional 1,262,619 shares during the period. Institutional investors and hedge funds own 73.56% of the company’s stock.
USB has been the topic of several research analyst reports. Credit Suisse Group lifted their target price on shares of U.S. Bancorp from $60.00 to $61.00 and gave the company a “neutral” rating in a research report on Wednesday, September 22nd. Morgan Stanley lifted their price objective on U.S. Bancorp from $60.00 to $62.00 and gave the stock an “equal weight” rating in a report on Thursday, July 29th. Raymond James lowered U.S. Bancorp from a “market perform” rating to an “underperform” rating in a research note on Friday, October 15th. Citigroup raised their target price on U.S. Bancorp from $66.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, September 23rd. Finally, Royal Bank of Canada lifted their price target on U.S. Bancorp from $62.00 to $66.00 and gave the stock an “outperform” rating in a research note on Friday, October 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $64.03.
U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Thursday, October 14th. The financial services provider reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.14. U.S. Bancorp had a net margin of 32.30% and a return on equity of 16.20%. The firm had revenue of $5.89 billion for the quarter, compared to analysts’ expectations of $5.76 billion. During the same quarter in the previous year, the company posted $0.99 EPS. The company’s revenue was down 1.2% compared to the same quarter last year. As a group, sell-side analysts forecast that U.S. Bancorp will post 5.14 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 15th. Stockholders of record on Thursday, September 30th were paid a $0.46 dividend. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.42. The ex-dividend date was Wednesday, September 29th. This represents a $1.84 annualized dividend and a dividend yield of 3.07%. U.S. Bancorp’s dividend payout ratio is 36.95%.
About U.S. Bancorp
U.S. Bancorp operates as a bank holding company, which offers financial services including lending and depository services, cash management, foreign exchange and trust and investment management. The firm also offers mortgage, refinance, auto, boat and RV loans, credit lines, credit card services, merchant, bank, checking and savings accounts, debit cards, online and mobile banking, ATM processing, mortgage banking, insurance, brokerage and leasing services.
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