Geode Capital Management LLC Buys 456,890 Shares of U.S. Bancorp $USB

Geode Capital Management LLC increased its position in shares of U.S. Bancorp (NYSE:USB) by 1.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,632,410 shares of the financial services provider’s stock after purchasing an additional 456,890 shares during the quarter. Geode Capital Management LLC owned approximately 2.35% of U.S. Bancorp worth $1,650,305,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Curbstone Financial Management Corp lifted its position in U.S. Bancorp by 0.6% during the 2nd quarter. Curbstone Financial Management Corp now owns 39,982 shares of the financial services provider’s stock worth $1,809,000 after buying an additional 222 shares in the last quarter. Crestwood Advisors Group LLC boosted its position in U.S. Bancorp by 3.5% in the 2nd quarter. Crestwood Advisors Group LLC now owns 7,021 shares of the financial services provider’s stock valued at $318,000 after buying an additional 237 shares during the last quarter. Mechanics Financial Corp increased its stake in shares of U.S. Bancorp by 5.3% in the 2nd quarter. Mechanics Financial Corp now owns 4,806 shares of the financial services provider’s stock valued at $217,000 after buying an additional 240 shares during the period. Northern Financial Advisors Inc raised its position in shares of U.S. Bancorp by 5.0% during the second quarter. Northern Financial Advisors Inc now owns 5,033 shares of the financial services provider’s stock worth $228,000 after acquiring an additional 241 shares during the last quarter. Finally, Lawson Kroeker Investment Management Inc. NE increased its position in U.S. Bancorp by 0.5% in the second quarter. Lawson Kroeker Investment Management Inc. NE now owns 46,109 shares of the financial services provider’s stock worth $2,086,000 after purchasing an additional 249 shares during the period. Institutional investors own 77.60% of the company’s stock.

Insiders Place Their Bets

In other U.S. Bancorp news, Chairman Andrew Cecere sold 140,445 shares of the company’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $46.34, for a total transaction of $6,508,221.30. Following the sale, the chairman owned 1,360,414 shares of the company’s stock, valued at approximately $63,041,584.76. This represents a 9.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP James L. Chosy sold 26,909 shares of the business’s stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $46.86, for a total value of $1,260,955.74. Following the completion of the transaction, the executive vice president directly owned 226,375 shares in the company, valued at $10,607,932.50. This represents a 10.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.23% of the stock is owned by company insiders.

U.S. Bancorp Trading Up 0.5%

Shares of U.S. Bancorp stock opened at $47.85 on Thursday. U.S. Bancorp has a 1 year low of $35.18 and a 1 year high of $53.98. The firm’s 50 day moving average is $47.90 and its 200 day moving average is $46.00. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.10. The firm has a market capitalization of $74.38 billion, a PE ratio of 10.95, a price-to-earnings-growth ratio of 1.25 and a beta of 1.10.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. U.S. Bancorp had a return on equity of 13.34% and a net margin of 16.89%.The business had revenue of $7.34 billion during the quarter, compared to the consensus estimate of $7.17 billion. During the same period in the prior year, the business posted $1.03 earnings per share. U.S. Bancorp’s quarterly revenue was up 6.8% on a year-over-year basis. Equities research analysts forecast that U.S. Bancorp will post 4.38 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 Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given a $0.52 dividend. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.50. The ex-dividend date was Tuesday, September 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.3%. U.S. Bancorp’s dividend payout ratio is presently 47.60%.

Analyst Ratings Changes

A number of analysts have commented on the stock. The Goldman Sachs Group set a $52.00 target price on shares of U.S. Bancorp and gave the stock a “neutral” rating in a report on Friday, October 17th. Wall Street Zen raised shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Evercore ISI increased their target price on U.S. Bancorp from $49.00 to $54.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Wells Fargo & Company boosted their target price on U.S. Bancorp from $50.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, October 17th. Finally, TD Cowen upped their target price on U.S. Bancorp from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, October 20th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $54.55.

U.S. Bancorp Company 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.