CenterBook Partners LP Buys New Holdings in U.S. Bancorp $USB

CenterBook Partners LP acquired a new position in U.S. Bancorp (NYSE:USB) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 93,945 shares of the financial services provider’s stock, valued at approximately $5,426,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Asset One Wealth Management LLC acquired a new stake in U.S. Bancorp in the third quarter worth $643,000. International Assets Investment Management LLC lifted its stake in U.S. Bancorp by 1.7% in the third quarter. International Assets Investment Management LLC now owns 11,093 shares of the financial services provider’s stock valued at $636,000 after buying an additional 181 shares during the last quarter. Heritage Family Offices LLP bought a new stake in U.S. Bancorp in the third quarter valued at $40,000. Calamos Wealth Management LLC boosted its holdings in shares of U.S. Bancorp by 19.7% during the third quarter. Calamos Wealth Management LLC now owns 6,236 shares of the financial services provider’s stock valued at $360,000 after acquiring an additional 1,027 shares during the period. Finally, Calamos Advisors LLC boosted its holdings in shares of U.S. Bancorp by 2.1% during the third quarter. Calamos Advisors LLC now owns 145,487 shares of the financial services provider’s stock valued at $8,403,000 after acquiring an additional 2,943 shares during the period. Institutional investors own 77.60% of the company’s stock.

U.S. Bancorp Price Performance

USB stock traded down $0.26 during trading on Friday, hitting $59.49. The company had a trading volume of 10,667,093 shares, compared to its average volume of 7,615,397. The business has a 50 day moving average of $59.65 and a 200 day moving average of $58.18. The firm has a market capitalization of $92.68 billion, a price-to-earnings ratio of 11.60, a P/E/G ratio of 1.15 and a beta of 1.02. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.87. U.S. Bancorp has a fifty-two week low of $45.02 and a fifty-two week high of $66.07.

U.S. Bancorp (NYSE:USB) last released its earnings results on Thursday, October 15th. The financial services provider reported $1.34 EPS for the quarter, beating the consensus estimate of $1.32 by $0.02. U.S. Bancorp had a net margin of 18.85% and a return on equity of 13.85%. The firm had revenue of $8.04 billion for the quarter, compared to analysts’ expectations of $8 billion. During the same quarter last year, the company earned $1.22 EPS. U.S. Bancorp’s quarterly revenue was up 8.7% on a year-over-year basis. As a group, research analysts predict that U.S. Bancorp will post 5.30 earnings per share for the current year.

U.S. Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 3.6%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.52. The ex-dividend date was Wednesday, September 30th. U.S. Bancorp’s payout ratio is 42.11%.

Analyst Ratings Changes

A number of research firms recently weighed in on USB. JPMorgan Chase & Co. increased their price objective on shares of U.S. Bancorp from $65.00 to $65.50 and gave the stock a “neutral” rating in a report on Friday, October 30th. Barclays boosted their target price on shares of U.S. Bancorp from $67.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Keefe, Bruyette & Woods upped their target price on shares of U.S. Bancorp from $63.00 to $66.00 and gave the stock a “market perform” rating in a research report on Friday, July 17th. Evercore restated an “outperform” rating and issued a $67.00 price target (down from $72.00) on shares of U.S. Bancorp in a research note on Wednesday, October 28th. Finally, BTIG Research set a $67.50 price target on U.S. Bancorp in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, U.S. Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $68.65.

Insider Activity

In related news, CEO Gunjan Kedia sold 27,267 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $62.37, for a total transaction of $1,700,642.79. Following the transaction, the chief executive officer owned 426,262 shares in the company, valued at $26,585,960.94. This trade represents a 6.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.21% of the stock is owned by company insiders.

U.S. Bancorp Company Profile

U.S. Bancorp is the parent company of U.S. Bank, a financial services provider serving consumers, businesses, institutions and government entities across the United States. Its history traces to 1863, when one of its predecessor institutions, First National Bank of Cincinnati, was established.

U.S. Bank offers consumer and business banking, lending, payment services, wealth management, investment services and corporate trust services. Its products include checking and savings accounts, credit cards, mortgages, commercial loans and digital banking solutions.

Headquartered in Minneapolis, Minnesota, U.S.