Burton Enright Welch Buys New Position in U.S. Bancorp $USB

Burton Enright Welch purchased a new position in U.S. Bancorp (NYSE:USB) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 13,756 shares of the financial services provider’s stock, valued at approximately $795,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Archer Investment Corp bought a new position in shares of U.S. Bancorp in the 2nd quarter worth $29,000. Parvin Asset Management LLC purchased a new stake in shares of U.S. Bancorp during the 2nd quarter valued at $30,000. Main Street Group LTD bought a new stake in shares of U.S. Bancorp during the 1st quarter worth $28,000. John Boyer Inc. bought a new stake in shares of U.S. Bancorp during the 3rd quarter worth $34,000. Finally, NFSG Corp bought a new stake in shares of U.S. Bancorp during the 1st quarter worth $31,000. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Insider Buying and Selling

In other U.S. Bancorp news, CEO Gunjan Kedia sold 27,267 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $62.37, for a total value of $1,700,642.79. Following the completion of the sale, the chief executive officer owned 426,262 shares in the company, valued at approximately $26,585,960.94. The trade was a 6.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.21% of the stock is owned by company insiders.

U.S. Bancorp Stock Performance

NYSE USB opened at $59.49 on Monday. The company has a 50-day simple moving average of $59.65 and a two-hundred day simple moving average of $58.18. U.S. Bancorp has a 12-month low of $45.02 and a 12-month high of $66.07. The firm has a market cap of $92.68 billion, a price-to-earnings ratio of 11.60, a PEG ratio of 1.13 and a beta of 1.02. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.87.

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

U.S. Bancorp Increases Dividend

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

Analysts Set New Price Targets

Several research analysts recently issued reports on USB shares. HSBC upped their target price on shares of U.S. Bancorp from $74.00 to $76.00 and gave the stock a “buy” rating in a research report on Monday, September 28th. UBS Group raised their price target on U.S. Bancorp from $64.00 to $66.00 and gave the company a “neutral” rating in a research report on Monday, November 2nd. BTIG Research set a $67.50 price target on U.S. Bancorp in a research note on Monday, July 20th. CLSA set a $67.50 price target on U.S. Bancorp in a research note on Monday, July 20th. Finally, Royal Bank Of Canada cut their price objective on U.S. Bancorp from $68.00 to $65.00 and set an “outperform” rating for the company in a report on Friday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, U.S. Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.65.

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.