Envestnet Asset Management Inc. Boosts Position in U.S. Bancorp $USB

Envestnet Asset Management Inc. increased its stake in U.S. Bancorp (NYSE:USB) by 2.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,387,388 shares of the financial services provider’s stock after buying an additional 165,821 shares during the period. Envestnet Asset Management Inc.’s holdings in U.S. Bancorp were worth $334,279,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in USB. Nuveen LLC bought a new position in U.S. Bancorp during the 1st quarter worth about $138,183,000. Vanguard Group Inc. boosted its holdings in shares of U.S. Bancorp by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 141,230,279 shares of the financial services provider’s stock valued at $5,962,742,000 after buying an additional 2,393,383 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of U.S. Bancorp by 17.4% in the 1st quarter. American Century Companies Inc. now owns 10,070,174 shares of the financial services provider’s stock valued at $425,163,000 after buying an additional 1,493,318 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of U.S. Bancorp by 192.0% in the 2nd quarter. Nordea Investment Management AB now owns 1,994,993 shares of the financial services provider’s stock valued at $90,752,000 after buying an additional 1,311,746 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of U.S. Bancorp by 10.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 11,012,635 shares of the financial services provider’s stock valued at $464,953,000 after buying an additional 1,045,509 shares in the last quarter. Hedge funds and other institutional investors own 77.60% of the company’s stock.

U.S. Bancorp Stock Performance

USB opened at $48.31 on Monday. U.S. Bancorp has a 12-month low of $35.18 and a 12-month high of $53.98. 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 $75.17 billion, a PE ratio of 11.05, a P/E/G ratio of 1.29 and a beta of 1.06. The firm has a 50 day moving average of $48.10 and a two-hundred day moving average of $45.23.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.11. U.S. Bancorp had a net margin of 16.89% and a return on equity of 13.34%. The company had revenue of $7.34 billion during the quarter, compared to analyst estimates of $7.17 billion. During the same period last year, the firm posted $1.03 EPS. U.S. Bancorp’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, analysts anticipate that U.S. Bancorp will post 4.38 EPS for the current year.

U.S. Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $2.08 dividend on an annualized basis and a yield of 4.3%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.50. U.S. Bancorp’s payout ratio is 47.60%.

Analyst Upgrades and Downgrades

USB has been the topic of a number of recent analyst reports. Morgan Stanley restated a “positive” rating on shares of U.S. Bancorp in a report on Friday, October 17th. Wall Street Zen upgraded shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Cowen restated a “buy” rating on shares of U.S. Bancorp in a report on Monday, October 20th. TD Cowen increased their price objective on shares of U.S. Bancorp from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Finally, UBS Group increased their price objective on shares of U.S. Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $54.55.

Insider Buying and Selling

In other U.S. Bancorp news, Chairman Andrew Cecere sold 140,445 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chairman directly owned 1,360,414 shares of the company’s stock, valued at approximately $63,041,584.76. This trade represents a 9.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP James L. Chosy sold 26,909 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $46.86, for a total transaction of $1,260,955.74. Following the transaction, the executive vice president directly owned 226,375 shares of the company’s stock, valued at $10,607,932.50. This represents a 10.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

About U.S. Bancorp

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.