DoubleLine ETF Adviser LP Has $1.05 Million Stock Holdings in U.S. Bancorp (NYSE:USB)

DoubleLine ETF Adviser LP lowered its position in U.S. Bancorp (NYSE:USB) by 3.1% during the 2nd quarter, Holdings Channel reports. The fund owned 26,536 shares of the financial services provider’s stock after selling 862 shares during the period. DoubleLine ETF Adviser LP’s holdings in U.S. Bancorp were worth $1,053,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in USB. Redwood Wealth Management Group LLC acquired a new position in shares of U.S. Bancorp during the second quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. acquired a new position in U.S. Bancorp during the first quarter worth $30,000. 1620 Investment Advisors Inc. bought a new position in shares of U.S. Bancorp in the second quarter valued at $30,000. Eagle Bay Advisors LLC grew its holdings in shares of U.S. Bancorp by 93.2% during the first quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock valued at $31,000 after buying an additional 331 shares during the last quarter. Finally, LRI Investments LLC bought a new stake in shares of U.S. Bancorp during the first quarter worth about $31,000. Institutional investors and hedge funds own 77.60% of the company’s stock.

U.S. Bancorp Stock Performance

Shares of USB stock opened at $44.75 on Thursday. U.S. Bancorp has a 12 month low of $30.47 and a 12 month high of $47.31. The stock has a market capitalization of $69.83 billion, a P/E ratio of 14.82, a PEG ratio of 3.06 and a beta of 1.04. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 1.05. The firm’s 50 day moving average is $44.51 and its 200 day moving average is $42.34.

U.S. Bancorp (NYSE:USB) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.04. The firm had revenue of $6.87 billion for the quarter, compared to the consensus estimate of $6.81 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. The business’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.12 earnings per share. On average, sell-side analysts anticipate that U.S. Bancorp will post 3.86 earnings per share for the current year.

U.S. Bancorp announced that its board has initiated a stock buyback program on Thursday, September 12th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

U.S. Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $2.00 annualized dividend and a yield of 4.47%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio (DPR) is currently 66.23%.

Insider Buying and Selling at U.S. Bancorp

In other news, Director Aleem Gillani purchased 10,000 shares of the stock in a transaction dated Thursday, July 18th. The shares were purchased at an average cost of $44.99 per share, with a total value of $449,900.00. Following the completion of the acquisition, the director now owns 10,000 shares in the company, valued at approximately $449,900. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. downgraded U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 price target for the company. in a research note on Thursday, June 27th. Citigroup lifted their price objective on shares of U.S. Bancorp from $45.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Evercore ISI increased their target price on shares of U.S. Bancorp from $45.00 to $48.00 and gave the company an “in-line” rating in a report on Tuesday, June 25th. Morgan Stanley lifted their target price on shares of U.S. Bancorp from $47.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Finally, StockNews.com upgraded U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Thirteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $48.18.

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.