Griffin Asset Management Inc. Sells 5,000 Shares of U.S. Bancorp (NYSE:USB)

Griffin Asset Management Inc. reduced its stake in shares of U.S. Bancorp (NYSE:USB) by 14.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,709 shares of the financial services provider’s stock after selling 5,000 shares during the quarter. Griffin Asset Management Inc.’s holdings in U.S. Bancorp were worth $1,328,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Mather Group LLC. boosted its stake in shares of U.S. Bancorp by 47.0% during the third quarter. Mather Group LLC. now owns 16,795 shares of the financial services provider’s stock valued at $555,000 after purchasing an additional 5,370 shares during the period. Synovus Financial Corp boosted its position in U.S. Bancorp by 10.3% during the 3rd quarter. Synovus Financial Corp now owns 52,477 shares of the financial services provider’s stock valued at $1,735,000 after buying an additional 4,883 shares during the period. Tower Research Capital LLC TRC grew its holdings in U.S. Bancorp by 16.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 79,600 shares of the financial services provider’s stock worth $2,632,000 after acquiring an additional 11,159 shares during the last quarter. Bank of Nova Scotia increased its position in shares of U.S. Bancorp by 185.7% in the third quarter. Bank of Nova Scotia now owns 527,970 shares of the financial services provider’s stock valued at $17,455,000 after acquiring an additional 343,176 shares during the period. Finally, Ancora Advisors LLC raised its stake in shares of U.S. Bancorp by 4.6% during the third quarter. Ancora Advisors LLC now owns 98,368 shares of the financial services provider’s stock valued at $3,252,000 after acquiring an additional 4,343 shares during the last quarter. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. DA Davidson cut their target price on U.S. Bancorp from $45.00 to $44.00 and set a “neutral” rating on the stock in a research note on Thursday, April 18th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $45.00 price objective (down from $52.00) on shares of U.S. Bancorp in a research report on Thursday, April 18th. Evercore ISI upped their target price on U.S. Bancorp from $45.00 to $48.00 and gave the company an “in-line” rating in a report on Tuesday, June 25th. HSBC upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating and lifted their price target for the company from $47.00 to $53.00 in a report on Thursday, March 28th. Finally, Jefferies Financial Group upped their price objective on shares of U.S. Bancorp from $44.00 to $46.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Sixteen equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $46.02.

U.S. Bancorp Price Performance

USB opened at $39.70 on Friday. The firm has a market cap of $61.95 billion, a PE ratio of 13.15, a P/E/G ratio of 3.82 and a beta of 1.04. The stock has a 50-day moving average price of $40.35 and a 200-day moving average price of $41.70. U.S. Bancorp has a 1 year low of $30.47 and a 1 year high of $45.85. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.82 and a quick ratio of 0.81.

U.S. Bancorp (NYSE:USB) last issued its earnings results on Wednesday, April 17th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.01. The firm had revenue of $6.72 billion for the quarter, compared to the consensus estimate of $6.71 billion. U.S. Bancorp had a net margin of 12.13% and a return on equity of 13.93%. The business’s revenue was down 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.16 earnings per share. Sell-side analysts predict that U.S. Bancorp will post 3.84 earnings per share for the current fiscal year.

U.S. Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.94%. The ex-dividend date is Friday, June 28th. U.S. Bancorp’s payout ratio is 64.90%.

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.