30,521 Shares in U.S. Bancorp (NYSE:USB) Bought by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC acquired a new stake in shares of U.S. Bancorp (NYSE:USB) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 30,521 shares of the financial services provider’s stock, valued at approximately $1,212,000.

Several other hedge funds and other institutional investors have also made changes to their positions in USB. Confluence Investment Management LLC bought a new position in shares of U.S. Bancorp during the 1st quarter valued at about $92,192,000. National Bank of Canada FI boosted its holdings in shares of U.S. Bancorp by 313.8% during the 2nd quarter. National Bank of Canada FI now owns 2,698,642 shares of the financial services provider’s stock valued at $105,903,000 after purchasing an additional 2,046,522 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of U.S. Bancorp by 88.9% during the 1st quarter. BNP Paribas Financial Markets now owns 2,331,050 shares of the financial services provider’s stock valued at $104,198,000 after purchasing an additional 1,097,179 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in shares of U.S. Bancorp by 16.2% during the 1st quarter. Clearbridge Investments LLC now owns 6,941,466 shares of the financial services provider’s stock valued at $310,284,000 after purchasing an additional 967,143 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of U.S. Bancorp by 15.6% during the 2nd quarter. American Century Companies Inc. now owns 6,846,497 shares of the financial services provider’s stock valued at $271,806,000 after purchasing an additional 925,073 shares during the last quarter. Institutional investors own 77.60% of the company’s stock.

U.S. Bancorp Stock Performance

Shares of USB stock opened at $46.01 on Monday. The firm has a market cap of $71.80 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 4.36 and a beta of 1.04. The company’s 50 day moving average is $44.39 and its 200 day moving average is $42.31. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 1.05. U.S. Bancorp has a 52-week low of $30.47 and a 52-week high of $47.31.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.04. The company had revenue of $6.87 billion for the quarter, compared to analyst estimates of $6.81 billion. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. U.S. Bancorp’s revenue was down 4.3% compared to the same quarter last year. During the same period last year, the company posted $1.12 earnings per share. On average, sell-side analysts anticipate that U.S. Bancorp will post 3.87 EPS for the current fiscal year.

U.S. Bancorp declared 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 shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

U.S. Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.35%. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Monday, September 30th. U.S. Bancorp’s dividend payout ratio (DPR) is presently 66.23%.

Insiders Place Their Bets

In other news, Director Aleem Gillani purchased 10,000 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were acquired 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 of the company’s stock, valued at $449,900. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on USB. Jefferies Financial Group decreased their target price on shares of U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. UBS Group lifted their price target on U.S. Bancorp from $43.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. The Goldman Sachs Group dropped their price target on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a research report on Wednesday, September 11th. Wells Fargo & Company lifted their price target on U.S. Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Finally, StockNews.com upgraded U.S. Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Thirteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $48.18.

U.S. Bancorp 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.