Providence Capital Advisors LLC Boosts Stake in U.S. Bancorp (NYSE:USB)

Providence Capital Advisors LLC raised its holdings in shares of U.S. Bancorp (NYSE:USB) by 1.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 80,346 shares of the financial services provider’s stock after buying an additional 1,033 shares during the quarter. Providence Capital Advisors LLC’s holdings in U.S. Bancorp were worth $3,190,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Redwood Wealth Management Group LLC purchased a new position in U.S. Bancorp during the second quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. purchased a new position in U.S. Bancorp during the first quarter worth about $30,000. 1620 Investment Advisors Inc. purchased a new position in shares of U.S. Bancorp in the 2nd quarter worth about $30,000. Eagle Bay Advisors LLC boosted its holdings in shares of U.S. Bancorp by 93.2% in the 1st quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 331 shares in the last quarter. Finally, LRI Investments LLC purchased a new position in shares of U.S. Bancorp in the 1st quarter worth about $31,000. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

U.S. Bancorp Stock Performance

USB stock opened at $45.86 on Tuesday. The company has a market cap of $71.56 billion, a P/E ratio of 15.19, a price-to-earnings-growth ratio of 4.36 and a beta of 1.04. U.S. Bancorp has a 1 year low of $30.47 and a 1 year high of $47.31. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.81 and a quick ratio of 0.80. The stock’s fifty day moving average price is $44.46 and its 200-day moving average price is $42.33.

U.S. Bancorp (NYSE:USB) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.04. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. The company had revenue of $6.87 billion for the quarter, compared to analysts’ expectations of $6.81 billion. During the same period last year, the firm earned $1.12 EPS. U.S. Bancorp’s revenue for the quarter was down 4.3% compared to the same quarter last year. On average, equities analysts forecast that U.S. Bancorp will post 3.87 earnings per share for the current year.

U.S. Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, September 30th. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a yield of 4.36%. U.S. Bancorp’s dividend payout ratio (DPR) is currently 66.23%.

U.S. Bancorp announced that its board has approved a share buyback plan on Thursday, September 12th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

USB has been the subject of a number of research reports. The Goldman Sachs Group cut their price objective on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Jefferies Financial Group dropped their target price on U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating for the company in a report on Wednesday, July 3rd. StockNews.com upgraded U.S. Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Royal Bank of Canada restated an “outperform” rating and set a $48.00 target price on shares of U.S. Bancorp in a report on Friday, September 13th. Finally, Wells Fargo & Company increased their target price on U.S. Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Thirteen equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, U.S. Bancorp currently has an average rating of “Hold” and an average price target of $48.18.

Insider Buying and Selling at U.S. Bancorp

In other U.S. Bancorp news, Director Aleem Gillani purchased 10,000 shares of the firm’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 directly owns 10,000 shares in the company, valued at $449,900. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

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.