Summit Global Investments Cuts Stake in U.S. Bancorp (NYSE:USB)

Summit Global Investments decreased its position in U.S. Bancorp (NYSE:USB) by 16.5% during the 3rd quarter, Holdings Channel reports. The fund owned 6,752 shares of the financial services provider’s stock after selling 1,332 shares during the quarter. Summit Global Investments’ holdings in U.S. Bancorp were worth $309,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. McAdam LLC increased its position in U.S. Bancorp by 2.5% during the 3rd quarter. McAdam LLC now owns 8,503 shares of the financial services provider’s stock worth $389,000 after purchasing an additional 209 shares during the period. Valmark Advisers Inc. lifted its holdings in U.S. Bancorp by 2.9% in the second quarter. Valmark Advisers Inc. now owns 8,707 shares of the financial services provider’s stock valued at $346,000 after acquiring an additional 242 shares during the period. Phillips Wealth Planners LLC grew its stake in shares of U.S. Bancorp by 2.1% during the 3rd quarter. Phillips Wealth Planners LLC now owns 12,056 shares of the financial services provider’s stock worth $593,000 after purchasing an additional 243 shares during the period. Waldron Private Wealth LLC increased its holdings in shares of U.S. Bancorp by 1.9% in the 2nd quarter. Waldron Private Wealth LLC now owns 13,285 shares of the financial services provider’s stock valued at $534,000 after purchasing an additional 247 shares in the last quarter. Finally, Naples Global Advisors LLC grew its position in U.S. Bancorp by 0.4% during the second quarter. Naples Global Advisors LLC now owns 65,360 shares of the financial services provider’s stock worth $2,624,000 after buying an additional 248 shares during the period. 77.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company upped their price target on U.S. Bancorp from $52.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Robert W. Baird set a $54.00 price target on U.S. Bancorp in a research report on Thursday, October 17th. The Goldman Sachs Group decreased their price objective on shares of U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 11th. Royal Bank of Canada set a $53.00 target price on shares of U.S. Bancorp in a report on Thursday, October 17th. Finally, Stephens upped their price target on shares of U.S. Bancorp from $49.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Thirteen analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, U.S. Bancorp currently has a consensus rating of “Hold” and an average price target of $51.12.

U.S. Bancorp Stock Performance

Shares of USB stock opened at $50.21 on Monday. The firm has a market capitalization of $78.33 billion, a price-to-earnings ratio of 15.35, a price-to-earnings-growth ratio of 3.02 and a beta of 1.02. The company has a 50 day moving average price of $46.52 and a 200 day moving average price of $43.37. U.S. Bancorp has a one year low of $33.61 and a one year high of $51.76. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.81 and a current ratio of 0.81.

U.S. Bancorp (NYSE:USB) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.04. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The business had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.90 billion. During the same period last year, the company posted $1.05 EPS. The business’s quarterly revenue was down 2.4% on a year-over-year basis. Sell-side analysts anticipate that U.S. Bancorp will post 3.93 EPS for the current year.

U.S. Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.50 dividend. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a dividend yield of 3.98%. The ex-dividend date of this dividend was Monday, September 30th. U.S. Bancorp’s payout ratio is currently 61.16%.

U.S. Bancorp announced that its board has initiated a share repurchase plan on Thursday, September 12th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Transactions at U.S. Bancorp

In related news, insider Jodi L. Richard sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $49.03, for a total value of $1,225,750.00. Following the transaction, the insider now owns 129,790 shares in the company, valued at approximately $6,363,603.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.23% of the company’s stock.

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.