State of Alaska Department of Revenue increased its position in shares of U.S. Bancorp (NYSE:USB) by 1.4% during the third quarter, HoldingsChannel.com reports. The fund owned 227,823 shares of the financial services provider’s stock after acquiring an additional 3,164 shares during the quarter. State of Alaska Department of Revenue’s holdings in U.S. Bancorp were worth $12,028,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the stock. Wilsey Asset Management Inc. purchased a new position in U.S. Bancorp in the 3rd quarter worth about $4,695,000. Pennsylvania Trust Co increased its stake in U.S. Bancorp by 1.1% in the 3rd quarter. Pennsylvania Trust Co now owns 318,589 shares of the financial services provider’s stock worth $16,824,000 after purchasing an additional 3,365 shares in the last quarter. Nwam LLC purchased a new position in U.S. Bancorp in the 3rd quarter worth about $6,721,000. Atria Investments LLC increased its stake in U.S. Bancorp by 25.0% in the 3rd quarter. Atria Investments LLC now owns 25,193 shares of the financial services provider’s stock worth $1,330,000 after purchasing an additional 5,044 shares in the last quarter. Finally, Douglas Lane & Associates LLC boosted its position in U.S. Bancorp by 3.9% during the 3rd quarter. Douglas Lane & Associates LLC now owns 1,498,089 shares of the financial services provider’s stock worth $79,114,000 after acquiring an additional 56,841 shares during the period. 74.29% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on USB shares. Zacks Investment Research upgraded U.S. Bancorp from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research report on Tuesday, September 18th. ValuEngine upgraded U.S. Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, August 22nd. Wedbush restated a “neutral” rating on shares of U.S. Bancorp in a research report on Monday, July 23rd. Finally, Macquarie upgraded U.S. Bancorp from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $56.00 to $62.00 in a research report on Wednesday. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $59.78.
U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Wednesday, July 18th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.01. The business had revenue of $5.64 billion during the quarter, compared to analyst estimates of $5.64 billion. U.S. Bancorp had a return on equity of 14.66% and a net margin of 26.96%. The firm’s revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.25 EPS. Equities analysts expect that U.S. Bancorp will post 4.07 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.78%. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, September 27th. U.S. Bancorp’s payout ratio is currently 43.27%.
In other news, Vice Chairman John R. Elmore sold 58,924 shares of U.S. Bancorp stock in a transaction dated Monday, July 23rd. The stock was sold at an average price of $51.71, for a total transaction of $3,046,960.04. Following the completion of the sale, the insider now directly owns 98,371 shares in the company, valued at approximately $5,086,764.41. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.43% of the stock is owned by insiders.
U.S. Bancorp Profile
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. The company operates through five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.
Further Reading: Technical Analysis of Stocks, How Can It Help
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