Cascade Investment Advisors Inc. raised its stake in U.S. Bancorp (NYSE:USB) by 1.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 56,611 shares of the financial services provider’s stock after buying an additional 851 shares during the quarter. U.S. Bancorp accounts for about 2.4% of Cascade Investment Advisors Inc.’s holdings, making the stock its 4th biggest position. Cascade Investment Advisors Inc.’s holdings in U.S. Bancorp were worth $3,133,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in USB. Manchester Financial Inc. acquired a new position in shares of U.S. Bancorp during the 2nd quarter worth $30,000. Lenox Wealth Advisors LLC acquired a new position in shares of U.S. Bancorp during the 3rd quarter worth $33,000. Hillsdale Investment Management Inc. acquired a new position in shares of U.S. Bancorp during the 2nd quarter worth $37,000. Prime Capital Investment Advisors LLC increased its stake in shares of U.S. Bancorp by 174.0% during the 2nd quarter. Prime Capital Investment Advisors LLC now owns 707 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 449 shares during the last quarter. Finally, Old North State Trust LLC increased its stake in shares of U.S. Bancorp by 99.1% during the 3rd quarter. Old North State Trust LLC now owns 667 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 332 shares during the last quarter. Hedge funds and other institutional investors own 75.51% of the company’s stock.
NYSE:USB opened at $56.19 on Tuesday. U.S. Bancorp has a 1 year low of $43.14 and a 1 year high of $57.81. The firm’s fifty day simple moving average is $54.49 and its 200 day simple moving average is $52.97. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $86.78 billion, a PE ratio of 13.70, a PEG ratio of 2.12 and a beta of 1.10.
U.S. Bancorp announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 27th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.42 dividend. The ex-dividend date of this dividend was Friday, September 27th. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.37. This represents a $1.68 dividend on an annualized basis and a yield of 2.99%. U.S. Bancorp’s dividend payout ratio is 40.98%.
In other U.S. Bancorp news, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the stock in a transaction on Monday, July 29th. The shares were sold at an average price of $57.33, for a total value of $1,146,600.00. Following the completion of the sale, the insider now directly owns 65,959 shares of the company’s stock, valued at approximately $3,781,429.47. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David B. Omaley sold 10,133 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.76, for a total transaction of $565,016.08. Following the completion of the sale, the director now directly owns 191,754 shares of the company’s stock, valued at $10,692,203.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 41,119 shares of company stock valued at $2,341,334. Insiders own 0.24% of the company’s stock.
Several brokerages have recently commented on USB. Macquarie lowered shares of U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 price target on the stock. in a research note on Thursday, August 1st. Citigroup lowered shares of U.S. Bancorp from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $54.00 to $49.00 in a research note on Tuesday, October 8th. Piper Jaffray Companies set a $59.00 target price on shares of U.S. Bancorp and gave the company a “buy” rating in a research note on Friday, September 13th. Wedbush raised their target price on shares of U.S. Bancorp from $46.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Finally, Morgan Stanley raised their target price on shares of U.S. Bancorp from $55.00 to $56.00 and gave the company an “underweight” rating in a research note on Thursday, July 18th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $56.60.
U.S. Bancorp Company Profile
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.
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