Legacy Capital Partners Inc. raised its stake in shares of U.S. Bancorp (NYSE:USB) by 7.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,496 shares of the financial services provider’s stock after buying an additional 1,055 shares during the quarter. Legacy Capital Partners Inc.’s holdings in U.S. Bancorp were worth $858,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Cibc Bank USA purchased a new position in shares of U.S. Bancorp in the third quarter worth $219,000. Cascade Investment Advisors Inc. grew its holdings in U.S. Bancorp by 1.5% during the third quarter. Cascade Investment Advisors Inc. now owns 56,611 shares of the financial services provider’s stock valued at $3,133,000 after purchasing an additional 851 shares during the period. Ballentine Partners LLC grew its holdings in U.S. Bancorp by 6.9% during the third quarter. Ballentine Partners LLC now owns 17,108 shares of the financial services provider’s stock valued at $946,000 after purchasing an additional 1,099 shares during the period. Calamos Advisors LLC grew its holdings in U.S. Bancorp by 3.3% during the third quarter. Calamos Advisors LLC now owns 1,138,968 shares of the financial services provider’s stock valued at $63,030,000 after purchasing an additional 36,513 shares during the period. Finally, Calamos Wealth Management LLC grew its holdings in U.S. Bancorp by 112.3% during the third quarter. Calamos Wealth Management LLC now owns 24,897 shares of the financial services provider’s stock valued at $1,378,000 after purchasing an additional 13,172 shares during the period. Institutional investors and hedge funds own 75.51% of the company’s stock.
In other U.S. Bancorp news, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $57.33, for a total transaction of $1,146,600.00. Following the sale, the insider now directly owns 65,959 shares in the company, valued at $3,781,429.47. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David B. Omaley sold 10,133 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $55.76, for a total value of $565,016.08. Following the sale, the director now owns 191,754 shares in the company, valued at $10,692,203.04. The disclosure for this sale can be found here. Insiders sold 41,119 shares of company stock worth $2,341,334 over the last quarter. 0.24% of the stock is owned by company insiders.
U.S. Bancorp (NYSE:USB) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.04. The company had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.81 billion. U.S. Bancorp had a return on equity of 15.39% and a net margin of 26.54%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.06 earnings per share. Analysts predict that U.S. Bancorp will post 4.33 earnings per share for the current fiscal year.
U.S. Bancorp announced that its Board of Directors has initiated a share repurchase plan on Thursday, June 27th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 3.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.42 dividend. 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 dividend yield of 2.95%. The ex-dividend date was Friday, September 27th. U.S. Bancorp’s payout ratio is currently 40.98%.
Several analysts have issued reports on the company. UBS Group boosted their price target on U.S. Bancorp from $56.00 to $58.00 and gave the company a “neutral” rating in a report on Monday. Morgan Stanley upped their price objective on U.S. Bancorp from $55.00 to $56.00 and gave the stock an “underweight” rating in a research note on Thursday, July 18th. JPMorgan Chase & Co. raised U.S. Bancorp from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $52.50 to $57.00 in a research note on Wednesday, July 31st. Wedbush upped their price objective on U.S. Bancorp from $46.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Finally, Piper Jaffray Companies set a $59.00 price objective on U.S. Bancorp and gave the stock a “buy” rating in a research note on Friday, September 13th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock 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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