U.S. Bancorp (NYSE:USB) Shares Bought by Cornerstone Advisors LLC

Cornerstone Advisors LLC lifted its stake in shares of U.S. Bancorp (NYSE:USB) by 1.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,100 shares of the financial services provider’s stock after purchasing an additional 1,000 shares during the quarter. Cornerstone Advisors LLC’s holdings in U.S. Bancorp were worth $3,800,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in USB. Redwood Wealth Management Group LLC purchased a new position in U.S. Bancorp in the 2nd quarter valued at about $25,000. Frazier Financial Advisors LLC increased its position in shares of U.S. Bancorp by 222.7% during the third quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 441 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in U.S. Bancorp during the 2nd quarter worth approximately $30,000. LRI Investments LLC bought a new position in shares of U.S. Bancorp during the first quarter valued at approximately $31,000. Finally, Y.D. More Investments Ltd acquired a new position in shares of U.S. Bancorp during the second quarter worth approximately $33,000. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Insider Buying and Selling

In other news, insider Jodi L. Richard sold 25,000 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $49.03, for a total value of $1,225,750.00. Following the completion of the transaction, the insider now owns 129,790 shares in the company, valued at $6,363,603.70. This trade represents a 16.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.23% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on USB. Evercore ISI lifted their price objective on shares of U.S. Bancorp from $51.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Robert W. Baird set a $54.00 price objective on U.S. Bancorp in a report on Thursday, October 17th. The Goldman Sachs Group reduced their target price 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. DA Davidson raised their price target on U.S. Bancorp from $49.00 to $54.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Finally, Royal Bank of Canada set a $53.00 price target on U.S. Bancorp in a report on Thursday, October 17th. Thirteen investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $51.22.

U.S. Bancorp Stock Performance

NYSE USB opened at $50.74 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04. The stock has a market cap of $79.16 billion, a PE ratio of 15.52, a P/E/G ratio of 2.97 and a beta of 1.02. The stock has a fifty day simple moving average of $47.33 and a 200-day simple moving average of $43.91. U.S. Bancorp has a twelve month low of $36.49 and a twelve month high of $51.76.

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

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.00 dividend on an annualized basis and a yield of 3.94%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio (DPR) is 61.16%.

U.S. Bancorp declared that its board has authorized a share repurchase plan on Thursday, September 12th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

About U.S. Bancorp

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.