TCTC Holdings LLC Reduces Holdings in U.S. Bancorp (NYSE:USB)

TCTC Holdings LLC trimmed its holdings in shares of U.S. Bancorp (NYSE:USB) by 5.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,865 shares of the financial services provider’s stock after selling 2,231 shares during the quarter. TCTC Holdings LLC’s holdings in U.S. Bancorp were worth $1,732,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Marshall Wace LLP increased its holdings in U.S. Bancorp by 1,438.4% during the 2nd quarter. Marshall Wace LLP now owns 2,263,296 shares of the financial services provider’s stock worth $89,853,000 after purchasing an additional 2,116,175 shares during the last quarter. National Bank of Canada FI raised its holdings in U.S. Bancorp by 313.8% in the second quarter. National Bank of Canada FI now owns 2,698,642 shares of the financial services provider’s stock valued at $105,903,000 after acquiring an additional 2,046,522 shares in the last quarter. Bridges Investment Management Inc. boosted its stake in U.S. Bancorp by 1,554.3% during the 3rd quarter. Bridges Investment Management Inc. now owns 1,503,638 shares of the financial services provider’s stock valued at $68,761,000 after acquiring an additional 1,412,743 shares during the last quarter. Clearbridge Investments LLC boosted its stake in U.S. Bancorp by 16.2% during the 1st quarter. Clearbridge Investments LLC now owns 6,941,466 shares of the financial services provider’s stock valued at $310,284,000 after acquiring an additional 967,143 shares during the last quarter. Finally, Cambiar Investors LLC acquired a new position in U.S. Bancorp during the 3rd quarter worth $43,619,000. Institutional investors and hedge funds own 77.60% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on USB. Deutsche Bank Aktiengesellschaft cut shares of U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 price target on the stock. in a research report on Thursday, October 24th. Oppenheimer lifted their target price on U.S. Bancorp from $59.00 to $64.00 and gave the stock an “outperform” rating in a research report on Tuesday. Morgan Stanley raised U.S. Bancorp from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $54.00 to $57.00 in a research report on Monday, September 30th. 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 for the company in a report on Wednesday, September 11th. Finally, Barclays increased their target price on shares of U.S. Bancorp from $52.00 to $57.00 and gave the stock an “overweight” rating 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 company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $51.12.

Insiders Place Their Bets

In other news, insider Jodi L. Richard sold 25,000 shares of U.S. Bancorp 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 directly owns 129,790 shares of the company’s stock, valued at $6,363,603.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.23% of the company’s stock.

U.S. Bancorp Stock Up 1.3 %

USB opened at $50.21 on Friday. The stock’s fifty day moving average is $46.52 and its 200-day moving average is $43.36. U.S. Bancorp has a one year low of $33.61 and a one year high of $51.76. The company has a market capitalization of $78.33 billion, a PE ratio of 15.35, a P/E/G ratio of 3.02 and a beta of 1.02. 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 released its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $0.99 by $0.04. The business had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.90 billion. U.S. Bancorp had a net margin of 12.92% and a return on equity of 12.91%. The business’s quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.05 earnings per share. On average, equities analysts predict that U.S. Bancorp will post 3.93 EPS for the current fiscal year.

U.S. Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid 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 3.98%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio (DPR) is currently 61.16%.

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

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.