Kentucky Retirement Systems lowered its stake in shares of U.S. Bancorp (NYSE:USB – Free Report) by 7.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 108,710 shares of the financial services provider’s stock after selling 8,881 shares during the quarter. Kentucky Retirement Systems’ holdings in U.S. Bancorp were worth $4,971,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of USB. Davis Selected Advisers raised its position in shares of U.S. Bancorp by 0.3% during the second quarter. Davis Selected Advisers now owns 14,228,444 shares of the financial services provider’s stock valued at $564,869,000 after buying an additional 43,437 shares during the last quarter. Bank of New York Mellon Corp increased its stake in U.S. Bancorp by 0.7% during the second quarter. Bank of New York Mellon Corp now owns 13,312,930 shares of the financial services provider’s stock valued at $528,523,000 after acquiring an additional 94,841 shares during the period. Legal & General Group Plc raised its holdings in U.S. Bancorp by 2.7% in the 2nd quarter. Legal & General Group Plc now owns 12,376,977 shares of the financial services provider’s stock valued at $491,364,000 after acquiring an additional 325,374 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of U.S. Bancorp by 3.9% in the 3rd quarter. Van ECK Associates Corp now owns 9,852,013 shares of the financial services provider’s stock worth $478,118,000 after acquiring an additional 373,559 shares during the period. Finally, Clearbridge Investments LLC grew its holdings in shares of U.S. Bancorp by 0.3% during the 2nd quarter. Clearbridge Investments LLC now owns 6,962,394 shares of the financial services provider’s stock worth $276,407,000 after purchasing an additional 20,928 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors and hedge funds.
U.S. Bancorp Stock Down 0.8 %
NYSE:USB opened at $49.90 on Friday. The company has a market cap of $77.85 billion, a price-to-earnings ratio of 15.26, 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. The stock’s fifty day moving average price is $46.99 and its two-hundred day moving average price is $43.71. U.S. Bancorp has a 52-week low of $36.49 and a 52-week high of $51.76.
U.S. Bancorp declared that its board has authorized a stock repurchase plan on Thursday, September 12th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
U.S. Bancorp Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.50 per share. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date was Monday, September 30th. This represents a $2.00 annualized dividend and a dividend yield of 4.01%. U.S. Bancorp’s payout ratio is currently 61.16%.
Insider Buying and Selling
In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the completion of the sale, the insider now owns 129,790 shares in the company, valued at approximately $6,363,603.70. The trade was a 16.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.23% of the stock is currently owned by insiders.
Analysts Set New Price Targets
USB has been the subject of several research reports. Oppenheimer raised 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, November 5th. Robert W. Baird set a $54.00 target price on shares of U.S. Bancorp in a research report on Thursday, October 17th. Wells Fargo & Company increased their price target on shares of U.S. Bancorp from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Friday. Evercore ISI raised their price target on shares of U.S. Bancorp from $51.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group lowered their price objective on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 11th. Thirteen equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $51.22.
Get Our Latest Stock Report on U.S. Bancorp
U.S. Bancorp Company 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.
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