98,521 Shares in U.S. Bancorp (NYSE:USB) Acquired by Summit Financial Wealth Advisors LLC

Summit Financial Wealth Advisors LLC bought a new stake in shares of U.S. Bancorp (NYSE:USB) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 98,521 shares of the financial services provider’s stock, valued at approximately $4,505,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of USB. Natixis Advisors LLC lifted its holdings in U.S. Bancorp by 16.6% in the third quarter. Natixis Advisors LLC now owns 401,232 shares of the financial services provider’s stock valued at $18,348,000 after acquiring an additional 56,990 shares during the period. Manning & Napier Advisors LLC purchased a new position in shares of U.S. Bancorp in the second quarter worth approximately $20,188,000. Janus Henderson Group PLC grew its position in U.S. Bancorp by 6.4% during the first quarter. Janus Henderson Group PLC now owns 276,599 shares of the financial services provider’s stock valued at $12,363,000 after buying an additional 16,686 shares during the period. Comerica Bank increased its holdings in U.S. Bancorp by 11.2% during the first quarter. Comerica Bank now owns 564,443 shares of the financial services provider’s stock valued at $25,231,000 after buying an additional 56,738 shares during the last quarter. Finally, M&G Plc raised its position in U.S. Bancorp by 73.9% in the second quarter. M&G Plc now owns 314,241 shares of the financial services provider’s stock worth $12,570,000 after acquiring an additional 133,498 shares during the period. 77.60% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Jodi L. Richard sold 25,000 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 129,790 shares in the company, valued at approximately $6,363,603.70. This represents a 16.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Analyst Ratings Changes

USB has been the topic of a number of recent research reports. Wells Fargo & Company raised their target price on U.S. Bancorp from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Royal Bank of Canada set a $53.00 price objective on U.S. Bancorp in a research note on Thursday, October 17th. Morgan Stanley upgraded shares of U.S. Bancorp from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $54.00 to $57.00 in a research note on Monday, September 30th. Robert W. Baird set a $54.00 price target on shares of U.S. Bancorp in a research report on Thursday, October 17th. Finally, Barclays raised their price objective on shares of U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Twelve equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, U.S. Bancorp has a consensus rating of “Hold” and an average price target of $52.02.

U.S. Bancorp Price Performance

USB stock opened at $53.63 on Tuesday. The company has a fifty day simple moving average of $47.81 and a two-hundred day simple moving average of $44.15. U.S. Bancorp has a 52 week low of $36.49 and a 52 week high of $53.93. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $83.66 billion, a P/E ratio of 16.40, a price-to-earnings-growth ratio of 3.10 and a beta of 1.02.

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

U.S. Bancorp announced that its board has authorized a share repurchase program on Thursday, September 12th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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 issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.73%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio is presently 61.16%.

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.