Cadence Bank Acquires New Holdings in U.S. Bancorp (NYSE:USB)

Cadence Bank bought a new position in U.S. Bancorp (NYSE:USB) in the third quarter, according to the company in its most recent disclosure with the SEC. The fund bought 5,133 shares of the financial services provider’s stock, valued at approximately $235,000.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC raised its position in U.S. Bancorp by 32.7% in the third quarter. FMR LLC now owns 63,913,931 shares of the financial services provider’s stock worth $2,922,784,000 after acquiring an additional 15,746,852 shares during the period. Los Angeles Capital Management LLC raised its holdings in U.S. Bancorp by 723.7% in the 3rd quarter. Los Angeles Capital Management LLC now owns 3,211,555 shares of the financial services provider’s stock worth $146,864,000 after purchasing an additional 2,821,642 shares during the period. Marshall Wace LLP lifted its position in U.S. Bancorp by 1,438.4% during the second quarter. Marshall Wace LLP now owns 2,263,296 shares of the financial services provider’s stock valued at $89,853,000 after purchasing an additional 2,116,175 shares in the last quarter. National Bank of Canada FI lifted its position in U.S. Bancorp by 313.8% during 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 purchasing an additional 2,046,522 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in U.S. Bancorp by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 47,328,880 shares of the financial services provider’s stock valued at $2,164,350,000 after purchasing an additional 1,796,336 shares during the period. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

U.S. Bancorp Price Performance

USB stock opened at $53.48 on Friday. U.S. Bancorp has a 52 week low of $36.49 and a 52 week high of $53.98. The firm has a market capitalization of $83.43 billion, a P/E ratio of 16.35, a price-to-earnings-growth ratio of 3.16 and a beta of 1.02. The company has a fifty day simple moving average of $48.30 and a two-hundred day simple moving average of $44.36. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.04.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. U.S. Bancorp had a net margin of 12.92% and a return on equity of 12.91%. The firm had revenue of $6.86 billion during the quarter, compared to the consensus estimate of $6.90 billion. During the same quarter last year, the firm earned $1.05 EPS. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. 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 of Directors has initiated a share buyback program on Thursday, September 12th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are 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 3.74%. The ex-dividend date 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%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on USB. Evercore ISI lifted their price objective on U.S. Bancorp from $51.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft downgraded 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 report on Thursday, October 24th. DA Davidson increased their price objective on shares of U.S. Bancorp from $49.00 to $54.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Barclays lifted their target price on shares of U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Finally, Citigroup raised shares of U.S. Bancorp from a “neutral” rating to a “buy” rating and upped their target price for the stock from $49.00 to $65.00 in a report on Monday. Twelve analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $52.02.

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.