U.S. Bancorp (NYSE:USB) Shares Sold by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC trimmed its holdings in shares of U.S. Bancorp (NYSE:USB) by 21.2% during the third quarter, Holdings Channel.com reports. The firm owned 64,193 shares of the financial services provider’s stock after selling 17,267 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in U.S. Bancorp were worth $2,936,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brooklyn Investment Group raised its position in shares of U.S. Bancorp by 4.4% during the 3rd quarter. Brooklyn Investment Group now owns 4,792 shares of the financial services provider’s stock worth $219,000 after buying an additional 201 shares in the last quarter. McAdam LLC lifted its position in U.S. Bancorp by 2.5% in the third quarter. McAdam LLC now owns 8,503 shares of the financial services provider’s stock worth $389,000 after purchasing an additional 209 shares during the period. Covestor Ltd boosted its stake in U.S. Bancorp by 15.2% during the 3rd quarter. Covestor Ltd now owns 1,741 shares of the financial services provider’s stock valued at $80,000 after purchasing an additional 230 shares in the last quarter. Valmark Advisers Inc. increased its position in shares of U.S. Bancorp by 2.9% during the 2nd quarter. Valmark Advisers Inc. now owns 8,707 shares of the financial services provider’s stock valued at $346,000 after purchasing an additional 242 shares during the period. Finally, Phillips Wealth Planners LLC raised its stake in shares of U.S. Bancorp by 2.1% in the 3rd quarter. Phillips Wealth Planners LLC now owns 12,056 shares of the financial services provider’s stock worth $593,000 after buying an additional 243 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors.

Insider Activity at U.S. Bancorp

In related news, insider Jodi L. Richard sold 25,000 shares of U.S. Bancorp stock in a transaction 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 completion of the sale, the insider now owns 129,790 shares of the company’s stock, valued at approximately $6,363,603.70. The trade was a 16.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

USB has been the subject of several research reports. Citigroup raised U.S. Bancorp from a “neutral” rating to a “buy” rating and raised their target price for the company from $49.00 to $65.00 in a research note on Monday, November 25th. Barclays lifted their price objective on shares of U.S. Bancorp from $52.00 to $57.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Wells Fargo & Company increased their target price on shares of U.S. Bancorp from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Stephens upped their price target on U.S. Bancorp from $49.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Finally, Piper Sandler raised their price objective on U.S. Bancorp from $52.00 to $58.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Twelve research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $52.72.

U.S. Bancorp Stock Down 1.6 %

U.S. Bancorp stock opened at $51.34 on Tuesday. U.S. Bancorp has a twelve month low of $37.81 and a twelve month high of $53.98. 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 firm has a market cap of $80.08 billion, a PE ratio of 15.70, a P/E/G ratio of 3.08 and a beta of 1.03. The firm’s 50 day moving average price is $49.24 and its two-hundred day moving average price is $44.95.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. The business had revenue of $6.86 billion for 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% compared to the same quarter last year. During the same period in the prior year, the business posted $1.05 earnings per share. On average, research analysts predict that U.S. Bancorp will post 3.93 EPS for the current fiscal year.

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

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.90%. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date was Monday, September 30th. U.S. Bancorp’s payout ratio is currently 61.16%.

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.