Heritage Wealth Management Inc. Has $13.54 Million Stake in U.S. Bancorp (NYSE:USB)

Heritage Wealth Management Inc. decreased its holdings in shares of U.S. Bancorp (NYSE:USB) by 0.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 296,035 shares of the financial services provider’s stock after selling 2,393 shares during the period. U.S. Bancorp accounts for 4.4% of Heritage Wealth Management Inc.’s portfolio, making the stock its 4th largest position. Heritage Wealth Management Inc.’s holdings in U.S. Bancorp were worth $13,538,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in USB. Manning & Napier Advisors LLC purchased a new position in shares of U.S. Bancorp during the 2nd quarter valued at about $20,188,000. Janus Henderson Group PLC increased its holdings in U.S. Bancorp by 6.4% during the 1st quarter. Janus Henderson Group PLC now owns 276,599 shares of the financial services provider’s stock worth $12,363,000 after purchasing an additional 16,686 shares during the period. Koshinski Asset Management Inc. purchased a new position in U.S. Bancorp during the first quarter valued at approximately $732,000. Comerica Bank grew its position in shares of U.S. Bancorp by 11.2% in the 1st quarter. Comerica Bank now owns 564,443 shares of the financial services provider’s stock worth $25,231,000 after buying an additional 56,738 shares during the last quarter. Finally, M&G Plc raised its stake 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 valued at $12,570,000 after buying an additional 133,498 shares during the last quarter. 77.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. UBS Group increased their price objective on U.S. Bancorp from $43.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. DA Davidson upped their target price on shares of U.S. Bancorp from $49.00 to $54.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Wells Fargo & Company boosted their price objective on U.S. Bancorp from $52.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Citigroup raised their target price on U.S. Bancorp from $45.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Finally, Evercore ISI upped their price target on 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. Thirteen analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $51.12.

U.S. Bancorp Stock Up 0.2 %

NYSE:USB traded up $0.10 during trading hours on Friday, reaching $49.66. 283,026 shares of the stock were exchanged, compared to its average volume of 8,311,938. U.S. Bancorp has a twelve month low of $33.61 and a twelve month high of $51.76. The firm has a 50 day moving average of $46.40 and a 200 day moving average of $43.25. The stock has a market cap of $77.50 billion, a PE ratio of 15.16, a PEG ratio of 2.79 and a beta of 1.02. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.81 and a quick ratio of 0.81.

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 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 firm had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.90 billion. During the same quarter in the previous year, the firm earned $1.05 EPS. The business’s quarterly revenue was down 2.4% on a year-over-year basis. On average, equities analysts expect that U.S. Bancorp will post 3.92 earnings per share for the current 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 given 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 dividend yield of 4.03%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio (DPR) is presently 61.16%.

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

Insider Buying and Selling at U.S. Bancorp

In other news, insider Jodi L. Richard sold 25,000 shares of U.S. Bancorp stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the sale, the insider now directly owns 129,790 shares of the company’s stock, valued at approximately $6,363,603.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

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.