Western Pacific Wealth Management LP Has $233,000 Position in U.S. Bancorp (NYSE:USB)

Western Pacific Wealth Management LP boosted its holdings in shares of U.S. Bancorp (NYSE:USB) by 45.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,100 shares of the financial services provider’s stock after buying an additional 1,600 shares during the period. Western Pacific Wealth Management LP’s holdings in U.S. Bancorp were worth $233,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in USB. Manning & Napier Advisors LLC purchased a new position in U.S. Bancorp during the 2nd quarter worth $20,188,000. Janus Henderson Group PLC grew its position in U.S. Bancorp by 6.4% in 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 in the last quarter. Koshinski Asset Management Inc. purchased a new stake in U.S. Bancorp in the 1st quarter valued at about $732,000. Comerica Bank lifted its position in shares of U.S. Bancorp by 11.2% during 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 in the last quarter. Finally, M&G Plc boosted its stake in shares of U.S. Bancorp by 73.9% in the 2nd quarter. M&G Plc now owns 314,241 shares of the financial services provider’s stock worth $12,570,000 after buying an additional 133,498 shares during the last quarter. 77.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at U.S. Bancorp

In other news, insider Jodi L. Richard sold 25,000 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $49.03, for a total value of $1,225,750.00. Following the completion of the transaction, the insider now owns 129,790 shares of the company’s stock, valued at approximately $6,363,603.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

U.S. Bancorp Trading Down 3.3 %

Shares of USB opened at $49.56 on Friday. U.S. Bancorp has a twelve month low of $33.61 and a twelve month high of $51.76. 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 stock has a market cap of $77.34 billion, a PE ratio of 15.16, a P/E/G ratio of 2.79 and a beta of 1.02. The business’s 50-day moving average price is $46.40 and its 200-day moving average price is $43.25.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.04. The firm had revenue of $6.86 billion for the quarter, compared to analysts’ expectations of $6.90 billion. U.S. Bancorp had a net margin of 12.92% and a return on equity of 12.91%. The business’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the company posted $1.05 EPS. On average, equities analysts forecast that U.S. Bancorp will post 3.92 EPS for the current fiscal year.

U.S. Bancorp announced that its board has approved a stock repurchase program on Thursday, September 12th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

U.S. Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.04%. This is an increase 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 presently 61.16%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on USB. StockNews.com upgraded U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group decreased their price objective on shares of U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Stephens boosted their target price on shares of U.S. Bancorp from $49.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Oppenheimer raised their price target on shares of U.S. Bancorp from $59.00 to $64.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Royal Bank of Canada set a $53.00 price target on shares of U.S. Bancorp in a report on Thursday, October 17th. Thirteen analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $51.12.

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.