Verdence Capital Advisors LLC Acquires 5,308 Shares of U.S. Bancorp (NYSE:USB)

Verdence Capital Advisors LLC increased its stake in shares of U.S. Bancorp (NYSE:USB) by 12.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 46,916 shares of the financial services provider’s stock after acquiring an additional 5,308 shares during the quarter. Verdence Capital Advisors LLC’s holdings in U.S. Bancorp were worth $2,145,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Redwood Wealth Management Group LLC bought a new position in shares of U.S. Bancorp during the 2nd quarter worth about $25,000. LRI Investments LLC acquired a new position in U.S. Bancorp in the 1st quarter valued at approximately $31,000. Eagle Bay Advisors LLC lifted its position in shares of U.S. Bancorp by 93.2% in the 1st quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 331 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in shares of U.S. Bancorp during the 2nd quarter worth approximately $30,000. Finally, Y.D. More Investments Ltd bought a new stake in shares of U.S. Bancorp during the second quarter valued at approximately $33,000. 77.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at U.S. Bancorp

In related news, insider Jodi L. Richard sold 25,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 129,790 shares of the company’s stock, valued at $6,363,603.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.23% of the company’s stock.

U.S. Bancorp Price Performance

Shares of USB stock opened at $50.21 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $78.33 billion, a price-to-earnings ratio of 15.35, a PEG ratio of 3.02 and a beta of 1.02. The firm’s 50 day moving average is $46.52 and its 200-day moving average is $43.36. U.S. Bancorp has a 1 year low of $33.61 and a 1 year high of $51.76.

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 (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.04. The firm had revenue of $6.86 billion for the quarter, compared to the consensus estimate of $6.90 billion. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.05 EPS. Sell-side analysts forecast 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 repurchase plan on Thursday, September 12th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

U.S. Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.50 per share. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a yield of 3.98%. The ex-dividend date was Monday, September 30th. U.S. Bancorp’s payout ratio is currently 61.16%.

Wall Street Analysts Forecast Growth

USB has been the subject of several research reports. The Goldman Sachs Group reduced their target price on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a research report on Wednesday, September 11th. Royal Bank of Canada set a $53.00 price objective on shares of U.S. Bancorp in a report on Thursday, October 17th. Morgan Stanley raised shares of U.S. Bancorp from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $54.00 to $57.00 in a research note on Monday, September 30th. Barclays raised their price target 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. Finally, Robert W. Baird set a $54.00 price objective on U.S. Bancorp in a research note on Thursday, October 17th. Thirteen research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, U.S. Bancorp presently has a consensus rating of “Hold” and an average target price of $51.12.

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.