U.S. Bancorp (NYSE:USB) Stake Lessened by Camden National Bank

Camden National Bank decreased its holdings in shares of U.S. Bancorp (NYSE:USB) by 1.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 67,311 shares of the financial services provider’s stock after selling 771 shares during the quarter. Camden National Bank’s holdings in U.S. Bancorp were worth $3,078,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Los Angeles Capital Management LLC boosted its holdings in U.S. Bancorp by 723.7% in the third 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 in the last quarter. Marshall Wace LLP increased its stake in U.S. Bancorp by 1,438.4% in 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 acquiring an additional 2,116,175 shares during the period. National Bank of Canada FI lifted its position in shares of U.S. Bancorp by 313.8% during the 2nd quarter. National Bank of Canada FI now owns 2,698,642 shares of the financial services provider’s stock worth $105,903,000 after buying an additional 2,046,522 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of 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 acquiring an additional 1,796,336 shares during the period. Finally, Bridges Investment Management Inc. grew its stake in U.S. Bancorp by 1,554.3% during the third quarter. Bridges Investment Management Inc. now owns 1,503,638 shares of the financial services provider’s stock worth $68,761,000 after buying an additional 1,412,743 shares during the last quarter. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Wall Street Analyst Weigh In

USB has been the topic of a number of research analyst reports. Wells Fargo & Company increased their price objective on shares of U.S. Bancorp from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Robert W. Baird set a $54.00 price objective on U.S. Bancorp in a report on Thursday, October 17th. Evercore ISI lifted their price target on shares of U.S. Bancorp from $51.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. DA Davidson raised their price objective on shares of U.S. Bancorp from $49.00 to $54.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Oppenheimer increased their price target on U.S. Bancorp from $59.00 to $64.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Thirteen research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $51.22.

Insider Buying and Selling

In other news, insider Jodi L. Richard sold 25,000 shares of U.S. Bancorp stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 129,790 shares in the company, valued at approximately $6,363,603.70. The trade was a 16.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by corporate insiders.

U.S. Bancorp Stock Up 2.1 %

Shares of U.S. Bancorp stock opened at $52.48 on Friday. The firm has a market cap of $81.87 billion, a PE ratio of 16.05, a P/E/G ratio of 3.03 and a beta of 1.02. U.S. Bancorp has a 52-week low of $36.49 and a 52-week high of $52.69. The business’s 50 day simple moving average is $47.63 and its 200 day simple moving average is $44.03. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.81 and a current ratio of 0.81.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, topping 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 company had revenue of $6.86 billion during the quarter, compared to the consensus estimate of $6.90 billion. During the same period in the prior year, the business posted $1.05 EPS. The company’s quarterly revenue was down 2.4% on a year-over-year basis. On average, analysts predict that U.S. Bancorp will post 3.93 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend was Monday, September 30th. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio is presently 61.16%.

U.S. Bancorp declared that its board has approved a stock buyback 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 purchase up to 7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

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.