Cornercap Investment Counsel Inc. Sells 722 Shares of U.S. Bancorp (NYSE:USB)

Cornercap Investment Counsel Inc. cut its stake in shares of U.S. Bancorp (NYSE:USB) by 1.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,180 shares of the financial services provider’s stock after selling 722 shares during the period. Cornercap Investment Counsel Inc.’s holdings in U.S. Bancorp were worth $1,754,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Focus Financial Network Inc. ADV purchased a new position in U.S. Bancorp during the fourth quarter worth about $5,440,000. Morningstar Investment Management LLC lifted its holdings in U.S. Bancorp by 760.8% during the fourth quarter. Morningstar Investment Management LLC now owns 83,833 shares of the financial services provider’s stock worth $3,628,000 after acquiring an additional 74,094 shares during the period. Brookstone Capital Management boosted its position in U.S. Bancorp by 2,056.5% in the first quarter. Brookstone Capital Management now owns 218,668 shares of the financial services provider’s stock worth $9,774,000 after purchasing an additional 208,528 shares during the last quarter. Artisan Partners Limited Partnership increased its position in shares of U.S. Bancorp by 2.4% during the 4th quarter. Artisan Partners Limited Partnership now owns 3,188,254 shares of the financial services provider’s stock valued at $137,988,000 after purchasing an additional 76,053 shares during the last quarter. Finally, Manning & Napier Advisors LLC bought a new stake in shares of U.S. Bancorp during the 2nd quarter worth $20,188,000. 77.60% of the stock is owned by hedge funds and other institutional investors.

U.S. Bancorp Trading Down 0.6 %

Shares of USB opened at $44.75 on Thursday. The firm’s 50 day simple moving average is $43.74 and its 200 day simple moving average is $42.16. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.81 and a quick ratio of 0.80. The company has a market capitalization of $69.83 billion, a P/E ratio of 14.82, a P/E/G ratio of 4.34 and a beta of 1.03. U.S. Bancorp has a 1-year low of $30.47 and a 1-year high of $47.31.

U.S. Bancorp (NYSE:USB) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.04. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. The company had revenue of $6.87 billion during the quarter, compared to analyst estimates of $6.81 billion. During the same period in the previous year, the business earned $1.12 earnings per share. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. Sell-side analysts forecast that U.S. Bancorp will post 3.87 earnings per share for the current fiscal year.

U.S. Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a dividend of $0.49 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.38%. U.S. Bancorp’s dividend payout ratio is 64.90%.

Insider Buying and Selling

In other U.S. Bancorp news, Director Aleem Gillani purchased 10,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The shares were purchased at an average cost of $44.99 per share, with a total value of $449,900.00. Following the completion of the purchase, the director now owns 10,000 shares of the company’s stock, valued at approximately $449,900. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

USB has been the topic of several research reports. JPMorgan Chase & Co. lowered shares of U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 price objective on the stock. in a research report on Thursday, June 27th. UBS Group raised their target price on U.S. Bancorp from $43.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Citigroup upped their price target on U.S. Bancorp from $45.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Wells Fargo & Company lifted their price objective on U.S. Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Finally, StockNews.com upgraded shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Thirteen equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $48.18.

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.