Olstein Capital Management L.P. Reduces Stock Holdings in U.S. Bancorp (NYSE:USB)

Olstein Capital Management L.P. trimmed its stake in shares of U.S. Bancorp (NYSE:USB) by 17.0% during the 3rd quarter, Holdings Channel reports. The fund owned 179,000 shares of the financial services provider’s stock after selling 36,660 shares during the quarter. U.S. Bancorp makes up about 1.4% of Olstein Capital Management L.P.’s investment portfolio, making the stock its 29th largest position. Olstein Capital Management L.P.’s holdings in U.S. Bancorp were worth $8,186,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in USB. Nordea Investment Management AB grew its stake in U.S. Bancorp by 7.9% in the 1st quarter. Nordea Investment Management AB now owns 115,665 shares of the financial services provider’s stock valued at $5,171,000 after acquiring an additional 8,495 shares during the period. Signaturefd LLC increased its stake in U.S. Bancorp by 7.4% during the first quarter. Signaturefd LLC now owns 23,382 shares of the financial services provider’s stock worth $1,045,000 after acquiring an additional 1,621 shares during the last quarter. Advisory Alpha LLC raised its holdings in U.S. Bancorp by 32.2% in the 1st quarter. Advisory Alpha LLC now owns 6,951 shares of the financial services provider’s stock valued at $311,000 after buying an additional 1,693 shares during the period. Empirical Finance LLC raised its stake in shares of U.S. Bancorp by 4.0% in the 1st quarter. Empirical Finance LLC now owns 50,726 shares of the financial services provider’s stock valued at $2,267,000 after acquiring an additional 1,949 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in U.S. Bancorp by 5.0% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 339,761 shares of the financial services provider’s stock worth $15,187,000 after purchasing an additional 16,137 shares in the last quarter. Institutional investors and hedge funds own 77.60% of the company’s stock.

U.S. Bancorp Stock Down 1.6 %

Shares of NYSE:USB traded down $0.81 during trading on Thursday, hitting $50.45. 792,493 shares of the company were exchanged, compared to its average volume of 8,306,988. The firm’s 50 day moving average price is $46.40 and its 200-day moving average price is $43.25. U.S. Bancorp has a 12-month low of $33.61 and a 12-month high of $51.76. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $78.73 billion, a P/E ratio of 15.68, a PEG ratio of 2.79 and a beta of 1.02.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. The firm had revenue of $6.86 billion during 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%. U.S. Bancorp’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.05 earnings per share. On average, research analysts predict that U.S. Bancorp will post 3.92 earnings per share for the current fiscal year.

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 given a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 30th. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.96%. U.S. Bancorp’s dividend payout ratio is 61.16%.

U.S. Bancorp declared that its Board of Directors has initiated 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 buy up to 7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. StockNews.com raised U.S. Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft downgraded shares of U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 target price on the stock. in a research note on Thursday, October 24th. Stephens raised their price target on shares of U.S. Bancorp from $49.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. DA Davidson boosted their price target on shares of U.S. Bancorp from $49.00 to $54.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Finally, Morgan Stanley upgraded U.S. Bancorp from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $54.00 to $57.00 in a research note on Monday, September 30th. Thirteen analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $51.12.

Insider Buying and Selling

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the business’s 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 sale, the insider now owns 129,790 shares in the company, valued at approximately $6,363,603.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by company insiders.

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.