U.S. Bancorp (NYSE:USB) Holdings Increased by New England Asset Management Inc.

New England Asset Management Inc. increased its stake in U.S. Bancorp (NYSE:USB) by 0.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 188,395 shares of the financial services provider’s stock after acquiring an additional 790 shares during the period. U.S. Bancorp makes up approximately 1.3% of New England Asset Management Inc.’s investment portfolio, making the stock its 20th biggest position. New England Asset Management Inc.’s holdings in U.S. Bancorp were worth $8,615,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in USB. Redwood Wealth Management Group LLC bought a new position in U.S. Bancorp during the 2nd quarter valued at $25,000. Frazier Financial Advisors LLC lifted its holdings in shares of U.S. Bancorp by 222.7% in the third quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider’s stock valued at $29,000 after buying an additional 441 shares during the period. 1620 Investment Advisors Inc. bought a new position in U.S. Bancorp during the second quarter valued at about $30,000. LRI Investments LLC acquired a new position in U.S. Bancorp during the first quarter worth about $31,000. Finally, Y.D. More Investments Ltd bought a new stake in U.S. Bancorp in the second quarter worth about $33,000. Institutional investors and hedge funds own 77.60% of the company’s stock.

U.S. Bancorp Stock Performance

USB stock opened at $50.61 on Tuesday. The firm has a 50 day simple moving average of $47.10 and a 200 day simple moving average of $43.79. U.S. Bancorp has a 52 week low of $36.49 and a 52 week high of $51.76. The stock has a market cap of $78.95 billion, a P/E ratio of 15.48, a P/E/G ratio of 2.94 and a beta of 1.02. 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 released its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share (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 quarter in the prior year, the firm earned $1.05 EPS. The company’s revenue was down 2.4% compared to the same quarter last year. Research analysts anticipate that U.S. Bancorp will post 3.93 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. Shareholders of record on Monday, September 30th were paid a $0.50 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.00 dividend on an annualized basis and a yield of 3.95%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s payout ratio is 61.16%.

U.S. Bancorp announced that its board has initiated a share buyback plan 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 plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have recently weighed in on USB shares. Evercore ISI raised their price objective on shares of U.S. Bancorp from $51.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Stephens raised their target price on shares of U.S. Bancorp from $49.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. The Goldman Sachs Group dropped their price target on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th. Oppenheimer raised their price objective on U.S. Bancorp from $59.00 to $64.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Finally, DA Davidson boosted their target price on U.S. Bancorp from $49.00 to $54.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Thirteen investment 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 stock presently has a consensus rating of “Hold” and a consensus price target of $51.22.

Insiders Place Their Bets

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 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 of the company’s stock, valued at approximately $6,363,603.70. The trade was a 16.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.23% of the company’s stock.

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.