Inverness Counsel LLC NY cut its holdings in U.S. Bancorp (NYSE:USB) by 2.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,473 shares of the financial services provider’s stock after selling 833 shares during the quarter. Inverness Counsel LLC NY’s holdings in U.S. Bancorp were worth $1,565,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of USB. JPMorgan Chase & Co. increased its stake in U.S. Bancorp by 54.6% in the 1st quarter. JPMorgan Chase & Co. now owns 36,167,368 shares of the financial services provider’s stock worth $2,000,417,000 after purchasing an additional 12,779,463 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of U.S. Bancorp by 2.8% during the first quarter. Geode Capital Management LLC now owns 21,438,355 shares of the financial services provider’s stock worth $1,182,720,000 after buying an additional 589,802 shares during the last quarter. Davis Selected Advisers lifted its holdings in shares of U.S. Bancorp by 7.7% during the first quarter. Davis Selected Advisers now owns 18,170,271 shares of the financial services provider’s stock worth $1,004,998,000 after buying an additional 1,296,831 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of U.S. Bancorp by 22.2% during the first quarter. Ameriprise Financial Inc. now owns 12,478,633 shares of the financial services provider’s stock worth $690,275,000 after buying an additional 2,267,492 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of U.S. Bancorp by 3.8% during the first quarter. Franklin Resources Inc. now owns 11,343,445 shares of the financial services provider’s stock worth $627,402,000 after buying an additional 415,910 shares during the last quarter. Hedge funds and other institutional investors own 73.80% of the company’s stock.
NYSE:USB traded up $1.09 during trading hours on Wednesday, reaching $57.00. The company had a trading volume of 124,760 shares, compared to its average volume of 6,539,679. The stock has a 50-day moving average of $56.53 and a two-hundred day moving average of $57.08. U.S. Bancorp has a one year low of $34.17 and a one year high of $62.47. The firm has a market capitalization of $84.51 billion, a PE ratio of 11.97, a PEG ratio of 1.71 and a beta of 1.14. The company has a quick ratio of 0.74, a current ratio of 0.76 and a debt-to-equity ratio of 0.76.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Thursday, September 30th will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 3.23%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.42. U.S. Bancorp’s dividend payout ratio is presently 54.90%.
A number of research analysts have recently commented on USB shares. Credit Suisse Group upped their price target on U.S. Bancorp from $58.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, August 25th. Compass Point upped their price target on U.S. Bancorp from $59.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday, May 18th. Barclays boosted their price objective on U.S. Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a research report on Friday, July 16th. Morgan Stanley boosted their price objective on U.S. Bancorp from $60.00 to $62.00 and gave the company an “equal weight” rating in a research report on Thursday, July 29th. Finally, Odeon Capital Group cut U.S. Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, July 19th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $62.37.
About U.S. Bancorp
U.S. Bancorp operates as a bank holding company, which offers financial services including lending and depository services, cash management, foreign exchange and trust and investment management. The firm also offers mortgage, refinance, auto, boat and RV loans, credit lines, credit card services, merchant, bank, checking and savings accounts, debit cards, online and mobile banking, ATM processing, mortgage banking, insurance, brokerage and leasing services.
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