Huntington National Bank Purchases 33,408 Shares of U.S. Bancorp (NYSE:USB)

Huntington National Bank grew its position in U.S. Bancorp (NYSE:USB) by 6.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 536,640 shares of the financial services provider’s stock after acquiring an additional 33,408 shares during the period. Huntington National Bank’s holdings in U.S. Bancorp were worth $24,541,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of USB. Redwood Wealth Management Group LLC bought a new position in U.S. Bancorp in the 2nd quarter worth approximately $25,000. LRI Investments LLC bought a new position in U.S. Bancorp in the 1st quarter worth approximately $31,000. 1620 Investment Advisors Inc. bought a new position in U.S. Bancorp in the 2nd quarter worth approximately $30,000. Y.D. More Investments Ltd bought a new position in U.S. Bancorp in the 2nd quarter worth approximately $33,000. Finally, Crewe Advisors LLC bought a new position in U.S. Bancorp in the 1st quarter worth approximately $39,000. Institutional investors own 77.60% of the company’s stock.

U.S. Bancorp Price Performance

Shares of NYSE USB opened at $51.17 on Thursday. The firm has a market cap of $79.83 billion, a PE ratio of 15.65, a PEG ratio of 2.99 and a beta of 1.02. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04. U.S. Bancorp has a 1-year low of $35.02 and a 1-year high of $51.76. The company has a fifty day moving average price of $46.69 and a 200 day moving average price of $43.53.

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

U.S. Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.50 per share. The ex-dividend date was Monday, September 30th. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a yield of 3.91%. U.S. Bancorp’s payout ratio is 61.16%.

U.S. Bancorp announced that its Board of Directors has initiated a share buyback plan on Thursday, September 12th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. StockNews.com upgraded shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft cut shares of U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 target price for the company. in a research report on Thursday, October 24th. Barclays upped their target price on shares of U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. DA Davidson upped their target price on shares of U.S. Bancorp from $49.00 to $54.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Finally, Citigroup upped their target price on shares of U.S. Bancorp from $45.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Thirteen investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, U.S. Bancorp currently has an average rating of “Hold” and an average target price of $51.12.

Insiders Place Their Bets

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the business’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the sale, the insider now directly owns 129,790 shares of the company’s stock, valued at $6,363,603.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.23% of the company’s stock.

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.