Palisade Asset Management LLC Lowers Holdings in U.S. Bancorp (NYSE:USB)

Palisade Asset Management LLC lowered its stake in shares of U.S. Bancorp (NYSE:USB) by 1.3% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 276,180 shares of the financial services provider’s stock after selling 3,626 shares during the period. U.S. Bancorp comprises about 1.2% of Palisade Asset Management LLC’s portfolio, making the stock its 27th largest holding. Palisade Asset Management LLC’s holdings in U.S. Bancorp were worth $12,630,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Redwood Wealth Management Group LLC acquired a new position in U.S. Bancorp in the second quarter valued at approximately $25,000. Frazier Financial Advisors LLC lifted its stake in shares of U.S. Bancorp by 222.7% in the 3rd quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 441 shares during the period. LRI Investments LLC acquired a new position in shares of U.S. Bancorp in the 1st quarter valued at $31,000. 1620 Investment Advisors Inc. purchased a new stake in U.S. Bancorp during the second quarter worth $30,000. Finally, Y.D. More Investments Ltd purchased a new position in U.S. Bancorp in the second quarter valued at $33,000. Institutional investors and hedge funds own 77.60% of the company’s stock.

Analysts Set New Price Targets

USB has been the topic of several recent analyst reports. Evercore ISI increased their target price on shares of U.S. Bancorp from $51.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. DA Davidson increased their price target 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. Deutsche Bank Aktiengesellschaft downgraded U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 target price for the company. in a research note on Thursday, October 24th. Oppenheimer increased their target price on U.S. Bancorp from $59.00 to $64.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Finally, Robert W. Baird set a $54.00 price target on shares of U.S. Bancorp in a report on Thursday, October 17th. Thirteen equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $51.22.

U.S. Bancorp Stock Up 2.1 %

Shares of NYSE:USB opened at $52.48 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $81.87 billion, a price-to-earnings ratio of 16.05, a PEG ratio of 3.03 and a beta of 1.02. The business has a 50-day moving average price of $47.63 and a 200 day moving average price of $44.03. U.S. Bancorp has a 12-month low of $36.49 and a 12-month high of $52.69.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings data 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 analyst estimates of $6.90 billion. During the same period in the prior year, the business posted $1.05 EPS. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. Sell-side analysts expect that U.S. Bancorp will post 3.93 EPS for the current year.

U.S. Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid 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 3.81%. U.S. Bancorp’s payout ratio is presently 61.16%.

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

Insider Activity at U.S. Bancorp

In related news, insider Jodi L. Richard sold 25,000 shares of U.S. Bancorp stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $49.03, for a total value of $1,225,750.00. Following the completion of the transaction, the insider now owns 129,790 shares in the company, valued at approximately $6,363,603.70. The trade was a 16.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company 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.