Glenmede Trust Co. NA Reduces Position in U.S. Bancorp (NYSE:USB)

Glenmede Trust Co. NA decreased its holdings in shares of U.S. Bancorp (NYSE:USB) by 4.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 645,308 shares of the financial services provider’s stock after selling 28,695 shares during the quarter. Glenmede Trust Co. NA’s holdings in U.S. Bancorp were worth $29,510,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of USB. Redwood Wealth Management Group LLC purchased a new position in shares of U.S. Bancorp during the 2nd quarter worth approximately $25,000. Frazier Financial Advisors LLC grew its stake 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 in the last quarter. LRI Investments LLC acquired a new position in U.S. Bancorp during the 1st quarter worth about $31,000. 1620 Investment Advisors Inc. purchased a new position in U.S. Bancorp during the 2nd quarter valued at about $30,000. Finally, Y.D. More Investments Ltd acquired a new position in U.S. Bancorp in the 2nd quarter valued at about $33,000. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

U.S. Bancorp Trading Down 0.3 %

NYSE:USB opened at $53.48 on Thursday. The company has a market capitalization of $83.43 billion, a PE ratio of 16.35, a P/E/G ratio of 3.16 and a beta of 1.02. U.S. Bancorp has a 52-week low of $36.49 and a 52-week high of $53.98. The stock’s 50 day moving average price is $48.16 and its 200 day moving average price is $44.30. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.04.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $0.99 by $0.04. The firm had revenue of $6.86 billion during the quarter, compared to the consensus estimate 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 revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.05 EPS. On average, research analysts anticipate that U.S. Bancorp will post 3.93 EPS for the current year.

U.S. Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.74%. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s payout ratio is presently 61.16%.

U.S. Bancorp declared that its Board of Directors has initiated a share repurchase program on Thursday, September 12th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have recently issued reports on USB shares. The Goldman Sachs Group reduced their price target on shares of U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 11th. Morgan Stanley upgraded shares of U.S. Bancorp from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $54.00 to $57.00 in a report on Monday, September 30th. Barclays boosted their price target on shares of U.S. Bancorp from $52.00 to $57.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Evercore ISI upped their price objective on U.S. Bancorp from $51.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Finally, Royal Bank of Canada set a $53.00 target price on U.S. Bancorp in a report on Thursday, October 17th. Twelve investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $52.02.

Insider Transactions at U.S. Bancorp

In related news, insider Jodi L. Richard sold 25,000 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 129,790 shares in the company, valued at $6,363,603.70. This trade represents a 16.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.23% of the company’s stock.

U.S. Bancorp Company 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.