1ST Source Bank Lowers Stock Holdings in U.S. Bancorp (NYSE:USB)

1ST Source Bank trimmed its position in shares of U.S. Bancorp (NYSE:USB) by 0.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 31,813 shares of the financial services provider’s stock after selling 299 shares during the period. 1ST Source Bank’s holdings in U.S. Bancorp were worth $1,455,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Franklin Resources Inc. grew its stake in shares of U.S. Bancorp by 153.0% in the 3rd quarter. Franklin Resources Inc. now owns 7,949,347 shares of the financial services provider’s stock valued at $374,573,000 after purchasing an additional 4,807,662 shares during the last quarter. Peapack Gladstone Financial Corp raised its holdings in shares of U.S. Bancorp by 0.5% in the third quarter. Peapack Gladstone Financial Corp now owns 250,340 shares of the financial services provider’s stock worth $11,449,000 after acquiring an additional 1,188 shares during the last quarter. Synovus Financial Corp grew its position in shares of U.S. Bancorp by 12.4% in the third quarter. Synovus Financial Corp now owns 75,156 shares of the financial services provider’s stock valued at $3,437,000 after purchasing an additional 8,272 shares during the period. Wilmington Savings Fund Society FSB grew its position in shares of U.S. Bancorp by 126.1% in the third quarter. Wilmington Savings Fund Society FSB now owns 44,819 shares of the financial services provider’s stock valued at $2,050,000 after purchasing an additional 24,992 shares during the period. Finally, World Investment Advisors LLC grew its position in shares of U.S. Bancorp by 6.0% in the third quarter. World Investment Advisors LLC now owns 52,619 shares of the financial services provider’s stock valued at $2,406,000 after purchasing an additional 2,988 shares during the period. Institutional investors and hedge funds own 77.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on USB. The Goldman Sachs Group decreased their target price on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a research report on Wednesday, September 11th. Citigroup raised U.S. Bancorp from a “neutral” rating to a “buy” rating and increased their target price for the stock from $49.00 to $65.00 in a report on Monday, November 25th. Evercore ISI raised their price target on U.S. Bancorp from $51.00 to $54.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Piper Sandler raised their price target on U.S. Bancorp from $52.00 to $58.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Finally, Morgan Stanley upgraded U.S. Bancorp from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $54.00 to $57.00 in a research report on Monday, September 30th. Twelve equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $53.27.

U.S. Bancorp Trading Down 0.4 %

Shares of NYSE:USB traded down $0.20 during mid-day trading on Friday, reaching $50.90. 1,043,700 shares of the company’s stock were exchanged, compared to its average volume of 8,198,546. The firm has a market capitalization of $79.41 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 3.03 and a beta of 1.03. The business’s fifty day moving average price is $49.67 and its 200-day moving average price is $45.11. 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 has a twelve month low of $37.81 and a twelve month high of $53.98.

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 analysts’ consensus estimates of $0.99 by $0.04. The company had revenue of $6.86 billion for the quarter, compared to analyst estimates 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 was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.05 earnings per share. On average, research analysts predict that U.S. Bancorp will post 3.93 EPS for the current fiscal year.

U.S. Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.93%. The ex-dividend date of this dividend is Tuesday, December 31st. U.S. Bancorp’s dividend payout ratio (DPR) is currently 61.16%.

U.S. Bancorp announced that its Board of Directors has initiated a share repurchase program 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 buy up to 7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at U.S. Bancorp

In related news, insider Jodi L. Richard sold 25,000 shares of the company’s stock in a transaction that occurred on 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 owns 129,790 shares of the company’s stock, valued at approximately $6,363,603.70. This represents a 16.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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.