Kentucky Retirement Systems Insurance Trust Fund Has $2.11 Million Stock Holdings in U.S. Bancorp (NYSE:USB)

Kentucky Retirement Systems Insurance Trust Fund lowered its stake in U.S. Bancorp (NYSE:USB) by 8.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,201 shares of the financial services provider’s stock after selling 4,130 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in U.S. Bancorp were worth $2,113,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Redwood Wealth Management Group LLC bought a new position in shares of U.S. Bancorp in the 2nd quarter valued at $25,000. 1620 Investment Advisors Inc. acquired a new position in U.S. Bancorp in the 2nd quarter worth about $30,000. LRI Investments LLC bought a new position in U.S. Bancorp in the first quarter valued at about $31,000. Y.D. More Investments Ltd acquired a new stake in shares of U.S. Bancorp during the second quarter valued at about $33,000. Finally, Crewe Advisors LLC bought a new stake in shares of U.S. Bancorp during the first quarter worth about $39,000. Institutional investors own 77.60% of the company’s stock.

U.S. Bancorp Price Performance

Shares of NYSE USB opened at $49.90 on Friday. The firm’s 50-day moving average price is $46.99 and its 200-day moving average price is $43.71. The firm has a market capitalization of $77.85 billion, a P/E ratio of 15.26, a P/E/G ratio of 3.02 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 $36.49 and a 1-year high of $51.76.

U.S. Bancorp (NYSE:USB) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share (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 analysts’ expectations of $6.90 billion. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. U.S. Bancorp’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period last year, the business earned $1.05 EPS. Equities research analysts anticipate 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 announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date was Monday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio is currently 61.16%.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on USB shares. Deutsche Bank Aktiengesellschaft lowered shares of U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 price objective for the company. in a report on Thursday, October 24th. Robert W. Baird set a $54.00 price target on shares of U.S. Bancorp in a research note on Thursday, October 17th. The Goldman Sachs Group reduced their price objective on shares of U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 11th. Morgan Stanley upgraded U.S. Bancorp from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $54.00 to $57.00 in a report on Monday, September 30th. Finally, Stephens lifted their target price on U.S. Bancorp from $49.00 to $52.00 and gave the stock an “equal weight” rating 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 stock presently has a consensus rating of “Hold” and an average target price of $51.22.

Insider Buying and Selling at U.S. Bancorp

In other news, insider Jodi L. Richard sold 25,000 shares of the company’s stock in a transaction 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 sale, the insider now owns 129,790 shares in the company, valued at $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 available through this hyperlink. 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.