Seven Eight Capital LP Purchases Shares of 29,472 U.S. Bancorp (NYSE:USB)

Seven Eight Capital LP purchased a new position in shares of U.S. Bancorp (NYSE:USB) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 29,472 shares of the financial services provider’s stock, valued at approximately $1,170,000.

Other hedge funds have also recently modified their holdings of the company. Redwood Wealth Management Group LLC purchased a new stake in U.S. Bancorp during the 2nd quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. purchased a new stake in shares of U.S. Bancorp during the first quarter valued at $30,000. 1620 Investment Advisors Inc. purchased a new position in U.S. Bancorp in the 2nd quarter worth $30,000. Eagle Bay Advisors LLC lifted its position in U.S. Bancorp by 93.2% during the 1st quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 331 shares during the period. Finally, LRI Investments LLC purchased a new stake in U.S. Bancorp during the 1st quarter valued at about $31,000. Institutional investors and hedge funds own 77.60% of the company’s stock.

Insider Buying and Selling at U.S. Bancorp

In other news, Director Aleem Gillani purchased 10,000 shares of the stock in a transaction dated Thursday, July 18th. The shares were purchased at an average cost of $44.99 per share, with a total value of $449,900.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $449,900. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.23% of the company’s stock.

U.S. Bancorp Price Performance

U.S. Bancorp stock opened at $46.46 on Friday. The stock has a market capitalization of $72.50 billion, a P/E ratio of 15.38, a P/E/G ratio of 4.36 and a beta of 1.04. The company’s fifty day moving average price is $44.31 and its 200 day moving average price is $42.30. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.81. U.S. Bancorp has a 1 year low of $30.47 and a 1 year high of $47.31.

U.S. Bancorp (NYSE:USB) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.04. The business had revenue of $6.87 billion for the quarter, compared to analyst estimates of $6.81 billion. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. The company’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.12 earnings per share. As a group, equities research analysts anticipate that U.S. Bancorp will post 3.87 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.50 per share. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a yield of 4.30%. The ex-dividend date is Monday, September 30th. U.S. Bancorp’s payout ratio is 66.23%.

Analyst Upgrades and Downgrades

USB has been the subject of several research analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $48.00 price objective on shares of U.S. Bancorp in a research note on Friday, September 13th. 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 for the company in a research report on Wednesday, September 11th. StockNews.com raised shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Morgan Stanley raised their target price on shares of U.S. Bancorp from $47.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Finally, Evercore ISI upped their price target on shares of U.S. Bancorp from $45.00 to $48.00 and gave the company an “in-line” rating in a report on Tuesday, June 25th. Thirteen investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $48.18.

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.