Quarry LP Purchases Shares of 4,186 U.S. Bancorp (NYSE:USB)

Quarry LP purchased a new stake in U.S. Bancorp (NYSE:USB) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 4,186 shares of the financial services provider’s stock, valued at approximately $166,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Morningstar Investment Management LLC lifted its holdings in U.S. Bancorp by 760.8% in the 4th quarter. Morningstar Investment Management LLC now owns 83,833 shares of the financial services provider’s stock valued at $3,628,000 after acquiring an additional 74,094 shares during the last quarter. Brookstone Capital Management boosted its holdings in shares of U.S. Bancorp by 2,056.5% in the first quarter. Brookstone Capital Management now owns 218,668 shares of the financial services provider’s stock worth $9,774,000 after buying an additional 208,528 shares during the period. Manning & Napier Advisors LLC acquired a new position in shares of U.S. Bancorp in the second quarter worth about $20,188,000. Public Employees Retirement Association of Colorado boosted its holdings in shares of U.S. Bancorp by 2,440.9% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 227,307 shares of the financial services provider’s stock worth $9,838,000 after buying an additional 218,361 shares during the period. Finally, Mission Wealth Management LP boosted its holdings in shares of U.S. Bancorp by 200.7% in the first quarter. Mission Wealth Management LP now owns 18,273 shares of the financial services provider’s stock worth $817,000 after buying an additional 12,197 shares during the period. 77.60% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Evercore ISI raised their target price on shares of U.S. Bancorp from $45.00 to $48.00 and gave the stock an “in-line” rating in a report on Tuesday, June 25th. DA Davidson raised their target price on shares of U.S. Bancorp from $44.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Wells Fargo & Company raised their price target on shares of U.S. Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. The Goldman Sachs Group decreased 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 report on Wednesday, September 11th. Finally, Morgan Stanley upgraded shares of U.S. Bancorp from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $54.00 to $57.00 in a report on Monday. Twelve research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, U.S. Bancorp currently has a consensus rating of “Hold” and an average target price of $48.34.

U.S. Bancorp Price Performance

NYSE USB opened at $45.73 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $71.36 billion, a PE ratio of 15.14, a price-to-earnings-growth ratio of 3.06 and a beta of 1.04. The company has a 50 day moving average price of $44.54 and a two-hundred day moving average price of $42.40. U.S. Bancorp has a 12-month low of $30.47 and a 12-month high of $47.31.

U.S. Bancorp (NYSE:USB) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.04. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. The firm had revenue of $6.87 billion during the quarter, compared to analysts’ expectations of $6.81 billion. During the same period in the previous year, the company earned $1.12 earnings per share. The company’s revenue was down 4.3% compared to the same quarter last year. As a group, equities analysts predict that U.S. Bancorp will post 3.86 earnings per share for the current fiscal year.

U.S. Bancorp declared that its board has approved a share buyback plan 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 reacquire up to 7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.50 dividend. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Monday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.37%. U.S. Bancorp’s dividend payout ratio (DPR) is currently 66.23%.

U.S. Bancorp 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.