Aprio Wealth Management LLC Invests $303,000 in U.S. Bancorp (NYSE:USB)

Aprio Wealth Management LLC purchased a new position in U.S. Bancorp (NYSE:USB) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 6,616 shares of the financial services provider’s stock, valued at approximately $303,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Kure Advisory LLC acquired a new position in shares of U.S. Bancorp in the 3rd quarter worth approximately $222,000. Fulton Bank N.A. lifted its position in shares of U.S. Bancorp by 9.9% in the 3rd quarter. Fulton Bank N.A. now owns 52,749 shares of the financial services provider’s stock worth $2,412,000 after purchasing an additional 4,739 shares during the period. MKT Advisors LLC acquired a new position in shares of U.S. Bancorp in the 3rd quarter worth approximately $220,000. Miracle Mile Advisors LLC lifted its position in shares of U.S. Bancorp by 11.8% in the 3rd quarter. Miracle Mile Advisors LLC now owns 7,898 shares of the financial services provider’s stock worth $361,000 after purchasing an additional 834 shares during the period. Finally, Everpar Advisors LLC lifted its position in shares of U.S. Bancorp by 3.9% in the 3rd quarter. Everpar Advisors LLC now owns 14,186 shares of the financial services provider’s stock worth $649,000 after purchasing an additional 531 shares during the period. Institutional investors and hedge funds own 77.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on USB shares. DA Davidson boosted their price target on shares of U.S. Bancorp from $44.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. The Goldman Sachs Group dropped their target price 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. Wells Fargo & Company boosted their target price on shares of U.S. Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. downgraded shares of U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 target price on the stock. in a research report on Thursday, June 27th. Finally, UBS Group boosted their target price on shares of U.S. Bancorp from $43.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Twelve equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $48.65.

U.S. Bancorp Stock Performance

NYSE USB opened at $44.26 on Wednesday. U.S. Bancorp has a 1 year low of $30.47 and a 1 year high of $47.31. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.81 and a quick ratio of 0.80. The firm has a market cap of $69.07 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 3.06 and a beta of 1.03. The company has a fifty day moving average price of $44.46 and a 200-day moving average price of $42.46.

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, topping the consensus estimate 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 analyst estimates of $6.81 billion. During the same quarter in the prior year, the business posted $1.12 EPS. The business’s revenue was down 4.3% compared to the same quarter last year. As a group, equities research analysts predict that U.S. Bancorp will post 3.86 EPS for the current fiscal year.

U.S. Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.50 dividend. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date is Monday, September 30th. This represents a $2.00 annualized dividend and a dividend yield of 4.52%. U.S. Bancorp’s dividend payout ratio is presently 66.23%.

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

Insider Transactions at U.S. Bancorp

In other news, Director Aleem Gillani bought 10,000 shares of U.S. Bancorp stock in a transaction dated Thursday, July 18th. The stock was purchased at an average price of $44.99 per share, for a total transaction of $449,900.00. Following the purchase, the director now directly owns 10,000 shares in the company, valued at $449,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.23% of the company’s stock.

About U.S. Bancorp

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.