Legacy Financial Advisors Inc. Sells 1,275 Shares of U.S. Bancorp (NYSE:USB)

Legacy Financial Advisors Inc. decreased its position in U.S. Bancorp (NYSE:USB) by 3.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 32,435 shares of the financial services provider’s stock after selling 1,275 shares during the quarter. Legacy Financial Advisors Inc.’s holdings in U.S. Bancorp were worth $1,288,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Focus Financial Network Inc. ADV purchased a new position in shares of U.S. Bancorp in the fourth quarter worth $5,440,000. Morningstar Investment Management LLC lifted its stake in U.S. Bancorp by 760.8% during 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 period. Brookstone Capital Management boosted its holdings in shares of U.S. Bancorp by 2,056.5% during the 1st quarter. Brookstone Capital Management now owns 218,668 shares of the financial services provider’s stock valued at $9,774,000 after acquiring an additional 208,528 shares during the last quarter. Artisan Partners Limited Partnership raised its holdings in shares of U.S. Bancorp by 2.4% during the fourth quarter. Artisan Partners Limited Partnership now owns 3,188,254 shares of the financial services provider’s stock valued at $137,988,000 after purchasing an additional 76,053 shares during the last quarter. Finally, Manning & Napier Advisors LLC bought a new stake in U.S. Bancorp in the 2nd quarter worth approximately $20,188,000. 77.60% of the stock is currently owned by institutional investors.

Insider Activity

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

U.S. Bancorp Price Performance

Shares of USB stock opened at $46.01 on Friday. U.S. Bancorp has a 52-week low of $30.47 and a 52-week high of $47.31. The firm has a market capitalization of $71.80 billion, a P/E ratio of 15.24, a P/E/G ratio of 4.36 and a beta of 1.04. The stock has a 50 day moving average price of $44.39 and a 200 day moving average price of $42.32. 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 (NYSE:USB) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.94 by $0.04. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. The firm had revenue of $6.87 billion during the quarter, compared to analyst estimates of $6.81 billion. During the same period in the previous year, the company posted $1.12 EPS. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. As a group, sell-side analysts predict that U.S. Bancorp will post 3.87 earnings per share for the current year.

U.S. Bancorp declared that its board has initiated a share buyback program on Thursday, September 12th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

U.S. Bancorp Increases Dividend

The firm 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 dividend of $0.50 per share. The ex-dividend date is Monday, September 30th. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.35%. U.S. Bancorp’s dividend payout ratio is presently 66.23%.

Analyst Ratings Changes

A number of research firms recently commented on USB. Wells Fargo & Company upped their price objective on U.S. Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. UBS Group boosted their price objective 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. Morgan Stanley raised their target price on U.S. Bancorp from $47.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Evercore ISI boosted their price objective on U.S. Bancorp from $45.00 to $48.00 and gave the company an “in-line” rating in a research note on Tuesday, June 25th. Finally, Jefferies Financial Group lowered their price target on shares of U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating on the stock in a report on Wednesday, July 3rd. Thirteen investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, U.S. Bancorp presently has an average rating of “Hold” and a consensus target price 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.