Public Sector Pension Investment Board Grows Position in U.S. Bancorp (NYSE:USB)

Public Sector Pension Investment Board increased its holdings in U.S. Bancorp (NYSE:USB) by 8.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 264,600 shares of the financial services provider’s stock after acquiring an additional 19,638 shares during the quarter. Public Sector Pension Investment Board’s holdings in U.S. Bancorp were worth $10,505,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Valmark Advisers Inc. raised its holdings in U.S. Bancorp by 2.9% in the second quarter. Valmark Advisers Inc. now owns 8,707 shares of the financial services provider’s stock worth $346,000 after purchasing an additional 242 shares in the last quarter. Waldron Private Wealth LLC increased its holdings in U.S. Bancorp by 1.9% in the 2nd quarter. Waldron Private Wealth LLC now owns 13,285 shares of the financial services provider’s stock worth $534,000 after buying an additional 247 shares during the period. Naples Global Advisors LLC boosted its position in U.S. Bancorp by 0.4% in the 2nd quarter. Naples Global Advisors LLC now owns 65,360 shares of the financial services provider’s stock worth $2,624,000 after purchasing an additional 248 shares in the last quarter. Kavar Capital Partners Group LLC boosted its position in U.S. Bancorp by 4.7% in the 2nd quarter. Kavar Capital Partners Group LLC now owns 5,555 shares of the financial services provider’s stock worth $221,000 after purchasing an additional 250 shares in the last quarter. Finally, STAR Financial Bank boosted its position in U.S. Bancorp by 3.3% in the 2nd quarter. STAR Financial Bank now owns 7,772 shares of the financial services provider’s stock worth $309,000 after purchasing an additional 250 shares in the last quarter. 77.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Wells Fargo & Company increased their target price 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. Citigroup increased their target price on U.S. Bancorp from $45.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. UBS Group increased their price objective on U.S. Bancorp from $43.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. DA Davidson raised their target price on U.S. Bancorp from $44.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Finally, Jefferies Financial Group cut their price objective on U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating for the company in a research report on Wednesday, July 3rd. Thirteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $48.18.

U.S. Bancorp Trading Down 0.3 %

NYSE:USB opened at $45.86 on Tuesday. The firm has a market cap of $71.56 billion, a P/E ratio of 15.19, a PEG ratio of 4.36 and a beta of 1.04. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 1.05. The stock’s 50 day simple moving average is $44.46 and its 200-day simple moving average is $42.33. 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 quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $6.81 billion. During the same period in the previous year, the business earned $1.12 earnings per share. The company’s revenue for the quarter was down 4.3% compared to the same quarter last year. Equities analysts anticipate that U.S. Bancorp will post 3.87 EPS for the current year.

U.S. Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.36%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Monday, September 30th. U.S. Bancorp’s payout ratio is presently 66.23%.

U.S. Bancorp announced that its Board of Directors has approved a stock buyback program on Thursday, September 12th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, Director Aleem Gillani acquired 10,000 shares of U.S. Bancorp stock in a transaction dated Thursday, July 18th. The shares were acquired at an average cost of $44.99 per share, for a total transaction of $449,900.00. Following the completion of the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at $449,900. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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.