Heritage Wealth Management Inc. Takes $11.65 Million Position in U.S. Bancorp (NYSE:USB)

Heritage Wealth Management Inc. bought a new stake in U.S. Bancorp (NYSE:USB) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 298,428 shares of the financial services provider’s stock, valued at approximately $11,651,000. U.S. Bancorp makes up 3.9% of Heritage Wealth Management Inc.’s portfolio, making the stock its 4th biggest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Jones Financial Companies Lllp lifted its position in U.S. Bancorp by 7.7% during the fourth quarter. Jones Financial Companies Lllp now owns 9,028 shares of the financial services provider’s stock worth $391,000 after buying an additional 647 shares in the last quarter. CWA Asset Management Group LLC purchased a new position in U.S. Bancorp during the fourth quarter worth approximately $426,000. NEOS Investment Management LLC lifted its position in U.S. Bancorp by 50.7% during the fourth quarter. NEOS Investment Management LLC now owns 21,435 shares of the financial services provider’s stock worth $928,000 after buying an additional 7,212 shares in the last quarter. Edge Capital Group LLC lifted its position in U.S. Bancorp by 6.7% during the fourth quarter. Edge Capital Group LLC now owns 13,067 shares of the financial services provider’s stock worth $566,000 after buying an additional 821 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in U.S. Bancorp by 179.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 222,730 shares of the financial services provider’s stock worth $9,640,000 after acquiring an additional 143,130 shares during the last quarter. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Insider Buying and Selling

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

U.S. Bancorp Stock Down 2.8 %

USB opened at $44.46 on Wednesday. The business has a 50 day moving average price of $44.52 and a two-hundred day moving average price of $42.42. 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 company has a market cap of $69.38 billion, a PE ratio of 14.72, a P/E/G ratio of 3.06 and a beta of 1.04. U.S. Bancorp has a 52 week low of $30.47 and a 52 week high of $47.31.

U.S. Bancorp (NYSE:USB) last released 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. The company had revenue of $6.87 billion for the quarter, compared to analysts’ expectations of $6.81 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.12 EPS. As a group, research analysts anticipate that U.S. Bancorp will post 3.86 EPS for the current year.

U.S. Bancorp announced that its board has authorized a share repurchase program 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 buy up to 7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors 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. Investors of record on Monday, September 30th will be issued a $0.50 dividend. The ex-dividend date is Monday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.50%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio is currently 66.23%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. StockNews.com raised U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Evercore ISI raised their target price on U.S. Bancorp from $45.00 to $48.00 and gave the stock an “in-line” rating in a research note on Tuesday, June 25th. The Goldman Sachs Group cut their target price on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a research note on Wednesday, September 11th. Citigroup lifted their price objective on U.S. Bancorp from $45.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Finally, Jefferies Financial Group dropped their price objective on U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Wednesday, July 3rd. Twelve research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, U.S. Bancorp has a consensus rating of “Hold” and an average target price of $48.34.

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.