U.S. Bancorp (NYSE:USB) Shares Sold by Harbour Investments Inc.

Harbour Investments Inc. reduced its stake in U.S. Bancorp (NYSE:USB) by 1.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,383 shares of the financial services provider’s stock after selling 446 shares during the period. Harbour Investments Inc.’s holdings in U.S. Bancorp were worth $1,389,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in USB. Redwood Wealth Management Group LLC acquired a new position in shares of U.S. Bancorp during the second quarter worth approximately $25,000. 1620 Investment Advisors Inc. acquired a new position in shares of U.S. Bancorp during the second quarter worth approximately $30,000. LRI Investments LLC bought a new stake in U.S. Bancorp during the first quarter worth approximately $31,000. Y.D. More Investments Ltd bought a new stake in U.S. Bancorp during the second quarter worth approximately $33,000. Finally, Crewe Advisors LLC bought a new stake in U.S. Bancorp during the first quarter worth approximately $39,000. 77.60% of the stock is currently owned by institutional investors and hedge funds.

U.S. Bancorp Trading Down 1.7 %

U.S. Bancorp stock opened at $50.32 on Friday. The company’s fifty day simple moving average is $46.79 and its 200-day simple moving average is $43.58. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.04. U.S. Bancorp has a 12 month low of $36.21 and a 12 month high of $51.76. The stock has a market cap of $78.50 billion, a P/E ratio of 15.39, a P/E/G ratio of 2.99 and a beta of 1.02.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $0.99 by $0.04. U.S. Bancorp had a net margin of 12.92% and a return on equity of 12.91%. The business had revenue of $6.86 billion for the quarter, compared to analysts’ expectations of $6.90 billion. During the same period in the previous year, the company posted $1.05 EPS. U.S. Bancorp’s revenue was down 2.4% on a year-over-year basis. As a group, sell-side analysts forecast that U.S. Bancorp will post 3.93 EPS for the current fiscal year.

U.S. Bancorp announced that its board has initiated a share buyback plan on Thursday, September 12th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

U.S. Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 30th. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a yield of 3.97%. U.S. Bancorp’s dividend payout ratio is currently 61.16%.

Insider Buying and Selling

In related news, insider Jodi L. Richard sold 25,000 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $49.03, for a total value of $1,225,750.00. Following the completion of the sale, the insider now directly owns 129,790 shares in the company, valued at approximately $6,363,603.70. This represents a 16.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.23% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Morgan Stanley raised U.S. Bancorp from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $54.00 to $57.00 in a report on Monday, September 30th. Stephens boosted their target price on U.S. Bancorp from $49.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. UBS Group boosted their target price on U.S. Bancorp from $43.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Evercore ISI upped their price target on U.S. Bancorp from $51.00 to $54.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Finally, Oppenheimer upped their price target on U.S. Bancorp from $59.00 to $64.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Thirteen research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, U.S. Bancorp currently has an average rating of “Hold” and a consensus price target of $51.12.

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.