BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $11.91 Million Position in U.S. Bancorp (NYSE:USB)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its position in shares of U.S. Bancorp (NYSE:USB) by 12.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 260,371 shares of the financial services provider’s stock after selling 38,123 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in U.S. Bancorp were worth $11,907,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of USB. Redwood Wealth Management Group LLC acquired a new position in U.S. Bancorp during the second quarter valued at approximately $25,000. Frazier Financial Advisors LLC increased its stake in shares of U.S. Bancorp by 222.7% during the third quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 441 shares during the period. 1620 Investment Advisors Inc. bought a new position in shares of U.S. Bancorp during the second quarter worth approximately $30,000. Y.D. More Investments Ltd acquired a new stake in U.S. Bancorp during the second quarter worth approximately $33,000. Finally, Kimelman & Baird LLC acquired a new stake in U.S. Bancorp during the second quarter worth approximately $40,000. 77.60% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on USB shares. Evercore ISI increased their price target on U.S. Bancorp from $51.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Oppenheimer increased their price target on U.S. Bancorp from $59.00 to $64.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Barclays increased their price target on U.S. Bancorp from $52.00 to $57.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Wells Fargo & Company increased their price target on U.S. Bancorp from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft downgraded U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 price target on the stock. in a research report on Thursday, October 24th. Twelve investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, U.S. Bancorp presently has an average rating of “Hold” and a consensus target price of $52.02.

Insiders Place Their Bets

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of U.S. Bancorp stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the transaction, the insider now directly owns 129,790 shares of the company’s stock, valued at approximately $6,363,603.70. The trade was a 16.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.23% of the company’s stock.

U.S. Bancorp Trading Down 0.4 %

NYSE USB opened at $53.29 on Monday. 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 twelve month low of $37.67 and a twelve month high of $53.98. The company has a market cap of $83.13 billion, a price-to-earnings ratio of 16.30, a price-to-earnings-growth ratio of 3.14 and a beta of 1.02. The business’s fifty day moving average is $48.44 and its 200 day moving average is $44.48.

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

U.S. Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 30th. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a yield of 3.75%. U.S. Bancorp’s payout ratio is presently 61.16%.

U.S. Bancorp declared that its Board of Directors has approved a stock buyback program on Thursday, September 12th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.