Engineers Gate Manager LP Raises Stock Position in U.S. Bancorp $USB

Engineers Gate Manager LP raised its holdings in shares of U.S. Bancorp (NYSE:USB) by 39.0% during the second quarter, Holdings Channel.com reports. The fund owned 525,136 shares of the financial services provider’s stock after buying an additional 147,465 shares during the period. Engineers Gate Manager LP’s holdings in U.S. Bancorp were worth $31,718,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. California State Teachers Retirement System grew its position in shares of U.S. Bancorp by 5,893.0% during the second quarter. California State Teachers Retirement System now owns 142,640,580 shares of the financial services provider’s stock worth $8,615,491,000 after purchasing an additional 140,260,472 shares in the last quarter. Mufg Bank LTD. bought a new position in U.S. Bancorp in the 2nd quarter worth approximately $2,680,199,000. Norges Bank bought a new position in U.S. Bancorp in the 4th quarter worth approximately $1,887,497,000. Auto Owners Insurance Co grew its holdings in U.S. Bancorp by 5,236.0% during the 4th quarter. Auto Owners Insurance Co now owns 33,350,000 shares of the financial services provider’s stock valued at $1,779,556,000 after buying an additional 32,725,000 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of U.S. Bancorp during the second quarter valued at approximately $536,457,000. Institutional investors own 77.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Jefferies Financial Group raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and boosted their target price for the stock from $60.00 to $75.00 in a report on Monday, July 6th. Raymond James Financial started coverage on shares of U.S. Bancorp in a report on Wednesday, July 8th. They issued a “strong-buy” rating and a $72.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on shares of U.S. Bancorp from $67.50 to $69.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Citigroup restated a “buy” rating on shares of U.S. Bancorp in a research report on Tuesday, July 21st. Finally, Wall Street Zen raised U.S. Bancorp from a “sell” rating to a “hold” rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $67.06.

U.S. Bancorp Stock Performance

U.S. Bancorp stock opened at $62.22 on Thursday. The company’s 50-day moving average price is $63.16 and its 200-day moving average price is $57.96. U.S. Bancorp has a twelve month low of $45.02 and a twelve month high of $66.07. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.96. The company has a market cap of $96.94 billion, a PE ratio of 12.42, a price-to-earnings-growth ratio of 1.11 and a beta of 0.95.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.07. The firm had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.58 billion. U.S. Bancorp had a net margin of 18.49% and a return on equity of 13.69%. During the same quarter last year, the firm earned $1.11 EPS. On average, equities research analysts forecast that U.S. Bancorp will post 5.22 EPS for the current fiscal year.

U.S. Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.52. U.S. Bancorp’s dividend payout ratio is 41.52%.

Insider Activity at U.S. Bancorp

In related news, insider Stephen L. Philipson sold 36,906 shares of the stock in a transaction on Monday, July 20th. The stock was sold at an average price of $63.08, for a total transaction of $2,328,030.48. Following the sale, the insider owned 74,969 shares in the company, valued at approximately $4,729,044.52. This represents a 32.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gunjan Kedia sold 27,267 shares of the firm’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $62.37, for a total value of $1,700,642.79. Following the completion of the sale, the chief executive officer owned 426,262 shares of the company’s stock, valued at approximately $26,585,960.94. This represents a 6.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.21% of the stock is owned by company insiders.

U.S. Bancorp Profile

U.S. Bancorp (NYSE:USB) is a financial services holding company and the parent organization of U.S. Bank, a full-service commercial bank. The company provides deposit accounts, consumer and business loans, mortgages, credit and debit cards, payment services, and other banking products to individuals, businesses, institutions and government entities.

Through its wealth, corporate and commercial banking operations, U.S. Bancorp also offers investment management, trust and custody services, treasury management, capital markets support, equipment finance and other specialized financial solutions.