Mirae Asset Global Investments Co. Ltd. Makes New Investment in U.S. Bancorp $USB

Mirae Asset Global Investments Co. Ltd. purchased a new position in U.S. Bancorp (NYSE:USB) during the third quarter, Holdings Channel.com reports. The firm purchased 463,098 shares of the financial services provider’s stock, valued at approximately $26,749,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Profund Advisors LLC raised its stake in shares of U.S. Bancorp by 8.3% during the 3rd quarter. Profund Advisors LLC now owns 16,009 shares of the financial services provider’s stock worth $925,000 after purchasing an additional 1,232 shares in the last quarter. Vise Technologies Inc. grew its stake in shares of U.S. Bancorp by 2.0% in the 3rd quarter. Vise Technologies Inc. now owns 111,651 shares of the financial services provider’s stock valued at $6,449,000 after buying an additional 2,139 shares in the last quarter. Investment Partners LTD. grew its stake in shares of U.S. Bancorp by 25.0% in the 3rd quarter. Investment Partners LTD. now owns 4,899 shares of the financial services provider’s stock valued at $283,000 after buying an additional 980 shares in the last quarter. Moss Adams Wealth Advisors LLC increased its holdings in U.S. Bancorp by 2.1% in the third quarter. Moss Adams Wealth Advisors LLC now owns 11,323 shares of the financial services provider’s stock worth $660,000 after buying an additional 236 shares during the last quarter. Finally, Summit Global Investments increased its holdings in U.S. Bancorp by 56.7% in the third quarter. Summit Global Investments now owns 11,897 shares of the financial services provider’s stock worth $687,000 after buying an additional 4,307 shares during the last quarter. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at U.S. Bancorp

In other news, CEO Gunjan Kedia sold 27,267 shares of U.S. Bancorp stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $62.37, for a total value of $1,700,642.79. Following the transaction, the chief executive officer owned 426,262 shares of the company’s stock, valued at $26,585,960.94. This trade represents a 6.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.21% of the stock is currently owned by corporate insiders.

U.S. Bancorp Stock Performance

Shares of NYSE USB opened at $60.51 on Tuesday. The business’s 50-day simple moving average is $59.85 and its 200-day simple moving average is $58.06. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.83 and a current ratio of 0.83. U.S. Bancorp has a 52 week low of $45.02 and a 52 week high of $66.07. The firm has a market cap of $94.28 billion, a price-to-earnings ratio of 11.80, a P/E/G ratio of 1.14 and a beta of 1.00.

U.S. Bancorp (NYSE:USB) last posted its earnings results on Thursday, October 15th. The financial services provider reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.02. The firm had revenue of $8.04 billion during the quarter, compared to analyst estimates of $8 billion. U.S. Bancorp had a return on equity of 13.85% and a net margin of 18.85%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.22 EPS. As a group, equities research analysts expect that U.S. Bancorp will post 5.30 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a $0.54 dividend. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.52. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Wednesday, September 30th. U.S. Bancorp’s payout ratio is 42.11%.

Analyst Ratings Changes

USB has been the topic of several recent research reports. Royal Bank Of Canada cut their price objective on shares of U.S. Bancorp from $68.00 to $65.00 and set an “outperform” rating on the stock in a research report on Friday, October 16th. The Goldman Sachs Group reissued a “neutral” rating on shares of U.S. Bancorp in a research report on Thursday, October 15th. Weiss Ratings restated a “buy (b)” rating on shares of U.S. Bancorp in a research note on Thursday. Raymond James Financial dropped their price target on shares of U.S. Bancorp from $74.00 to $72.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, October 6th. Finally, Morgan Stanley set a $68.00 price target on shares of U.S. Bancorp in a report on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $69.36.

About U.S. Bancorp

U.S. Bancorp (NYSE: USB) is a financial services holding company headquartered in Minneapolis, Minnesota, and the parent company of U.S. Bank National Association. U.S. Bank provides banking, lending, payment, investment and wealth-management services to individuals, businesses, institutions and government entities.

The company’s consumer and business banking operations offer deposit accounts, mortgages, home-equity and consumer loans, credit cards, small-business banking and commercial lending.