U.S. Bancorp $USB Stock Sold by Palisade Asset Management LLC

Palisade Asset Management LLC reduced its holdings in shares of U.S. Bancorp (NYSE:USB) by 4.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 238,680 shares of the financial services provider’s stock after selling 9,890 shares during the quarter. U.S. Bancorp makes up about 1.3% of Palisade Asset Management LLC’s portfolio, making the stock its 25th biggest holding. Palisade Asset Management LLC’s holdings in U.S. Bancorp were worth $13,786,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mufg Bank LTD. bought a new stake in U.S. Bancorp in the 2nd quarter valued at $2,680,199,000. Bank of America Corp DE lifted its holdings in U.S. Bancorp by 6.9% during the 1st quarter. Bank of America Corp DE now owns 15,820,033 shares of the financial services provider’s stock valued at $822,800,000 after purchasing an additional 1,022,898 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in U.S. Bancorp by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 10,369,212 shares of the financial services provider’s stock valued at $539,232,000 after purchasing an additional 93,025 shares during the last quarter. Bank of New York Mellon Corp bought a new position in U.S. Bancorp during the second quarter worth $536,457,000. Finally, First Trust Advisors LP boosted its position in U.S. Bancorp by 39.9% during the first quarter. First Trust Advisors LP now owns 8,118,845 shares of the financial services provider’s stock worth $422,261,000 after purchasing an additional 2,314,081 shares during the period. 77.60% of the stock is currently owned by institutional investors.

U.S. Bancorp Price Performance

Shares of NYSE:USB opened at $59.49 on Friday. The firm has a 50 day moving average of $59.65 and a 200-day moving average of $58.18. The stock has a market capitalization of $92.68 billion, a PE ratio of 11.60, a PEG ratio of 1.13 and a beta of 1.02. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.87. U.S. Bancorp has a 12 month low of $45.02 and a 12 month high of $66.07.

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

U.S. Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a dividend of $0.54 per share. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.52. This represents a $2.16 annualized dividend and a yield of 3.6%. The ex-dividend date was Wednesday, September 30th. U.S. Bancorp’s dividend payout ratio (DPR) is presently 42.11%.

Insider Buying and Selling

In other U.S. Bancorp news, CEO Gunjan Kedia sold 27,267 shares of the company’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $62.37, for a total transaction of $1,700,642.79. Following the completion of the sale, the chief executive officer directly owned 426,262 shares in the company, valued at $26,585,960.94. This represents a 6.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.21% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

USB has been the topic of several research reports. Robert W. Baird upped their price objective on shares of U.S. Bancorp from $64.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, July 17th. BTIG Research set a $67.50 target price on shares of U.S. Bancorp in a research note on Monday, July 20th. Citigroup cut their target price on shares of U.S. Bancorp from $72.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, October 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of U.S. Bancorp in a report on Thursday, October 29th. Finally, Raymond James Financial decreased 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. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, U.S. Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $68.65.

About U.S. Bancorp

U.S. Bancorp is the parent company of U.S. Bank, a financial services provider serving consumers, businesses, institutions and government entities across the United States. Its history traces to 1863, when one of its predecessor institutions, First National Bank of Cincinnati, was established.

U.S. Bank offers consumer and business banking, lending, payment services, wealth management, investment services and corporate trust services. Its products include checking and savings accounts, credit cards, mortgages, commercial loans and digital banking solutions.

Headquartered in Minneapolis, Minnesota, U.S.