Carret Asset Management LLC Decreases Stake in U.S. Bancorp (NYSE:USB)

Carret Asset Management LLC lessened its holdings in shares of U.S. Bancorp (NYSE:USB) by 0.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,164 shares of the financial services provider’s stock after selling 330 shares during the period. Carret Asset Management LLC’s holdings in U.S. Bancorp were worth $1,654,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Redwood Wealth Management Group LLC purchased a new position in 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 2nd quarter valued at about $30,000. Eagle Bay Advisors LLC boosted its position in shares of U.S. Bancorp by 93.2% during the 1st quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 331 shares during the last quarter. LRI Investments LLC purchased a new stake in shares of U.S. Bancorp in the first quarter valued at about $31,000. Finally, Y.D. More Investments Ltd purchased a new stake in shares of U.S. Bancorp in the second quarter valued at about $33,000. Institutional investors and hedge funds own 77.60% of the company’s stock.

Insider Activity

In related news, insider Jodi L. Richard sold 25,000 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $49.03, for a total value of $1,225,750.00. Following the transaction, the insider now owns 129,790 shares in the company, valued at $6,363,603.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.23% of the company’s stock.

U.S. Bancorp Trading Down 1.5 %

NYSE:USB opened at $47.74 on Friday. The company has a market capitalization of $74.50 billion, a PE ratio of 15.81, a P/E/G ratio of 2.85 and a beta of 1.03. U.S. Bancorp has a 52-week low of $30.47 and a 52-week high of $50.47. The stock’s 50 day moving average price is $45.81 and its 200 day moving average price is $42.83. 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 (NYSE:USB) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $6.90 billion. During the same period last year, the firm posted $1.05 earnings per share. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, research analysts anticipate that U.S. Bancorp will post 3.9 EPS for the current year.

U.S. Bancorp declared that its board has initiated a share buyback plan on Thursday, September 12th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.19%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date was Monday, September 30th. U.S. Bancorp’s dividend payout ratio is presently 66.23%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on USB shares. UBS Group lifted their target price on shares of U.S. Bancorp from $43.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Morgan Stanley upgraded shares of U.S. Bancorp from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $54.00 to $57.00 in a report on Monday, September 30th. Wells Fargo & Company increased their price objective on U.S. Bancorp from $52.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Jefferies Financial Group reduced their target price on U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Finally, Deutsche Bank Aktiengesellschaft lowered U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 price target on the stock. in a research note on Thursday. Thirteen investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $50.72.

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.