Oppenheimer & Co. Inc. Reduces Stock Holdings in U.S. Bancorp (NYSE:USB)

Oppenheimer & Co. Inc. reduced its position in U.S. Bancorp (NYSE:USB) by 1.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 126,020 shares of the financial services provider’s stock after selling 1,386 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in U.S. Bancorp were worth $5,763,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. grew its stake in U.S. Bancorp by 31.5% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 192,322 shares of the financial services provider’s stock valued at $8,795,000 after buying an additional 46,112 shares in the last quarter. Encompass Wealth Advisors LLC bought a new position in shares of U.S. Bancorp in the third quarter worth $214,000. Chase Investment Counsel Corp grew its position in shares of U.S. Bancorp by 5.7% in the third quarter. Chase Investment Counsel Corp now owns 10,581 shares of the financial services provider’s stock valued at $483,000 after purchasing an additional 575 shares in the last quarter. Empower Advisory Group LLC raised its stake in shares of U.S. Bancorp by 11.3% during the 3rd quarter. Empower Advisory Group LLC now owns 5,625 shares of the financial services provider’s stock valued at $257,000 after purchasing an additional 572 shares during the period. Finally, Prime Capital Investment Advisors LLC lifted its holdings in U.S. Bancorp by 35.7% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 13,270 shares of the financial services provider’s stock worth $607,000 after purchasing an additional 3,491 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company upped their price target on U.S. Bancorp from $52.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft lowered shares of U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 target price on the stock. in a report on Thursday, October 24th. Royal Bank of Canada set a $53.00 price target on shares of U.S. Bancorp in a report on Thursday, October 17th. Barclays upped their price target on shares of U.S. Bancorp from $52.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Finally, Stephens boosted their target price on U.S. Bancorp from $49.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Thirteen research 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 a consensus rating of “Hold” and a consensus target price of $51.12.

Insider Activity at U.S. Bancorp

In other news, insider Jodi L. Richard sold 25,000 shares of U.S. Bancorp stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $49.03, for a total value of $1,225,750.00. Following the completion of the sale, the insider now directly owns 129,790 shares in the company, valued at $6,363,603.70. The trade was a 16.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by insiders.

U.S. Bancorp Stock Performance

Shares of USB opened at $50.32 on Friday. U.S. Bancorp has a 52 week low of $36.21 and a 52 week high of $51.76. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.04. The stock has a market cap of $78.50 billion, a P/E ratio of 15.39, a P/E/G ratio of 2.99 and a beta of 1.02. The business’s 50 day moving average price is $46.79 and its 200-day moving average price is $43.58.

U.S. Bancorp (NYSE:USB) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $6.86 billion for the quarter, compared to the consensus estimate of $6.90 billion. During the same quarter in the prior year, the firm posted $1.05 earnings per share. The business’s revenue was down 2.4% on a year-over-year basis. Equities research analysts anticipate that U.S. Bancorp will post 3.93 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.50 per share. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date was Monday, September 30th. U.S. Bancorp’s dividend payout ratio is presently 61.16%.

U.S. Bancorp declared that its board has authorized a stock repurchase plan on Thursday, September 12th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors 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.