ICICI Prudential Asset Management Co Ltd Cuts Holdings in U.S. Bancorp (NYSE:USB)

ICICI Prudential Asset Management Co Ltd reduced its holdings in shares of U.S. Bancorp (NYSE:USB) by 6.1% during the third quarter, HoldingsChannel.com reports. The fund owned 194,027 shares of the financial services provider’s stock after selling 12,500 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in U.S. Bancorp were worth $8,873,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. QRG Capital Management Inc. increased its holdings in U.S. Bancorp by 215.7% during the first quarter. QRG Capital Management Inc. now owns 54,043 shares of the financial services provider’s stock worth $2,416,000 after buying an additional 36,926 shares during the last quarter. Bleakley Financial Group LLC increased its stake in shares of U.S. Bancorp by 7.1% during the 1st quarter. Bleakley Financial Group LLC now owns 42,359 shares of the financial services provider’s stock worth $1,893,000 after purchasing an additional 2,798 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of U.S. Bancorp by 23.6% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 233,819 shares of the financial services provider’s stock worth $10,452,000 after purchasing an additional 44,624 shares during the period. Koshinski Asset Management Inc. bought a new stake in shares of U.S. Bancorp in the 1st quarter worth approximately $732,000. Finally, Eagle Bay Advisors LLC lifted its stake in U.S. Bancorp by 93.2% in the first quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 331 shares during the last quarter. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Insider Activity at U.S. Bancorp

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of U.S. Bancorp stock in a transaction on 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 completion of the sale, the insider now owns 129,790 shares of the company’s stock, valued at approximately $6,363,603.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is currently owned by insiders.

U.S. Bancorp Stock Up 1.2 %

USB traded up $0.62 during midday trading on Wednesday, reaching $51.38. The company’s stock had a trading volume of 1,096,049 shares, compared to its average volume of 8,313,070. The stock’s 50-day moving average is $46.69 and its 200-day moving average is $43.53. U.S. Bancorp has a 1 year low of $35.02 and a 1 year high of $51.76. The firm has a market capitalization of $80.15 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 3.01 and a beta of 1.02. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $0.99 by $0.04. The company had revenue of $6.86 billion for the quarter, compared to the consensus estimate of $6.90 billion. U.S. Bancorp had a net margin of 12.92% and a return on equity of 12.91%. U.S. Bancorp’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.05 EPS. As a group, research analysts expect that U.S. Bancorp will post 3.93 EPS for the current year.

U.S. Bancorp declared that its Board of Directors has authorized a share buyback plan on Thursday, September 12th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

U.S. Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.50 dividend. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date of this dividend was Monday, September 30th. U.S. Bancorp’s payout ratio is presently 61.16%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on USB shares. Wells Fargo & Company lifted their price objective on U.S. Bancorp from $52.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Royal Bank of Canada set a $53.00 target price on shares of U.S. Bancorp in a research note on Thursday, October 17th. DA Davidson upped their price target on shares of U.S. Bancorp from $49.00 to $54.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. The Goldman Sachs Group reduced their price objective on shares of U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a research note on Wednesday, September 11th. Finally, UBS Group increased their target price on U.S. Bancorp from $43.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Thirteen research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, U.S. Bancorp has a consensus rating of “Hold” and a consensus price target of $51.12.

U.S. Bancorp Profile

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.