U.S. Bancorp (NYSE:USB) Shares Sold by Camden National Bank

Camden National Bank lowered its stake in shares of U.S. Bancorp (NYSE:USB) by 1.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 67,311 shares of the financial services provider’s stock after selling 771 shares during the quarter. Camden National Bank’s holdings in U.S. Bancorp were worth $3,078,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of USB. Redwood Wealth Management Group LLC acquired a new stake in U.S. Bancorp during the second quarter worth about $25,000. Frazier Financial Advisors LLC increased its position in U.S. Bancorp by 222.7% during the 3rd quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 441 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in U.S. Bancorp during the 2nd quarter worth approximately $30,000. LRI Investments LLC purchased a new position in U.S. Bancorp in the first quarter valued at approximately $31,000. Finally, Y.D. More Investments Ltd acquired a new position in U.S. Bancorp during the second quarter valued at approximately $33,000. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

U.S. Bancorp Stock Performance

Shares of USB opened at $52.48 on Friday. U.S. Bancorp has a 12-month low of $36.49 and a 12-month high of $52.69. The business’s fifty day moving average price is $47.63 and its 200 day moving average price is $44.03. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $81.87 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 3.03 and a beta of 1.02.

U.S. Bancorp (NYSE:USB) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The company had revenue of $6.86 billion for the quarter, compared to analysts’ expectations of $6.90 billion. During the same period last year, the business posted $1.05 earnings per share. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. Equities research analysts forecast that U.S. Bancorp will post 3.93 EPS for the current year.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.00 annualized dividend and a yield of 3.81%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s payout ratio is presently 61.16%.

U.S. Bancorp announced that its board has initiated a stock buyback program 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 programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

USB has been the topic of a number of research reports. Robert W. Baird set a $54.00 target price on shares of U.S. Bancorp in a research note on Thursday, October 17th. Barclays raised their price objective on U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft downgraded U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 target price for the company. in a research report on Thursday, October 24th. The Goldman Sachs Group dropped their target price on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th. Finally, Royal Bank of Canada set a $53.00 price target on U.S. Bancorp in a report on Thursday, October 17th. Thirteen research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $51.22.

Insider Buying and Selling

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 129,790 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

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.