U.S. Bancorp (NYSE:USB) Shares Sold by Woodmont Investment Counsel LLC

08 Nov 2024, 12:42 by Michael Walen · The Markets Daily

Woodmont Investment Counsel LLC reduced its stake in U.S. Bancorp (NYSE:USB – Free Report) by 3.8% during the 3rd quarter, Holdings Channel reports. The fund owned 16,117 shares of the financial services provider’s stock after selling 631 shares during the period. Woodmont Investment Counsel LLC’s holdings in U.S. Bancorp were worth $737,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Manning & Napier Advisors LLC acquired a new position in shares of U.S. Bancorp during the second quarter worth about $20,188,000. Janus Henderson Group PLC increased its holdings in shares of U.S. Bancorp by 6.4% in the 1st quarter. Janus Henderson Group PLC now owns 276,599 shares of the financial services provider’s stock valued at $12,363,000 after acquiring an additional 16,686 shares during the last quarter. Koshinski Asset Management Inc. acquired a new stake in shares of U.S. Bancorp during the first quarter worth $732,000. Comerica Bank lifted its holdings in U.S. Bancorp by 11.2% in the first quarter. Comerica Bank now owns 564,443 shares of the financial services provider’s stock worth $25,231,000 after acquiring an additional 56,738 shares during the last quarter. Finally, M&G Plc boosted its position in U.S. Bancorp by 73.9% during the 2nd quarter. M&G Plc now owns 314,241 shares of the financial services provider’s stock valued at $12,570,000 after purchasing an additional 133,498 shares during the period. 77.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on USB. Wells Fargo & Company upped their target price on shares of U.S. Bancorp from $52.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Morgan Stanley upgraded shares of U.S. Bancorp from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $54.00 to $57.00 in a research report on Monday, September 30th. Deutsche Bank Aktiengesellschaft cut shares of U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 target price for the company. in a report on Thursday, October 24th. Royal Bank of Canada set a $53.00 price target on U.S. Bancorp in a research report on Thursday, October 17th. Finally, Oppenheimer upped their price target on shares of U.S. Bancorp from $59.00 to $64.00 and gave the stock an “outperform” rating in a research note on Tuesday. Thirteen analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, U.S. Bancorp has a consensus rating of “Hold” and an average target price of $51.12.

Check Out Our Latest Stock Report on U.S. Bancorp

U.S. Bancorp Price Performance

USB stock opened at $49.56 on Friday. U.S. Bancorp has a 1 year low of $33.61 and a 1 year high of $51.76. The company has a 50 day simple moving average of $46.40 and a 200 day simple moving average of $43.25. 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 cap of $77.34 billion, a price-to-earnings ratio of 15.16, a P/E/G ratio of 2.79 and a beta of 1.02.

U.S. Bancorp (NYSE:USB – Get Free Report) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. The business had revenue of $6.86 billion during 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 quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.05 earnings per share. Research analysts anticipate that U.S. Bancorp will post 3.92 EPS 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. Investors of record on Monday, September 30th were given a $0.50 dividend. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date was Monday, September 30th. This represents a $2.00 annualized dividend and a yield of 4.04%. U.S. Bancorp’s dividend payout ratio (DPR) is presently 61.16%.

U.S. Bancorp announced that its board has initiated a share repurchase 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 repurchase up to 7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

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 that occurred on Friday, October 18th. The shares were sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the transaction, the insider now owns 129,790 shares of the company’s stock, valued at $6,363,603.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by insiders.

U.S. Bancorp Company Profile

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