Capital Investment Services of America Inc. Sells 7,823 Shares of U.S. Bancorp (NYSE:USB)

Capital Investment Services of America Inc. trimmed its holdings in shares of U.S. Bancorp (NYSE:USB) by 25.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,691 shares of the financial services provider’s stock after selling 7,823 shares during the quarter. Capital Investment Services of America Inc.’s holdings in U.S. Bancorp were worth $1,256,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Buckingham Capital Management Inc. lifted its position in shares of U.S. Bancorp by 1.9% during the 1st quarter. Buckingham Capital Management Inc. now owns 55,519 shares of the financial services provider’s stock valued at $2,675,000 after acquiring an additional 1,015 shares during the period. First Trust Advisors LP lifted its position in shares of U.S. Bancorp by 5.0% during the 1st quarter. First Trust Advisors LP now owns 1,228,167 shares of the financial services provider’s stock valued at $59,185,000 after acquiring an additional 57,928 shares during the period. Fiera Capital Corp lifted its position in shares of U.S. Bancorp by 4.6% during the 1st quarter. Fiera Capital Corp now owns 9,133,471 shares of the financial services provider’s stock valued at $440,142,000 after acquiring an additional 397,902 shares during the period. Federated Investors Inc. PA lifted its position in shares of U.S. Bancorp by 240.0% during the 1st quarter. Federated Investors Inc. PA now owns 95,428 shares of the financial services provider’s stock valued at $4,598,000 after acquiring an additional 67,365 shares during the period. Finally, Commonwealth Equity Services LLC lifted its position in shares of U.S. Bancorp by 1.2% during the 1st quarter. Commonwealth Equity Services LLC now owns 326,613 shares of the financial services provider’s stock valued at $15,739,000 after acquiring an additional 3,760 shares during the period. 75.49% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Director David B. Omaley sold 10,133 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.76, for a total value of $565,016.08. Following the completion of the sale, the director now owns 191,754 shares in the company, valued at approximately $10,692,203.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $55.25, for a total transaction of $520,897.00. Following the completion of the sale, the insider now owns 94,658 shares of the company’s stock, valued at approximately $5,229,854.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,547 shares of company stock valued at $2,862,231. Company insiders own 0.24% of the company’s stock.

USB stock traded up $0.45 during midday trading on Friday, reaching $53.47. 5,432,163 shares of the company’s stock traded hands, compared to its average volume of 5,814,070. The company has a market cap of $85.02 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 2.03 and a beta of 1.10. The firm’s fifty day moving average price is $53.90 and its 200-day moving average price is $52.64. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.86. U.S. Bancorp has a 52 week low of $43.14 and a 52 week high of $57.81.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $1.09 EPS for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.02. U.S. Bancorp had a net margin of 26.70% and a return on equity of 15.45%. The business had revenue of $5.58 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the business posted $1.02 EPS. U.S. Bancorp’s quarterly revenue was down 1.1% on a year-over-year basis. Analysts forecast that U.S. Bancorp will post 4.3 earnings per share for the current year.

U.S. Bancorp announced that its board has initiated a stock buyback program on Thursday, June 27th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 3.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.42 dividend. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date is Friday, September 27th. This represents a $1.68 annualized dividend and a dividend yield of 3.14%. U.S. Bancorp’s dividend payout ratio is presently 40.98%.

A number of research analysts recently issued reports on USB shares. Wedbush boosted their target price on shares of U.S. Bancorp from $46.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Piper Jaffray Companies set a $59.00 target price on shares of U.S. Bancorp and gave the company a “buy” rating in a research report on Friday, September 13th. Bank of America lowered shares of U.S. Bancorp from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $55.00 to $53.00 in a research note on Monday, September 30th. Deutsche Bank set a $59.00 price target on shares of U.S. Bancorp and gave the company a “hold” rating in a research note on Friday, July 26th. Finally, Macquarie lowered shares of U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 price target for the company. in a research note on Thursday, August 1st. Five equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $56.31.

About U.S. Bancorp

U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.

Further Reading: What is a dividend reinvestment plan?

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Institutional Ownership by Quarter for U.S. Bancorp (NYSE:USB)

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