DAVENPORT & Co LLC Acquires 13,280 Shares of U.S. Bancorp $USB

DAVENPORT & Co LLC raised its stake in shares of U.S. Bancorp (NYSE:USB) by 6.6% in the third quarter, Holdings Channel.com reports. The firm owned 214,901 shares of the financial services provider’s stock after buying an additional 13,280 shares during the period. DAVENPORT & Co LLC’s holdings in U.S. Bancorp were worth $10,386,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC raised its position in U.S. Bancorp by 323.0% in the 4th quarter. Brighton Jones LLC now owns 48,274 shares of the financial services provider’s stock valued at $2,309,000 after buying an additional 36,863 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of U.S. Bancorp by 56.9% in the 1st quarter. Wellington Management Group LLP now owns 159,937 shares of the financial services provider’s stock worth $6,753,000 after acquiring an additional 57,991 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of U.S. Bancorp by 10.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 213,187 shares of the financial services provider’s stock valued at $9,001,000 after purchasing an additional 20,447 shares during the last quarter. CreativeOne Wealth LLC raised its holdings in shares of U.S. Bancorp by 105.2% in the first quarter. CreativeOne Wealth LLC now owns 51,068 shares of the financial services provider’s stock valued at $2,156,000 after purchasing an additional 26,178 shares during the last quarter. Finally, Wealth Preservation Advisors LLC bought a new position in shares of U.S. Bancorp during the first quarter valued at about $223,000. 77.60% of the stock is owned by hedge funds and other institutional investors.

U.S. Bancorp Price Performance

Shares of NYSE USB opened at $54.94 on Thursday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.10. The stock has a fifty day simple moving average of $49.23 and a two-hundred day simple moving average of $47.62. U.S. Bancorp has a 1-year low of $35.18 and a 1-year high of $55.15. The firm has a market cap of $85.40 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 1.03 and a beta of 1.10.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. The firm had revenue of $7.34 billion for the quarter, compared to analysts’ expectations of $7.17 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 16.89%.The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.03 EPS. Analysts anticipate that U.S. Bancorp will post 4.38 earnings per share for the current year.

U.S. Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Wednesday, December 31st. U.S. Bancorp’s dividend payout ratio (DPR) is currently 47.60%.

Insider Activity

In related news, Chairman Andrew Cecere sold 140,445 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $46.34, for a total value of $6,508,221.30. Following the completion of the transaction, the chairman directly owned 1,360,414 shares of the company’s stock, valued at approximately $63,041,584.76. This trade represents a 9.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP James L. Chosy sold 26,909 shares of the business’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $46.86, for a total transaction of $1,260,955.74. Following the sale, the executive vice president directly owned 226,375 shares in the company, valued at $10,607,932.50. The trade was a 10.62% decrease in their position. The SEC filing for this sale provides additional information. 0.23% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on USB shares. Deutsche Bank Aktiengesellschaft upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $52.50 price objective for the company in a research note on Thursday, October 23rd. DA Davidson upped their target price on U.S. Bancorp from $57.00 to $59.00 and gave the company a “buy” rating in a report on Friday, October 17th. Keefe, Bruyette & Woods lifted their price target on U.S. Bancorp from $53.00 to $58.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. The Goldman Sachs Group set a $52.00 price objective on U.S. Bancorp and gave the stock a “neutral” rating in a research report on Friday, October 17th. Finally, UBS Group raised their target price on U.S. Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.95.

U.S. Bancorp Profile

U.S. Bancorp (NYSE: USB) is a bank holding company and the parent of U.S. Bank, a national commercial bank that provides a wide range of banking, investment, mortgage, trust and payment services. The company operates through consumer and business banking, commercial banking, payment services, and wealth management segments. Its product set includes deposit accounts, consumer and commercial lending, mortgage origination and servicing, credit and debit card services, treasury and cash management, merchant processing, and institutional and trust services.

Headquartered in Minneapolis, Minnesota, U.S.