U.S. Bancorp $USB Shares Purchased by Chemung Canal Trust Co.

Chemung Canal Trust Co. raised its stake in shares of U.S. Bancorp (NYSE:USB) by 205.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 68,327 shares of the financial services provider’s stock after buying an additional 45,963 shares during the quarter. Chemung Canal Trust Co.’s holdings in U.S. Bancorp were worth $3,302,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of U.S. Bancorp by 1.4% in the second quarter. Vanguard Group Inc. now owns 143,269,275 shares of the financial services provider’s stock valued at $6,482,935,000 after acquiring an additional 2,038,996 shares in the last quarter. Geode Capital Management LLC lifted its holdings in U.S. Bancorp by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 36,632,410 shares of the financial services provider’s stock valued at $1,650,305,000 after purchasing an additional 456,890 shares in the last quarter. Norges Bank acquired a new stake in shares of U.S. Bancorp during the 2nd quarter worth about $971,285,000. Amundi grew its holdings in shares of U.S. Bancorp by 2.2% during the first quarter. Amundi now owns 19,907,665 shares of the financial services provider’s stock worth $773,268,000 after buying an additional 422,050 shares in the last quarter. Finally, Davis Selected Advisers grew its holdings in shares of U.S. Bancorp by 29.8% during the second quarter. Davis Selected Advisers now owns 19,331,637 shares of the financial services provider’s stock worth $874,757,000 after buying an additional 4,442,623 shares in 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 news, EVP James L. Chosy sold 26,909 shares of U.S. Bancorp stock in a transaction that occurred 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 owned 226,375 shares in the company, valued at $10,607,932.50. This trade represents a 10.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Andrew Cecere sold 140,445 shares of the company’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $46.34, for a total transaction of $6,508,221.30. Following the completion of the transaction, the chairman owned 1,360,414 shares of the company’s stock, valued at $63,041,584.76. This trade represents a 9.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.23% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on USB. Cowen restated a “buy” rating on shares of U.S. Bancorp in a research report on Monday, October 20th. Wells Fargo & Company lifted their price objective on U.S. Bancorp from $50.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, October 17th. Bank of America upped their target price on U.S. Bancorp from $54.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 17th. TD Cowen raised their price target on U.S. Bancorp from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Finally, Evercore ISI lifted their price target on U.S. Bancorp from $49.00 to $54.00 and gave the company an “in-line” rating in a report on Tuesday, September 30th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.95.

U.S. Bancorp Stock Down 0.9%

Shares of U.S. Bancorp stock opened at $54.48 on Tuesday. U.S. Bancorp has a twelve month low of $35.18 and a twelve month high of $55.15. The stock has a market cap of $84.68 billion, a price-to-earnings ratio of 12.47, a price-to-earnings-growth ratio of 1.04 and a beta of 1.10. 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 company has a fifty day moving average price of $49.76 and a 200 day moving average price of $47.86.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.11. U.S. Bancorp had a return on equity of 13.34% and a net margin of 16.89%.The company had revenue of $7.34 billion for the quarter, compared to analysts’ expectations of $7.17 billion. During the same quarter in the previous year, the firm posted $1.03 earnings per share. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. Equities research analysts forecast that U.S. Bancorp will post 4.38 earnings per share for the current fiscal year.

U.S. Bancorp Announces Dividend

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

About U.S. Bancorp

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.