Elevation Point Wealth Partners LLC Purchases 17,146 Shares of U.S. Bancorp $USB

Elevation Point Wealth Partners LLC grew its position in U.S. Bancorp (NYSE:USB) by 130.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 30,251 shares of the financial services provider’s stock after purchasing an additional 17,146 shares during the period. Elevation Point Wealth Partners LLC’s holdings in U.S. Bancorp were worth $1,583,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Financial Life Planners bought a new stake in shares of U.S. Bancorp in the third quarter valued at about $25,000. Clayton Financial Group LLC bought a new position in U.S. Bancorp during the fourth quarter worth about $25,000. JPL Wealth Management LLC acquired a new stake in U.S. Bancorp in the 3rd quarter worth about $28,000. Binnacle Investments Inc boosted its holdings in U.S. Bancorp by 77.8% in the 3rd quarter. Binnacle Investments Inc now owns 624 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 273 shares during the period. Finally, Rossby Financial LCC boosted its holdings in U.S. Bancorp by 57.8% in the 4th quarter. Rossby Financial LCC now owns 579 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 212 shares during the period. 77.60% of the stock is owned by institutional investors and hedge funds.

U.S. Bancorp Stock Performance

U.S. Bancorp stock opened at $61.67 on Monday. The stock has a market cap of $95.67 billion, a PE ratio of 12.93, a P/E/G ratio of 1.07 and a beta of 0.96. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.03. U.S. Bancorp has a 12-month low of $43.46 and a 12-month high of $62.38. The business’s 50-day moving average price is $56.57 and its two-hundred day moving average price is $55.51.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Thursday, April 16th. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.04. The company had revenue of $7.32 billion for the quarter, compared to analyst estimates of $7.27 billion. U.S. Bancorp had a net margin of 18.01% and a return on equity of 13.55%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.03 EPS. As a group, analysts expect that U.S. Bancorp will post 5.09 earnings per share for the current fiscal year.

U.S. Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.52 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.08 annualized dividend and a dividend yield of 3.4%. U.S. Bancorp’s dividend payout ratio is 43.61%.

Insiders Place Their Bets

In related news, EVP Venkatachari Dilip sold 34,522 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total transaction of $1,916,661.44. Following the sale, the executive vice president owned 51,292 shares in the company, valued at $2,847,731.84. The trade was a 40.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jodi L. Richard sold 40,000 shares of the stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $57.00, for a total value of $2,280,000.00. Following the completion of the transaction, the insider owned 207,251 shares of the company’s stock, valued at $11,813,307. This represents a 16.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

USB has been the topic of several recent research reports. Barclays raised their target price on shares of U.S. Bancorp from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. Wall Street Zen upgraded U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Jefferies Financial Group reaffirmed a “hold” rating and issued a $60.00 price objective on shares of U.S. Bancorp in a report on Thursday, April 16th. Stephens started coverage on U.S. Bancorp in a research report on Monday, June 15th. They set an “equal weight” rating and a $63.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their target price on U.S. Bancorp from $58.00 to $57.50 and set an “underweight” rating on the stock in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $61.57.

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.