Acumen Wealth Advisors LLC Cuts Position in U.S. Bancorp $USB

Acumen Wealth Advisors LLC decreased its position in U.S. Bancorp (NYSE:USB) by 10.1% during the first quarter, HoldingsChannel.com reports. The fund owned 93,572 shares of the financial services provider’s stock after selling 10,551 shares during the quarter. U.S. Bancorp comprises 1.3% of Acumen Wealth Advisors LLC’s investment portfolio, making the stock its 19th biggest position. Acumen Wealth Advisors LLC’s holdings in U.S. Bancorp were worth $4,915,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of USB. First Trust Advisors LP boosted its position in shares of U.S. Bancorp by 39.9% during the 1st quarter. First Trust Advisors LP now owns 8,118,845 shares of the financial services provider’s stock valued at $422,261,000 after acquiring an additional 2,314,081 shares during the last quarter. Westpac Banking Corp increased its holdings in shares of U.S. Bancorp by 50.0% in the 1st quarter. Westpac Banking Corp now owns 128,101 shares of the financial services provider’s stock worth $6,663,000 after buying an additional 42,705 shares during the last quarter. Oslo Pensjonsforsikring AS bought a new stake in shares of U.S. Bancorp in the 1st quarter worth about $505,000. HORAN Wealth LLC raised its position in shares of U.S. Bancorp by 100.5% during the 1st quarter. HORAN Wealth LLC now owns 73,608 shares of the financial services provider’s stock valued at $3,847,000 after buying an additional 36,904 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft bought a new position in shares of U.S. Bancorp in the 1st quarter valued at about $781,000. 77.60% of the stock is owned by hedge funds and other institutional investors.

U.S. Bancorp Stock Performance

Shares of NYSE:USB opened at $63.69 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.96. U.S. Bancorp has a 12 month low of $43.46 and a 12 month high of $64.84. The company has a market capitalization of $98.78 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 1.04 and a beta of 0.96. The firm’s 50-day moving average is $58.24 and its 200 day moving average is $56.22.

U.S. Bancorp (NYSE:USB) last announced its earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.07. The business had revenue of $7.71 billion during the quarter, compared to analyst estimates of $7.58 billion. U.S. Bancorp had a return on equity of 13.69% and a net margin of 18.49%.During the same quarter in the previous year, the business earned $1.11 earnings per share. Research analysts predict that U.S. Bancorp will post 5.2 EPS for the current year.

U.S. Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 30th. U.S. Bancorp’s dividend payout ratio is 41.52%.

Wall Street Analyst Weigh In

Several research firms recently commented on USB. Keefe, Bruyette & Woods lifted their price target on U.S. Bancorp from $63.00 to $66.00 and gave the stock a “market perform” rating in a research report on Friday, July 17th. BTIG Research set a $67.50 price objective on U.S. Bancorp in a research note on Monday. Evercore upgraded U.S. Bancorp from an “in-line” rating to an “outperform” rating and set a $72.00 target price for the company in a report on Monday. Wall Street Zen raised U.S. Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Morgan Stanley increased their price target on U.S. Bancorp from $64.00 to $67.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, U.S. Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Key U.S. Bancorp News

Here are the key news stories impacting U.S. Bancorp this week:

• Positive Sentiment: Evercore ISI upgraded U.S. Bancorp (USB) from in-line to outperform and set a $72 price target, pointing to meaningful upside from current levels. The Fly article
• Positive Sentiment: JPMorgan raised U.S. Bancorp (USB) from underweight to neutral and increased its price target to $67.50, citing growth in fee revenue. Benzinga article
• Positive Sentiment: Recent commentary highlighted U.S. Bancorp as a strong dividend stock, which may be supporting investor interest in the name. Zacks article
• Neutral Sentiment: Several recent articles compared USB’s year-to-date performance with other financial stocks, suggesting the stock has been performing solidly relative to peers, but these pieces were mostly informational rather than clearly market-moving. MSN article

Insiders Place Their Bets

In other U.S. Bancorp news, EVP Venkatachari Dilip sold 34,522 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total value 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. This trade represents a 40.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.21% of the stock is currently owned by insiders.

U.S. Bancorp Company 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.