Oppenheimer Asset Management Inc. Acquires 46,112 Shares of U.S. Bancorp (NYSE:USB)

Oppenheimer Asset Management Inc. lifted its holdings in U.S. Bancorp (NYSE:USB) by 31.5% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 192,322 shares of the financial services provider’s stock after acquiring an additional 46,112 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in U.S. Bancorp were worth $8,795,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Redwood Wealth Management Group LLC purchased a new stake in U.S. Bancorp during the second quarter valued at about $25,000. 1620 Investment Advisors Inc. purchased a new stake in U.S. Bancorp during the 2nd quarter valued at about $30,000. LRI Investments LLC purchased a new stake in U.S. Bancorp during the 1st quarter valued at about $31,000. Y.D. More Investments Ltd bought a new position in U.S. Bancorp during the 2nd quarter worth approximately $33,000. Finally, Crewe Advisors LLC purchased a new position in U.S. Bancorp in the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Insider Activity

In related news, insider Jodi L. Richard sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $49.03, for a total value of $1,225,750.00. Following the sale, the insider now owns 129,790 shares in the company, valued at $6,363,603.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on USB. Stephens increased their price objective on U.S. Bancorp from $49.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Wells Fargo & Company increased their price target on shares of U.S. Bancorp from $52.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Barclays boosted their price objective on shares of U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. UBS Group increased their target price on shares of U.S. Bancorp from $43.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Finally, Robert W. Baird set a $54.00 price target on U.S. Bancorp in a report on Thursday, October 17th. Thirteen analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, U.S. Bancorp has an average rating of “Hold” and an average target price of $51.12.

U.S. Bancorp Price Performance

Shares of USB stock opened at $51.17 on Thursday. The business’s fifty day moving average is $46.69 and its 200 day moving average is $43.53. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.04. The stock has a market cap of $79.83 billion, a price-to-earnings ratio of 15.65, a PEG ratio of 2.99 and a beta of 1.02. U.S. Bancorp has a twelve month low of $35.02 and a twelve month high of $51.76.

U.S. Bancorp (NYSE:USB) last released its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. U.S. Bancorp had a net margin of 12.92% and a return on equity of 12.91%. The firm had revenue of $6.86 billion for the quarter, compared to the consensus estimate of $6.90 billion. During the same period in the prior year, the firm earned $1.05 EPS. The company’s revenue was down 2.4% compared to the same quarter last year. Research analysts expect that U.S. Bancorp will post 3.93 EPS for the current fiscal year.

U.S. Bancorp declared that its Board of Directors has initiated a share buyback program on Thursday, September 12th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.50 per share. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date was Monday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.91%. U.S. Bancorp’s dividend payout ratio (DPR) is currently 61.16%.

About U.S. Bancorp

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.