Sunpointe LLC Raises Position in U.S. Bancorp (NYSE:USB)

Sunpointe LLC grew its position in U.S. Bancorp (NYSE:USB) by 119.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,695 shares of the financial services provider’s stock after acquiring an additional 8,013 shares during the period. Sunpointe LLC’s holdings in U.S. Bancorp were worth $679,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in USB. Redwood Wealth Management Group LLC purchased a new stake in U.S. Bancorp during the second quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. purchased a new stake in U.S. Bancorp during the first quarter worth about $30,000. 1620 Investment Advisors Inc. purchased a new stake in U.S. Bancorp during the second quarter worth about $30,000. Eagle Bay Advisors LLC boosted its holdings in U.S. Bancorp by 93.2% during the first quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock worth $31,000 after buying an additional 331 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in U.S. Bancorp during the first quarter worth about $31,000. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Wall Street Analysts Forecast Growth

USB has been the subject of a number of research reports. StockNews.com upgraded shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Citigroup lifted their target price on shares of U.S. Bancorp from $45.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. lowered shares of U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 price objective for the company. in a research report on Thursday, June 27th. Royal Bank of Canada restated an “outperform” rating and issued a $48.00 target price on shares of U.S. Bancorp in a report on Friday, September 13th. Finally, The Goldman Sachs Group lowered their target price on shares of U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Twelve investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $49.14.

Insider Activity at U.S. Bancorp

In related news, Director Aleem Gillani purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were purchased at an average cost of $44.99 per share, with a total value of $449,900.00. Following the completion of the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $449,900. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

U.S. Bancorp Stock Up 5.1 %

Shares of USB stock traded up $2.39 on Wednesday, hitting $49.39. The stock had a trading volume of 2,720,757 shares, compared to its average volume of 8,215,164. The firm has a market capitalization of $77.07 billion, a price-to-earnings ratio of 15.56, a P/E/G ratio of 3.32 and a beta of 1.03. The stock’s 50 day moving average is $44.78 and its 200-day moving average is $42.53. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.81. U.S. Bancorp has a 52-week low of $30.47 and a 52-week high of $49.99.

U.S. Bancorp (NYSE:USB) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.04. The business had revenue of $6.87 billion during the quarter, compared to the consensus estimate of $6.81 billion. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. The business’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.12 earnings per share. As a group, research analysts expect that U.S. Bancorp will post 3.86 earnings per share for the current year.

U.S. Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 30th. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a yield of 4.05%. U.S. Bancorp’s dividend payout ratio is currently 66.23%.

U.S. Bancorp announced that its Board of Directors has authorized a share buyback program on Thursday, September 12th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

U.S. Bancorp Profile

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.