National Bank of Canada FI Boosts Stock Position in U.S. Bancorp (NYSE:USB)

National Bank of Canada FI lifted its stake in U.S. Bancorp (NYSE:USB) by 31.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,536,895 shares of the financial services provider’s stock after purchasing an additional 838,253 shares during the quarter. National Bank of Canada FI’s holdings in U.S. Bancorp were worth $161,742,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in USB. EP Wealth Advisors LLC raised its holdings in shares of U.S. Bancorp by 22.3% during the 3rd quarter. EP Wealth Advisors LLC now owns 99,128 shares of the financial services provider’s stock worth $4,533,000 after acquiring an additional 18,088 shares during the period. Insigneo Advisory Services LLC increased its position in U.S. Bancorp by 18.5% during the third quarter. Insigneo Advisory Services LLC now owns 20,127 shares of the financial services provider’s stock worth $920,000 after purchasing an additional 3,144 shares during the last quarter. Worldquant Millennium Advisors LLC raised its stake in U.S. Bancorp by 45.1% during the third quarter. Worldquant Millennium Advisors LLC now owns 553,211 shares of the financial services provider’s stock worth $25,298,000 after purchasing an additional 171,857 shares during the period. State Street Corp boosted its holdings in U.S. Bancorp by 1.2% in the 3rd quarter. State Street Corp now owns 67,282,970 shares of the financial services provider’s stock valued at $3,110,115,000 after purchasing an additional 819,805 shares during the last quarter. Finally, Stevens Capital Management LP purchased a new stake in shares of U.S. Bancorp in the 3rd quarter valued at approximately $469,000. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Wall Street Analyst Weigh In

USB has been the topic of several analyst reports. Oppenheimer lifted their price target on shares of U.S. Bancorp from $59.00 to $64.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Piper Sandler lifted their target price on U.S. Bancorp from $52.00 to $58.00 and gave the company a “neutral” rating in a research report on Tuesday. Royal Bank of Canada set a $53.00 price target on U.S. Bancorp in a report on Thursday, October 17th. DA Davidson boosted their price objective on shares of U.S. Bancorp from $49.00 to $54.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft cut shares of U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 target price on the stock. in a research report on Thursday, October 24th. Twelve analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $52.72.

Insiders Place Their Bets

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of U.S. Bancorp stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the completion of the sale, the insider now directly owns 129,790 shares of the company’s stock, valued at $6,363,603.70. The trade was a 16.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is currently owned by company insiders.

U.S. Bancorp Stock Up 0.1 %

U.S. Bancorp stock opened at $52.15 on Friday. The firm has a market capitalization of $81.36 billion, a P/E ratio of 15.95, a P/E/G ratio of 3.07 and a beta of 1.03. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04. U.S. Bancorp has a twelve month low of $37.81 and a twelve month high of $53.98. The stock’s fifty day simple moving average is $48.99 and its 200-day simple moving average is $44.73.

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

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.50 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.00 dividend on an annualized basis and a yield of 3.84%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s payout ratio is currently 61.16%.

U.S. Bancorp announced that its Board of Directors has authorized a stock repurchase 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 reacquire up to 7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.