U.S. Bancorp (NYSE:USB) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its holdings in shares of U.S. Bancorp (NYSE:USB) by 18.3% during the 3rd quarter, HoldingsChannel reports. The firm owned 2,192,812 shares of the financial services provider’s stock after selling 490,645 shares during the period. The Manufacturers Life Insurance Company’s holdings in U.S. Bancorp were worth $100,277,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Redwood Wealth Management Group LLC acquired a new stake in U.S. Bancorp during the 2nd quarter worth $25,000. Frazier Financial Advisors LLC raised its holdings in shares of U.S. Bancorp by 222.7% during the 3rd quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 441 shares during the period. 1620 Investment Advisors Inc. purchased a new position in shares of U.S. Bancorp during the 2nd quarter worth $30,000. LRI Investments LLC purchased a new position in shares of U.S. Bancorp during the 1st quarter worth $31,000. Finally, Y.D. More Investments Ltd purchased a new position in shares of U.S. Bancorp during the 2nd quarter worth $33,000. Institutional investors and hedge funds own 77.60% of the company’s stock.

Insider Transactions at U.S. Bancorp

In other news, insider Jodi L. Richard sold 25,000 shares of the business’s 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 transaction, the insider now directly owns 129,790 shares of the company’s stock, valued at approximately $6,363,603.70. The trade was a 16.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on USB. Deutsche Bank Aktiengesellschaft lowered U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 price target on the stock. in a report on Thursday, October 24th. Citigroup upgraded U.S. Bancorp from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $49.00 to $65.00 in a report on Monday. Barclays lifted their price target on U.S. Bancorp from $52.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Royal Bank of Canada set a $53.00 price target on U.S. Bancorp in a report on Thursday, October 17th. Finally, Oppenheimer boosted their price objective on shares of U.S. Bancorp from $59.00 to $64.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Twelve investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, U.S. Bancorp currently has an average rating of “Hold” and a consensus target price of $52.02.

U.S. Bancorp Stock Performance

NYSE USB opened at $53.66 on Wednesday. The company has a market cap of $83.71 billion, a P/E ratio of 16.41, a P/E/G ratio of 3.10 and a beta of 1.02. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a 50-day moving average of $47.99 and a two-hundred day moving average of $44.23. U.S. Bancorp has a 1-year low of $36.49 and a 1-year high of $53.93.

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, beating the consensus estimate of $0.99 by $0.04. The company had revenue of $6.86 billion during 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% compared to the same quarter last year. During the same period in the previous year, the company posted $1.05 EPS. As a group, analysts anticipate that U.S. Bancorp will post 3.93 EPS for the current year.

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

U.S. Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.50 per share. The ex-dividend date was Monday, September 30th. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.73%. U.S. Bancorp’s payout ratio is currently 61.16%.

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.