Federated Hermes Inc. Cuts Stock Holdings in U.S. Bancorp (NYSE:USB)

Federated Hermes Inc. lowered its stake in U.S. Bancorp (NYSE:USB) by 5.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 8,963,061 shares of the financial services provider’s stock after selling 565,935 shares during the quarter. U.S. Bancorp accounts for 0.8% of Federated Hermes Inc.’s portfolio, making the stock its 19th biggest position. Federated Hermes Inc. owned 0.57% of U.S. Bancorp worth $355,834,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Financial Synergies Wealth Advisors Inc. bought a new position in shares of U.S. Bancorp during the first quarter valued at approximately $30,000. 1620 Investment Advisors Inc. bought a new stake in shares of U.S. Bancorp during the 2nd quarter valued at about $30,000. Eagle Bay Advisors LLC increased its position in shares of 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 valued at $31,000 after buying an additional 331 shares during the period. LRI Investments LLC purchased a new position in shares of U.S. Bancorp during the first quarter valued at about $31,000. Finally, Y.D. More Investments Ltd bought a new stake in shares of U.S. Bancorp during the second quarter valued at approximately $33,000. Institutional investors own 77.60% of the company’s stock.

U.S. Bancorp Stock Down 2.0 %

NYSE USB opened at $43.85 on Friday. U.S. Bancorp has a 52 week low of $30.47 and a 52 week high of $47.31. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $68.43 billion, a P/E ratio of 14.52, a price-to-earnings-growth ratio of 4.36 and a beta of 1.04. The stock’s 50-day moving average price is $43.82 and its 200-day moving average price is $42.17.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.04. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. The firm had revenue of $6.87 billion during the quarter, compared to analysts’ expectations of $6.81 billion. During the same period in the prior year, the company posted $1.12 earnings per share. The company’s revenue for the quarter was down 4.3% compared to the same quarter last year. On average, equities research analysts predict that U.S. Bancorp will post 3.87 earnings per share for the current year.

U.S. Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.50 dividend. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Monday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.56%. U.S. Bancorp’s dividend payout ratio is 64.90%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on USB shares. JPMorgan Chase & Co. downgraded shares of U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 target price on the stock. in a research report on Thursday, June 27th. Wells Fargo & Company raised their target price on shares of U.S. Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. Morgan Stanley lifted their price objective on U.S. Bancorp from $47.00 to $54.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. UBS Group increased their target price on U.S. Bancorp from $43.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Finally, Jefferies Financial Group reduced their price target on U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating for the company in a report on Wednesday, July 3rd. Thirteen equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, U.S. Bancorp currently has a consensus rating of “Hold” and an average target price of $48.18.

Insider Buying and Selling

In related news, Director Aleem Gillani purchased 10,000 shares of U.S. Bancorp stock in a transaction on Thursday, July 18th. The shares were bought at an average cost of $44.99 per share, for a total transaction of $449,900.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at approximately $449,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by company insiders.

U.S. Bancorp Company 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.