Pinnacle Associates Ltd. Trims Stock Holdings in U.S. Bancorp $USB

Pinnacle Associates Ltd. trimmed its holdings in U.S. Bancorp (NYSE:USB) by 2.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 51,307 shares of the financial services provider’s stock after selling 1,337 shares during the quarter. Pinnacle Associates Ltd.’s holdings in U.S. Bancorp were worth $2,322,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. IMG Wealth Management Inc. purchased a new stake in shares of U.S. Bancorp in the second quarter worth approximately $25,000. Saudi Central Bank purchased a new stake in shares of U.S. Bancorp in the first quarter worth approximately $26,000. YANKCOM Partnership increased its holdings in U.S. Bancorp by 59.4% during the 1st quarter. YANKCOM Partnership now owns 698 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 260 shares during the period. Cornerstone Planning Group LLC increased its holdings in U.S. Bancorp by 118.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 776 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 420 shares during the period. Finally, Activest Wealth Management increased its holdings in U.S. Bancorp by 846.5% during the 2nd quarter. Activest Wealth Management now owns 814 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 728 shares during the period. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

U.S. Bancorp Stock Down 0.3%

Shares of NYSE USB opened at $46.71 on Monday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $72.69 billion, a PE ratio of 10.69, a price-to-earnings-growth ratio of 1.25 and a beta of 1.06. The stock’s fifty day simple moving average is $48.14 and its two-hundred day simple moving average is $45.59. U.S. Bancorp has a 12-month low of $35.18 and a 12-month high of $53.98.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.11. The firm had revenue of $7.34 billion during the quarter, compared to analysts’ expectations of $7.17 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 16.89%.The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.03 EPS. As a group, analysts expect that U.S. Bancorp will post 4.38 EPS for the current fiscal year.

U.S. Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Tuesday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.50. U.S. Bancorp’s payout ratio is 47.60%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. The Goldman Sachs Group set a $52.00 price objective on U.S. Bancorp and gave the stock a “neutral” rating in a report on Friday, October 17th. Raymond James Financial upgraded U.S. Bancorp from an “outperform” rating to a “strong-buy” rating and raised their price objective for the stock from $51.00 to $57.00 in a report on Monday, July 7th. Evercore ISI raised their price objective on U.S. Bancorp from $49.00 to $54.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Morgan Stanley restated a “positive” rating on shares of U.S. Bancorp in a report on Friday, October 17th. Finally, UBS Group increased their target price on U.S. Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $54.55.

Insiders Place Their Bets

In other news, Chairman Andrew Cecere sold 140,445 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was sold at an average price of $46.34, for a total value of $6,508,221.30. Following the completion of the sale, the chairman owned 1,360,414 shares of the company’s stock, valued at $63,041,584.76. This trade represents a 9.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP James L. Chosy sold 26,909 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was sold at an average price of $46.86, for a total value of $1,260,955.74. Following the completion of the sale, the executive vice president directly owned 226,375 shares of the company’s stock, valued at $10,607,932.50. The trade was a 10.62% decrease in their position. The SEC filing for this sale provides additional information. 0.23% of the stock is owned by company insiders.

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.