Code Waechter LLC Grows Position in U.S. Bancorp $USB

Code Waechter LLC increased its position in shares of U.S. Bancorp (NYSE:USB) by 58.2% in the second quarter, Holdings Channel.com reports. The firm owned 15,691 shares of the financial services provider’s stock after purchasing an additional 5,773 shares during the quarter. Code Waechter LLC’s holdings in U.S. Bancorp were worth $710,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in USB. Nuveen LLC purchased a new stake in U.S. Bancorp in the 1st quarter valued at about $138,183,000. Vanguard Group Inc. boosted its position in U.S. Bancorp by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 141,230,279 shares of the financial services provider’s stock valued at $5,962,742,000 after buying an additional 2,393,383 shares during the period. American Century Companies Inc. boosted its position in U.S. Bancorp by 17.4% in the 1st quarter. American Century Companies Inc. now owns 10,070,174 shares of the financial services provider’s stock valued at $425,163,000 after buying an additional 1,493,318 shares during the period. Nordea Investment Management AB boosted its position in U.S. Bancorp by 192.0% in the 2nd quarter. Nordea Investment Management AB now owns 1,994,993 shares of the financial services provider’s stock valued at $90,752,000 after buying an additional 1,311,746 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in U.S. Bancorp by 10.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 11,012,635 shares of the financial services provider’s stock valued at $464,953,000 after buying an additional 1,045,509 shares during the period. 77.60% of the stock is owned by hedge funds and other institutional investors.

U.S. Bancorp Trading Down 0.1%

NYSE:USB opened at $46.66 on Tuesday. U.S. Bancorp has a one year low of $35.18 and a one year high of $53.98. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market cap of $72.61 billion, a P/E ratio of 10.68, a P/E/G ratio of 1.25 and a beta of 1.06. The firm has a 50-day simple moving average of $48.11 and a 200-day simple moving average of $45.65.

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

U.S. Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a dividend of $0.52 per share. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.50. The ex-dividend date was Tuesday, September 30th. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. U.S. Bancorp’s dividend payout ratio (DPR) is presently 47.60%.

Analyst Ratings Changes

USB has been the subject of several research reports. Raymond James Financial raised shares of U.S. Bancorp from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the company from $51.00 to $57.00 in a research report on Monday, July 7th. Oppenheimer lowered their price objective on shares of U.S. Bancorp from $67.00 to $66.00 and set an “outperform” rating for the company in a research report on Tuesday, September 23rd. Bank of America boosted their price objective on shares of U.S. Bancorp from $54.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, October 17th. TD Cowen boosted their price objective on shares of U.S. Bancorp from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Finally, Citigroup boosted their price target on shares of U.S. Bancorp from $65.00 to $70.00 and gave the company a “buy” rating in a report on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $54.55.

Insider Activity at U.S. Bancorp

In related news, Chairman Andrew Cecere sold 140,445 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $46.34, for a total transaction of $6,508,221.30. Following the completion of the transaction, the chairman owned 1,360,414 shares in the company, valued at $63,041,584.76. The trade was a 9.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP James L. Chosy sold 26,909 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $46.86, for a total transaction of $1,260,955.74. Following the transaction, the executive vice president owned 226,375 shares of the company’s stock, valued at approximately $10,607,932.50. This trade represents a 10.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.23% of the company’s stock.

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.