BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $11.91 Million Stock Holdings in U.S. Bancorp (NYSE:USB)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its holdings in U.S. Bancorp (NYSE:USB) by 12.8% during the third quarter, Holdings Channel reports. The firm owned 260,371 shares of the financial services provider’s stock after selling 38,123 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in U.S. Bancorp were worth $11,907,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in USB. Encompass More Asset Management acquired a new position in U.S. Bancorp during the 3rd quarter worth approximately $230,000. Acropolis Investment Management LLC raised its stake in U.S. Bancorp by 4.1% during the 3rd quarter. Acropolis Investment Management LLC now owns 13,117 shares of the financial services provider’s stock worth $600,000 after buying an additional 518 shares during the period. Captrust Financial Advisors raised its stake in U.S. Bancorp by 0.9% during the 3rd quarter. Captrust Financial Advisors now owns 231,910 shares of the financial services provider’s stock worth $10,605,000 after buying an additional 2,089 shares during the period. Rockefeller Capital Management L.P. raised its stake in U.S. Bancorp by 26.8% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 325,838 shares of the financial services provider’s stock worth $14,900,000 after buying an additional 68,852 shares during the period. Finally, Vinva Investment Management Ltd raised its stake in U.S. Bancorp by 80.6% during the 3rd quarter. Vinva Investment Management Ltd now owns 46,760 shares of the financial services provider’s stock worth $2,127,000 after buying an additional 20,871 shares during the period. 77.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on USB shares. Wells Fargo & Company upped their price target on U.S. Bancorp from $60.00 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. The Goldman Sachs Group decreased their price objective on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Robert W. Baird set a $54.00 price objective on U.S. Bancorp in a report on Thursday, October 17th. Stephens boosted their price objective on U.S. Bancorp from $49.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Finally, Evercore ISI boosted their price objective on U.S. Bancorp from $51.00 to $54.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Twelve equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, U.S. Bancorp has a consensus rating of “Hold” and a consensus price target of $52.02.

Insiders Place Their Bets

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the stock in a transaction on 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 sale, the insider now owns 129,790 shares in the company, valued at $6,363,603.70. This represents a 16.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.23% of the company’s stock.

U.S. Bancorp Price Performance

Shares of NYSE USB opened at $53.29 on Monday. The stock has a fifty day simple moving average of $48.44 and a two-hundred day simple moving average of $44.48. U.S. Bancorp has a 1-year low of $37.67 and a 1-year high of $53.98. The firm has a market cap of $83.13 billion, a price-to-earnings ratio of 16.30, a price-to-earnings-growth ratio of 3.14 and a beta of 1.02. 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 (NYSE:USB) last announced its quarterly earnings data 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. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The business had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.90 billion. During the same period in the prior year, the company earned $1.05 earnings per share. U.S. Bancorp’s revenue was down 2.4% compared to the same quarter last year. Analysts anticipate that U.S. Bancorp will post 3.93 earnings per share for the current year.

U.S. Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.00 annualized dividend and a dividend yield of 3.75%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio is currently 61.16%.

U.S. Bancorp announced that its board has initiated a stock repurchase program on Thursday, September 12th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.