Mirae Asset Global Investments Co. Ltd. Increases Stock Position in U.S. Bancorp (NYSE:USB)

Mirae Asset Global Investments Co. Ltd. grew its stake in U.S. Bancorp (NYSE:USB) by 13.1% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,077,109 shares of the financial services provider’s stock after buying an additional 124,660 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in U.S. Bancorp were worth $48,987,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in USB. Signet Investment Advisory Group Inc. lifted its holdings in shares of U.S. Bancorp by 3.5% during the 3rd quarter. Signet Investment Advisory Group Inc. now owns 80,874 shares of the financial services provider’s stock worth $3,698,000 after acquiring an additional 2,706 shares during the last quarter. Country Club Bank raised its position in U.S. Bancorp by 11.0% during the third quarter. Country Club Bank now owns 7,540 shares of the financial services provider’s stock valued at $343,000 after purchasing an additional 750 shares in the last quarter. Trueblood Wealth Management LLC bought a new stake in U.S. Bancorp during the third quarter worth about $204,000. Bank of Stockton boosted its holdings in shares of U.S. Bancorp by 9.5% in the 3rd quarter. Bank of Stockton now owns 13,311 shares of the financial services provider’s stock worth $609,000 after purchasing an additional 1,159 shares in the last quarter. Finally, Lake Street Advisors Group LLC increased its position in shares of U.S. Bancorp by 5.3% during the 3rd quarter. Lake Street Advisors Group LLC now owns 12,296 shares of the financial services provider’s stock valued at $568,000 after purchasing an additional 620 shares during the last quarter. Institutional investors own 77.60% of the company’s stock.

Insider Buying and Selling at U.S. Bancorp

In related news, insider Jodi L. Richard sold 25,000 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $49.03, for a total value of $1,225,750.00. Following the completion of the transaction, the insider now directly owns 129,790 shares in the company, valued at $6,363,603.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on USB. StockNews.com raised U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Robert W. Baird set a $54.00 target price on shares of U.S. Bancorp in a report on Thursday, October 17th. Wells Fargo & Company boosted their price target on shares of U.S. Bancorp from $52.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Oppenheimer raised their price objective on U.S. Bancorp from $57.00 to $59.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Royal Bank of Canada set a $53.00 target price on U.S. Bancorp in a research note on Thursday, October 17th. Thirteen analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, U.S. Bancorp has a consensus rating of “Hold” and a consensus price target of $50.72.

U.S. Bancorp Trading Down 1.5 %

NYSE:USB opened at $47.74 on Friday. The company has a 50-day moving average price of $45.81 and a 200-day moving average price of $42.84. The stock has a market cap of $74.50 billion, a price-to-earnings ratio of 15.81, a P/E/G ratio of 3.32 and a beta of 1.03. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 1.05. U.S. Bancorp has a 12 month low of $30.47 and a 12 month high of $50.47.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, topping the consensus estimate of $0.99 by $0.04. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. The business had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.90 billion. During the same period last year, the business posted $1.05 earnings per share. U.S. Bancorp’s quarterly revenue was down 2.4% compared to the same quarter last year. Equities analysts predict that U.S. Bancorp will post 3.86 EPS for the current year.

U.S. Bancorp declared that its Board of Directors has authorized a share buyback plan on Thursday, September 12th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

U.S. Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.50 dividend. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.00 dividend on an annualized basis and a yield of 4.19%. U.S. Bancorp’s dividend payout ratio is 66.23%.

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.