M&T Bank Corp grew its holdings in shares of U.S. Bancorp (NYSE:USB - Free Report) by 2.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 846,344 shares of the financial services provider's stock after purchasing an additional 22,803 shares during the period. M&T Bank Corp owned about 0.05% of U.S. Bancorp worth $38,704,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in USB. Redwood Wealth Management Group LLC purchased a new stake in U.S. Bancorp during the 2nd quarter worth approximately $25,000. Frazier Financial Advisors LLC increased its position in shares of U.S. Bancorp by 222.7% during the third quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider's stock worth $29,000 after acquiring an additional 441 shares during the period. Y.D. More Investments Ltd acquired a new stake in shares of U.S. Bancorp in the second quarter valued at $33,000. Legacy Investment Solutions LLC purchased a new position in U.S. Bancorp in the third quarter valued at $40,000. Finally, Northwest Bank & Trust Co boosted its holdings in U.S. Bancorp by 87.4% in the third quarter. Northwest Bank & Trust Co now owns 937 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 437 shares during the period. Institutional investors and hedge funds own 77.60% of the company's stock.
Shares of USB opened at $47.92 on Friday. The company's 50 day simple moving average is $50.18 and its 200-day simple moving average is $45.50. U.S. Bancorp has a 12-month low of $37.81 and a 12-month high of $53.98. The firm has a market cap of $74.76 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 3.03 and a beta of 1.03. 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 - Get Free Report) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $0.99 by $0.04. U.S. Bancorp had a net margin of 12.92% and a return on equity of 12.91%. The company had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.90 billion. During the same period in the previous year, the business posted $1.05 earnings per share. U.S. Bancorp's quarterly revenue was down 2.4% on a year-over-year basis. As a group, equities analysts predict that U.S. Bancorp will post 3.93 EPS for the current year.
U.S. Bancorp announced that its Board of Directors has authorized a share buyback plan on Thursday, September 12th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $2.00 dividend on an annualized basis and a yield of 4.17%. U.S. Bancorp's dividend payout ratio (DPR) is 61.16%.
In other news, insider Jodi L. Richard sold 25,000 shares of U.S. Bancorp 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 sale, the insider now owns 129,790 shares of the company's stock, valued at $6,363,603.70. The trade was a 16.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.
A number of equities research analysts have issued reports on the company. Wells Fargo & Company increased their price target on U.S. Bancorp from $60.00 to $62.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. Piper Sandler raised their target price on shares of U.S. Bancorp from $52.00 to $58.00 and gave the company a "neutral" rating in a report on Tuesday, December 3rd. Stephens boosted their price target on shares of U.S. Bancorp from $49.00 to $52.00 and gave the stock an "equal weight" rating in a report on Thursday, October 17th. Barclays raised their price objective on shares of U.S. Bancorp from $52.00 to $57.00 and gave the company an "overweight" rating in a report on Thursday, October 17th. Finally, Morgan Stanley upgraded shares of U.S. Bancorp from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $54.00 to $57.00 in a research note on Monday, September 30th. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $53.68.
Check Out Our Latest Stock Analysis on USB
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.
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