Apollon Wealth Management LLC Cuts Stock Position in U.S. Bancorp (NYSE:USB)

Apollon Wealth Management LLC cut its holdings in shares of U.S. Bancorp (NYSE:USB) by 4.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,291 shares of the financial services provider’s stock after selling 796 shares during the quarter. Apollon Wealth Management LLC’s holdings in U.S. Bancorp were worth $745,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Redwood Wealth Management Group LLC bought a new stake in U.S. Bancorp in the second quarter worth about $25,000. LRI Investments LLC bought a new stake in shares of U.S. Bancorp in the 1st quarter worth approximately $31,000. 1620 Investment Advisors Inc. purchased a new position in U.S. Bancorp in the second quarter valued at approximately $30,000. Y.D. More Investments Ltd purchased a new position in U.S. Bancorp in the second quarter valued at approximately $33,000. Finally, Crewe Advisors LLC purchased a new stake in U.S. Bancorp in the first quarter worth $39,000. 77.60% of the stock is currently owned by institutional investors.

U.S. Bancorp Stock Down 0.8 %

USB opened at $49.90 on Friday. The business’s fifty day simple moving average is $46.88 and its 200 day simple moving average is $43.63. U.S. Bancorp has a 52 week low of $36.49 and a 52 week high of $51.76. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.04. The stock has a market cap of $77.85 billion, a PE ratio of 15.26, a P/E/G ratio of 3.02 and a beta of 1.02.

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 analysts’ consensus estimates of $0.99 by $0.04. The company had revenue of $6.86 billion for the quarter, compared to analysts’ expectations of $6.90 billion. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. U.S. Bancorp’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period last year, the firm posted $1.05 EPS. As a group, research analysts expect that U.S. Bancorp will post 3.93 earnings per share for the current fiscal year.

U.S. Bancorp declared that its Board of Directors has approved a share buyback program on Thursday, September 12th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued 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 4.01%. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio (DPR) is currently 61.16%.

Insider Buying and Selling

In other news, insider Jodi L. Richard sold 25,000 shares of U.S. Bancorp stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $49.03, for a total value of $1,225,750.00. Following the transaction, the insider now owns 129,790 shares in the company, valued at approximately $6,363,603.70. The trade was a 16.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Oppenheimer boosted their price objective on U.S. Bancorp from $59.00 to $64.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Barclays upped their price target on shares of U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. DA Davidson lifted their price objective on shares of U.S. Bancorp from $49.00 to $54.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Evercore ISI increased their target price on U.S. Bancorp from $51.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley upgraded U.S. Bancorp from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $54.00 to $57.00 in a research report on Monday, September 30th. Thirteen equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $51.22.

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.