Kornitzer Capital Management Inc. KS Sells 300 Shares of U.S. Bancorp $USB

Kornitzer Capital Management Inc. KS lowered its stake in shares of U.S. Bancorp (NYSE:USB) by 0.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 56,599 shares of the financial services provider’s stock after selling 300 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in U.S. Bancorp were worth $2,561,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. IMG Wealth Management Inc. bought a new position in U.S. Bancorp in the second quarter worth approximately $25,000. Saudi Central Bank acquired a new position in shares of U.S. Bancorp during the first quarter worth approximately $26,000. YANKCOM Partnership raised its position in shares of U.S. Bancorp by 59.4% during the first quarter. YANKCOM Partnership now owns 698 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 260 shares during the period. Cornerstone Planning Group LLC lifted its holdings in shares of U.S. Bancorp by 118.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 776 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 420 shares in the last quarter. Finally, Activest Wealth Management grew its position in U.S. Bancorp by 846.5% in the 2nd quarter. Activest Wealth Management now owns 814 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 728 shares during the period. 77.60% of the stock is currently owned by institutional investors and hedge funds.

U.S. Bancorp Trading Up 1.0%

NYSE:USB opened at $48.31 on Monday. U.S. Bancorp has a 52 week low of $35.18 and a 52 week high of $53.98. The firm has a 50-day moving average price of $48.10 and a two-hundred day moving average price of $45.23. 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 $75.17 billion, a price-to-earnings ratio of 11.05, a price-to-earnings-growth ratio of 1.29 and a beta of 1.06.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.11. U.S. Bancorp had a return on equity of 13.34% and a net margin of 16.89%.The business had revenue of $7.34 billion for the quarter, compared to analyst estimates of $7.17 billion. During the same period last year, the company posted $1.03 earnings per share. U.S. Bancorp’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, equities analysts expect that U.S. Bancorp will post 4.38 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Tuesday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.50. U.S. Bancorp’s dividend payout ratio (DPR) is presently 47.60%.

Insider Transactions at U.S. Bancorp

In related news, EVP James L. Chosy sold 26,909 shares of the stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $46.86, for a total transaction of $1,260,955.74. Following the completion of the transaction, the executive vice president owned 226,375 shares in the company, valued at approximately $10,607,932.50. This represents a 10.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Andrew Cecere sold 140,445 shares of U.S. Bancorp stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $46.34, for a total transaction of $6,508,221.30. Following the completion of the sale, the chairman directly owned 1,360,414 shares in the company, valued at approximately $63,041,584.76. This represents a 9.36% decrease in their position. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of U.S. Bancorp from $50.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, October 17th. Morgan Stanley reissued a “positive” rating on shares of U.S. Bancorp in a research report on Friday, October 17th. Deutsche Bank Aktiengesellschaft upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $52.50 target price on the stock in a report on Thursday. Cowen reiterated a “buy” rating on shares of U.S. Bancorp in a research note on Monday, October 20th. Finally, Evercore ISI raised their target price on U.S. Bancorp from $49.00 to $54.00 and gave the company an “in-line” rating in a report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $54.55.

U.S. Bancorp 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.