U.S. Bancorp (NYSE:USB) Shares Acquired by abrdn plc

abrdn plc grew its stake in U.S. Bancorp (NYSE:USB) by 8.4% during the third quarter, HoldingsChannel reports. The firm owned 622,835 shares of the financial services provider’s stock after purchasing an additional 48,484 shares during the quarter. abrdn plc’s holdings in U.S. Bancorp were worth $28,414,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of USB. Redwood Wealth Management Group LLC acquired a new position in shares of U.S. Bancorp in the second quarter valued at approximately $25,000. 1620 Investment Advisors Inc. acquired a new position in shares of U.S. Bancorp in the second quarter valued at approximately $30,000. Eagle Bay Advisors LLC increased its holdings in shares of U.S. Bancorp by 93.2% in the first quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 331 shares during the period. LRI Investments LLC purchased a new stake in shares of U.S. Bancorp in the first quarter valued at approximately $31,000. Finally, Y.D. More Investments Ltd purchased a new stake in shares of U.S. Bancorp in the second quarter valued at approximately $33,000. Institutional investors and hedge funds own 77.60% of the company’s stock.

Analysts Set New Price Targets

USB has been the topic of a number of analyst reports. The Goldman Sachs Group decreased their price target on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 11th. Barclays lifted their price target on U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Oppenheimer lifted their price target 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. Jefferies Financial Group decreased their price target on U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating on the stock in a research note on Wednesday, July 3rd. Finally, Stephens lifted their price target on U.S. Bancorp from $49.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Thirteen investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $50.87.

Insider Activity at U.S. Bancorp

In related news, insider Jodi L. Richard sold 25,000 shares of the company’s stock in a transaction on 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 completion of the transaction, the insider now directly owns 129,790 shares in the company, valued at approximately $6,363,603.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

U.S. Bancorp Stock Performance

NYSE USB opened at $48.69 on Thursday. U.S. Bancorp has a fifty-two week low of $30.88 and a fifty-two week high of $50.47. The stock has a market cap of $75.98 billion, a price-to-earnings ratio of 14.89, a price-to-earnings-growth ratio of 2.85 and a beta of 1.03. The business has a fifty day moving average of $46.10 and a 200-day moving average of $42.97. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.04.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. The company had revenue of $6.86 billion during 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%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.05 earnings per share. As a group, analysts predict that U.S. Bancorp will post 3.9 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 Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.50 dividend. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a yield of 4.11%. The ex-dividend date of this dividend was Monday, September 30th. U.S. Bancorp’s dividend payout ratio is presently 61.16%.

U.S. Bancorp declared that its board has approved a stock buyback plan on Thursday, September 12th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

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.