Geode Capital Management LLC Increases Stake in U.S. Bancorp (NYSE:USB)

Geode Capital Management LLC increased its position in shares of U.S. Bancorp (NYSE:USB - Free Report) by 1.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,086,597 shares of the financial services provider's stock after purchasing an additional 599,852 shares during the period. Geode Capital Management LLC owned approximately 2.12% of U.S. Bancorp worth $1,507,616,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. FMR LLC lifted its holdings in U.S. Bancorp by 32.7% in the third quarter. FMR LLC now owns 63,913,931 shares of the financial services provider's stock valued at $2,922,784,000 after buying an additional 15,746,852 shares during the period. Los Angeles Capital Management LLC boosted its position in shares of U.S. Bancorp by 723.7% in the third quarter. Los Angeles Capital Management LLC now owns 3,211,555 shares of the financial services provider's stock valued at $146,864,000 after acquiring an additional 2,821,642 shares during the period. Marshall Wace LLP lifted its position in U.S. Bancorp by 1,438.4% during the second quarter. Marshall Wace LLP now owns 2,263,296 shares of the financial services provider's stock valued at $89,853,000 after purchasing an additional 2,116,175 shares during the last quarter. National Bank of Canada FI increased its position in shares of U.S. Bancorp by 313.8% during the 2nd quarter. National Bank of Canada FI now owns 2,698,642 shares of the financial services provider's stock valued at $105,903,000 after purchasing an additional 2,046,522 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in U.S. Bancorp by 109.7% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,531,400 shares of the financial services provider's stock worth $161,491,000 after acquiring an additional 1,847,000 shares during the last quarter. Institutional investors own 77.60% of the company's stock.

Analyst Ratings Changes

USB has been the subject of several research reports. Morgan Stanley upgraded shares of U.S. Bancorp from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $54.00 to $57.00 in a research note on Monday, September 30th. Robert W. Baird set a $54.00 price target on shares of U.S. Bancorp in a report on Thursday, October 17th. Citigroup raised shares of U.S. Bancorp from a "neutral" rating to a "buy" rating and raised their target price for the stock from $49.00 to $65.00 in a research report on Monday, November 25th. The Goldman Sachs Group reduced their price objective on shares of U.S. Bancorp from $48.00 to $46.00 and set a "neutral" rating for the company in a research note on Wednesday, September 11th. Finally, Compass Point raised their target price on shares of U.S. Bancorp from $49.00 to $60.00 and gave the stock a "buy" rating in a report on Tuesday. Twelve investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $53.27.

Insider Activity

In other news, insider Jodi L. Richard sold 25,000 shares of U.S. Bancorp stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the completion of the transaction, the insider now directly owns 129,790 shares of the company's stock, valued at $6,363,603.70. The trade was a 16.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.23% of the company's stock.

U.S. Bancorp Trading Down 0.5 %

Shares of NYSE:USB traded down $0.25 during trading on Wednesday, reaching $51.32. 7,842,310 shares of the company traded hands, compared to its average volume of 8,231,673. The business's fifty day moving average is $49.38 and its 200-day moving average is $45.02. The firm has a market capitalization of $80.06 billion, a price-to-earnings ratio of 15.76, a P/E/G ratio of 3.08 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 has a 52-week low of $37.81 and a 52-week high of $53.98.

U.S. Bancorp (NYSE:USB - Get Free Report) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.04. The firm had revenue of $6.86 billion during the quarter, compared to analysts' expectations of $6.90 billion. U.S. Bancorp had a net margin of 12.92% and a return on equity of 12.91%. The firm's quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.05 earnings per share. As a group, analysts forecast that U.S. Bancorp will post 3.93 EPS for the current year.

U.S. Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date is Tuesday, December 31st. U.S. Bancorp's dividend payout ratio is currently 61.16%.

U.S. Bancorp declared that its Board of Directors 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 reacquire up to 7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

U.S. Bancorp Company 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.