M&T Bank Corp Acquires 22,803 Shares of U.S. Bancorp (NYSE:USB)

M&T Bank Corp grew its position in U.S. Bancorp (NYSE:USB - Free Report) by 2.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 846,344 shares of the financial services provider's stock after acquiring an additional 22,803 shares during the quarter. M&T Bank Corp owned approximately 0.05% of U.S. Bancorp worth $38,704,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. State Street Corp increased its holdings in shares of U.S. Bancorp by 1.2% in the 3rd quarter. State Street Corp now owns 67,282,970 shares of the financial services provider's stock valued at $3,110,115,000 after acquiring an additional 819,805 shares during the last quarter. FMR LLC increased its holdings in shares of U.S. Bancorp by 32.7% in the 3rd quarter. FMR LLC now owns 63,913,931 shares of the financial services provider's stock valued at $2,922,784,000 after acquiring an additional 15,746,852 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of U.S. Bancorp by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 47,328,880 shares of the financial services provider's stock valued at $2,164,350,000 after acquiring an additional 1,796,336 shares during the last quarter. Davis Selected Advisers increased its holdings in shares of U.S. Bancorp by 0.3% in the 2nd quarter. Davis Selected Advisers now owns 14,228,444 shares of the financial services provider's stock valued at $564,869,000 after acquiring an additional 43,437 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in U.S. Bancorp by 0.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 13,312,930 shares of the financial services provider's stock worth $528,523,000 after buying an additional 94,841 shares during the last quarter. 77.60% of the stock is currently owned by institutional investors.

Insider Transactions at U.S. Bancorp

In other news, insider Jodi L. Richard sold 25,000 shares of the company's stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the completion of the sale, the insider now owns 129,790 shares in the company, valued at approximately $6,363,603.70. This represents a 16.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

USB has been the subject of a number of recent research reports. Piper Sandler upped their price objective on U.S. Bancorp from $52.00 to $58.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 3rd. Oppenheimer upped their price objective on U.S. Bancorp from $59.00 to $64.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 5th. Wells Fargo & Company upped their price objective on U.S. Bancorp from $60.00 to $62.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. Robert W. Baird set a $54.00 price objective on U.S. Bancorp in a research note on Thursday, October 17th. Finally, Royal Bank of Canada set a $53.00 price objective on U.S. Bancorp in a research note on Thursday, October 17th. Twelve analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $53.27.

U.S. Bancorp Trading Up 0.5 %

Shares of NYSE USB traded up $0.26 during mid-day trading on Tuesday, hitting $51.57. 6,357,614 shares of the company traded hands, compared to its average volume of 8,233,312. U.S. Bancorp has a 1 year low of $37.81 and a 1 year high of $53.98. The stock has a market capitalization of $80.45 billion, a price-to-earnings ratio of 15.77, a PEG ratio of 3.08 and a beta of 1.03. 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 business has a 50 day moving average of $49.24 and a two-hundred day moving average of $44.95.

U.S. Bancorp (NYSE:USB - Get Free Report) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $0.99 by $0.04. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The business had revenue of $6.86 billion during the quarter, compared to the consensus estimate of $6.90 billion. During the same period in the prior year, the business posted $1.05 earnings per share. U.S. Bancorp's revenue was down 2.4% compared to the same quarter last year. On average, sell-side analysts anticipate that U.S. Bancorp will post 3.93 earnings per share for the current fiscal year.

U.S. Bancorp announced that its Board of Directors has authorized a stock repurchase plan on Thursday, September 12th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

U.S. Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.88%. U.S. Bancorp's payout ratio is currently 61.16%.

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.