Oppenheimer Asset Management Inc. Has $8.80 Million Position in U.S. Bancorp (NYSE:USB)

Oppenheimer Asset Management Inc. grew its position in shares of U.S. Bancorp (NYSE:USB - Free Report) by 31.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 192,322 shares of the financial services provider's stock after buying an additional 46,112 shares during the period. Oppenheimer Asset Management Inc.'s holdings in U.S. Bancorp were worth $8,795,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Los Angeles Capital Management LLC boosted its holdings in 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 worth $146,864,000 after purchasing an additional 2,821,642 shares during the period. Marshall Wace LLP boosted its holdings in shares of U.S. Bancorp by 1,438.4% in the 2nd quarter. Marshall Wace LLP now owns 2,263,296 shares of the financial services provider's stock valued at $89,853,000 after buying an additional 2,116,175 shares during the period. National Bank of Canada FI grew 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 buying an additional 2,046,522 shares during the last quarter. Bridges Investment Management Inc. raised its stake in U.S. Bancorp by 1,554.3% during the third quarter. Bridges Investment Management Inc. now owns 1,503,638 shares of the financial services provider's stock worth $68,761,000 after acquiring an additional 1,412,743 shares during the period. Finally, Clearbridge Investments LLC lifted its holdings in U.S. Bancorp by 16.2% in the first quarter. Clearbridge Investments LLC now owns 6,941,466 shares of the financial services provider's stock worth $310,284,000 after acquiring an additional 967,143 shares during the last quarter. Institutional investors and hedge funds own 77.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Citigroup increased their price target on U.S. Bancorp from $45.00 to $49.00 and gave the stock a "neutral" rating in a research report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft cut U.S. Bancorp from a "buy" rating to a "hold" rating and set a $51.00 target price on the stock. in a research note on Thursday, October 24th. Morgan Stanley upgraded shares of U.S. Bancorp from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $54.00 to $57.00 in a research report on Monday, September 30th. UBS Group increased their price objective on shares of U.S. Bancorp from $43.00 to $46.00 and gave the stock a "neutral" rating in a report on Thursday, July 18th. Finally, Wells Fargo & Company boosted their target price on shares of U.S. Bancorp from $52.00 to $60.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. Thirteen equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $51.12.

U.S. Bancorp Price Performance

NYSE:USB traded down $0.85 during mid-day trading on Thursday, reaching $50.32. 10,345,121 shares of the stock were exchanged, compared to its average volume of 8,345,582. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04. The business has a fifty day moving average price of $46.79 and a 200 day moving average price of $43.58. U.S. Bancorp has a 1-year low of $36.21 and a 1-year high of $51.76. The firm has a market capitalization of $78.50 billion, a PE ratio of 15.65, a PEG ratio of 2.99 and a beta of 1.02.

U.S. Bancorp (NYSE:USB - Get Free Report) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 12.92% and a return on equity of 12.91%. The business's revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.05 EPS. Research analysts expect that U.S. Bancorp will post 3.93 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.50 per share. The ex-dividend date was Monday, September 30th. This is a positive change from U.S. Bancorp's previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.97%. U.S. Bancorp's payout ratio is 61.16%.

U.S. Bancorp declared that its Board of Directors has authorized a share repurchase plan on Thursday, September 12th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is undervalued.

Insider Activity

In related news, insider Jodi L. Richard sold 25,000 shares of the firm's stock in a transaction that occurred on Friday, October 18th. The shares were 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 owns 129,790 shares of the company's stock, valued at approximately $6,363,603.70. This trade represents a 16.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.23% of the stock is currently owned by company insiders.

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.