State Street Corp Grows Holdings in U.S. Bancorp (NYSE:USB)

State Street Corp raised its position in U.S. Bancorp (NYSE:USB - Free Report) by 1.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 67,282,970 shares of the financial services provider's stock after acquiring an additional 819,805 shares during the quarter. State Street Corp owned approximately 4.31% of U.S. Bancorp worth $3,110,115,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of USB. Redwood Wealth Management Group LLC bought a new position in shares of U.S. Bancorp in the 2nd quarter worth approximately $25,000. Frazier Financial Advisors LLC raised its position in U.S. Bancorp by 222.7% in the third quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider's stock worth $29,000 after acquiring an additional 441 shares during the period. 1620 Investment Advisors Inc. bought a new position in U.S. Bancorp in the second quarter worth approximately $30,000. Y.D. More Investments Ltd purchased a new position in shares of U.S. Bancorp during the 2nd quarter worth $33,000. Finally, Kimelman & Baird LLC bought a new stake in shares of U.S. Bancorp during the 2nd quarter valued at $40,000. 77.60% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at U.S. Bancorp

In related news, insider Jodi L. Richard sold 25,000 shares of U.S. Bancorp stock in a transaction dated 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 approximately $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 accessible through the SEC website. Company insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

USB has been the topic of several analyst reports. The Goldman Sachs Group lowered their target price on U.S. Bancorp from $48.00 to $46.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft downgraded U.S. Bancorp from a "buy" rating to a "hold" rating and set a $51.00 price objective for the company. in a research note on Thursday, October 24th. DA Davidson increased their target price on shares of U.S. Bancorp from $49.00 to $54.00 and gave the stock a "neutral" rating in a report on Thursday, October 17th. Piper Sandler lifted their price target on shares of U.S. Bancorp from $52.00 to $58.00 and gave the company a "neutral" rating in a report on Tuesday. Finally, Stephens increased their price objective on shares of U.S. Bancorp from $49.00 to $52.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 17th. Twelve equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, U.S. Bancorp has an average rating of "Hold" and an average target price of $52.72.

U.S. Bancorp Price Performance

Shares of NYSE USB traded up $0.03 during midday trading on Friday, reaching $52.15. 4,683,477 shares of the stock traded hands, compared to its average volume of 8,253,200. The company's 50 day moving average is $48.99 and its 200 day moving average is $44.73. U.S. Bancorp has a one year low of $37.81 and a one year high of $53.98. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $81.36 billion, a PE ratio of 15.96, a P/E/G ratio of 3.07 and a beta of 1.03.

U.S. Bancorp (NYSE:USB - Get Free Report) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.99 by $0.04. The business 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 business's revenue was down 2.4% on a year-over-year basis. During the same period last year, the company posted $1.05 EPS. On average, equities research analysts anticipate that U.S. Bancorp will post 3.93 earnings per share for the current year.

U.S. Bancorp announced that its Board of Directors has initiated a stock buyback program on Thursday, September 12th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

U.S. Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.50 per share. This is a boost from U.S. Bancorp's previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a yield of 3.84%. The ex-dividend date was Monday, September 30th. U.S. Bancorp's payout ratio is presently 61.16%.

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.