Tidal Investments LLC Lowers Holdings in U.S. Bancorp (NYSE:USB)

Tidal Investments LLC trimmed its position in shares of U.S. Bancorp (NYSE:USB - Free Report) by 48.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 54,438 shares of the financial services provider's stock after selling 51,510 shares during the quarter. Tidal Investments LLC's holdings in U.S. Bancorp were worth $2,489,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brooklyn Investment Group raised its position in shares of U.S. Bancorp by 4.4% in the 3rd quarter. Brooklyn Investment Group now owns 4,792 shares of the financial services provider's stock worth $219,000 after acquiring an additional 201 shares in the last quarter. McAdam LLC increased its stake in shares of U.S. Bancorp by 2.5% in the 3rd quarter. McAdam LLC now owns 8,503 shares of the financial services provider's stock valued at $389,000 after acquiring an additional 209 shares in the last quarter. Covestor Ltd lifted its position in shares of U.S. Bancorp by 15.2% during the 3rd quarter. Covestor Ltd now owns 1,741 shares of the financial services provider's stock valued at $80,000 after acquiring an additional 230 shares during the period. Valmark Advisers Inc. boosted its stake in U.S. Bancorp by 2.9% during the second quarter. Valmark Advisers Inc. now owns 8,707 shares of the financial services provider's stock worth $346,000 after acquiring an additional 242 shares in the last quarter. Finally, Phillips Wealth Planners LLC increased its stake in U.S. Bancorp by 2.1% in the third quarter. Phillips Wealth Planners LLC now owns 12,056 shares of the financial services provider's stock valued at $593,000 after purchasing an additional 243 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on USB shares. Wells Fargo & Company raised their target price on U.S. Bancorp from $60.00 to $62.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. Evercore ISI upped their price objective on shares of U.S. Bancorp from $51.00 to $54.00 and gave the stock an "in-line" rating in a report on Wednesday, October 30th. DA Davidson boosted their target price on shares of U.S. Bancorp from $49.00 to $54.00 and gave the stock a "neutral" rating in a research report on Thursday, October 17th. Piper Sandler increased 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. Finally, Robert W. Baird set a $54.00 price target on U.S. Bancorp in a research report on Thursday, October 17th. Eleven analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $53.50.

U.S. Bancorp Price Performance

Shares of NYSE:USB traded up $0.32 on Monday, hitting $51.35. The company's stock had a trading volume of 8,427,078 shares, compared to its average volume of 8,222,400. U.S. Bancorp has a 1 year low of $37.81 and a 1 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 company has a market capitalization of $80.11 billion, a PE ratio of 15.61, a PEG ratio of 3.03 and a beta of 1.03. The company has a 50-day simple moving average of $49.79 and a 200 day simple moving average of $45.26.

U.S. Bancorp (NYSE:USB - Get Free Report) last released its quarterly earnings results 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 quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.05 EPS. Sell-side analysts forecast that U.S. Bancorp will post 3.93 EPS for the current fiscal year.

U.S. Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date is Tuesday, December 31st. U.S. Bancorp's payout ratio is presently 61.16%.

U.S. Bancorp announced that its Board of Directors has approved a share buyback 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 reacquire up to 7% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the stock in a transaction that occurred 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 sale, the insider now owns 129,790 shares in the company, valued at approximately $6,363,603.70. This trade represents a 16.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.23% of the stock is owned by corporate insiders.

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.