Victory Capital Management Inc. Decreases Stake in U.S. Bancorp (NYSE:USB)

Victory Capital Management Inc. trimmed its position in shares of U.S. Bancorp (NYSE:USB - Free Report) by 3.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 818,387 shares of the financial services provider's stock after selling 28,054 shares during the quarter. Victory Capital Management Inc. owned approximately 0.05% of U.S. Bancorp worth $37,425,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Redwood Wealth Management Group LLC acquired a new stake in shares of U.S. Bancorp during the second quarter worth $25,000. LRI Investments LLC bought a new position in shares of U.S. Bancorp in the 1st quarter worth about $31,000. 1620 Investment Advisors Inc. bought a new position in shares of U.S. Bancorp during the 2nd quarter worth approximately $30,000. Y.D. More Investments Ltd bought a new stake in shares of U.S. Bancorp in the 2nd quarter valued at $33,000. Finally, Crewe Advisors LLC acquired a new position in shares of U.S. Bancorp during the 1st quarter valued at $39,000. 77.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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. Royal Bank of Canada set a $53.00 price target on shares of U.S. Bancorp in a report on Thursday, October 17th. Robert W. Baird set a $54.00 target price on U.S. Bancorp in a research report on Thursday, October 17th. The Goldman Sachs Group dropped their price objective on U.S. Bancorp from $48.00 to $46.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 11th. Finally, Morgan Stanley upgraded shares of U.S. Bancorp from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $54.00 to $57.00 in a research note on Monday, September 30th. Thirteen analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, U.S. Bancorp presently has an average rating of "Hold" and an average target price of $51.22.

Insider Activity

In related news, insider Jodi L. Richard sold 25,000 shares of U.S. Bancorp stock in a transaction that occurred on 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 sale, the insider now directly owns 129,790 shares in the company, valued at $6,363,603.70. The trade was a 16.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.23% of the company's stock.

U.S. Bancorp Price Performance

NYSE USB traded down $0.41 during trading hours on Friday, reaching $49.90. 13,570,863 shares of the stock traded hands, compared to its average volume of 8,047,181. The stock has a 50 day simple moving average of $46.99 and a two-hundred day simple moving average of $43.71. The company has a market cap of $77.85 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 2.94 and a beta of 1.02. U.S. Bancorp has a 1 year low of $36.49 and a 1 year high of $51.76. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.81 and a quick ratio of 0.81.

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, beating analysts' consensus estimates 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 firm had revenue of $6.86 billion for the quarter, compared to analysts' expectations of $6.90 billion. During the same period last year, the firm earned $1.05 earnings per share. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. On average, analysts predict that U.S. Bancorp will post 3.93 EPS for the current fiscal year.

U.S. Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.50 per share. 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 4.01%. The ex-dividend date of this dividend was Monday, September 30th. U.S. Bancorp's dividend payout ratio is currently 61.16%.

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

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.