Icon Wealth Advisors LLC Reduces Stock Position in U.S. Bancorp (NYSE:USB)

Icon Wealth Advisors LLC cut its stake in U.S. Bancorp (NYSE:USB - Free Report) by 94.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 928 shares of the financial services provider's stock after selling 16,425 shares during the quarter. Icon Wealth Advisors LLC's holdings in U.S. Bancorp were worth $42,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Redwood Wealth Management Group LLC acquired a new position in U.S. Bancorp in the 2nd quarter valued at $25,000. Frazier Financial Advisors LLC raised its stake 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 valued at $29,000 after purchasing an additional 441 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in U.S. Bancorp during the second quarter worth about $30,000. LRI Investments LLC acquired a new stake in U.S. Bancorp during the first quarter worth about $31,000. Finally, Y.D. More Investments Ltd acquired a new position in shares of U.S. Bancorp in the 2nd quarter valued at approximately $33,000. Institutional investors and hedge funds own 77.60% of the company's stock.

U.S. Bancorp Stock Performance

U.S. Bancorp stock traded up $1.14 during mid-day trading on Monday, reaching $53.63. The company's stock had a trading volume of 10,230,877 shares, compared to its average volume of 8,360,465. The company has a market capitalization of $83.66 billion, a P/E ratio of 16.05, a PEG ratio of 3.10 and a beta of 1.02. The firm's fifty day moving average price is $47.63 and its two-hundred day moving average price is $44.06. U.S. Bancorp has a 12-month low of $36.49 and a 12-month high of $53.93. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.81 and a current ratio of 0.81.

U.S. Bancorp (NYSE:USB - Get Free Report) last released 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 company had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.90 billion. During the same period in the previous year, the company posted $1.05 EPS. The firm's revenue for the quarter was down 2.4% compared to the same quarter last year. Sell-side 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 declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.50 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.00 annualized dividend and a dividend yield of 3.73%. This is a boost from U.S. Bancorp's previous quarterly dividend of $0.49. U.S. Bancorp's dividend payout ratio is presently 61.16%.

U.S. Bancorp declared that its board has approved a stock 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 shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms recently issued reports on USB. Citigroup upgraded shares of U.S. Bancorp from a "neutral" rating to a "buy" rating and increased their price target for the stock from $49.00 to $65.00 in a research report on Monday. Deutsche Bank Aktiengesellschaft downgraded U.S. Bancorp from a "buy" rating to a "hold" rating and set a $51.00 target price on the stock. in a report on Thursday, October 24th. Oppenheimer boosted their price target on U.S. Bancorp from $59.00 to $64.00 and gave the stock an "outperform" rating in a report on Tuesday, November 5th. Morgan Stanley raised U.S. Bancorp from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $54.00 to $57.00 in a research note on Monday, September 30th. Finally, Robert W. Baird set a $54.00 target price on U.S. Bancorp in a research note on Thursday, October 17th. Twelve investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, U.S. Bancorp presently has an average rating of "Hold" and a consensus price target of $52.02.

Insider Buying and Selling

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the business'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 $6,363,603.70. The trade was a 16.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by company insiders.

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.