17,046 U.S. Bancorp $USB Shares Purchased by Park Avenue Securities LLC

Key Points

• Park Avenue Securities increased its U.S. Bancorp stake by 10.3% in the third quarter, purchasing 17,046 shares and bringing its holdings to 182,326 shares valued at approximately $10.5 million. Institutional investors and hedge funds collectively own 77.6% of the company.
• Analyst sentiment remains positive overall, with U.S. Bancorp receiving a “Moderate Buy” consensus rating and an average price target of $69.19, although targets range from $64 to $76.
• U.S. Bancorp exceeded quarterly earnings expectations, reporting $1.34 in EPS and $8.04 billion in revenue, while revenue rose 8.7% year over year. The company also raised its quarterly dividend to $0.54 per share, equal to a 3.6% annualized yield.

Park Avenue Securities LLC increased its stake in shares of U.S. Bancorp (NYSE:USB - Free Report) by 10.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 182,326 shares of the financial services provider's stock after buying an additional 17,046 shares during the period. Park Avenue Securities LLC's holdings in U.S. Bancorp were worth $10,531,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in U.S. Bancorp by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 10,369,212 shares of the financial services provider's stock valued at $539,232,000 after purchasing an additional 93,025 shares in the last quarter. Mufg Bank LTD. acquired a new position in U.S. Bancorp during the second quarter worth $2,680,199,000. Illinois Municipal Retirement Fund raised its holdings in U.S. Bancorp by 57.1% during the first quarter. Illinois Municipal Retirement Fund now owns 92,257 shares of the financial services provider's stock worth $4,798,000 after purchasing an additional 33,517 shares during the last quarter. Cardinal Capital Management Inc. boosted its position in U.S. Bancorp by 5.4% during the second quarter. Cardinal Capital Management Inc. now owns 326,565 shares of the financial services provider's stock worth $19,725,000 after purchasing an additional 16,814 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in U.S. Bancorp by 6.9% during the first quarter. Bank of America Corp DE now owns 15,820,033 shares of the financial services provider's stock worth $822,800,000 after purchasing an additional 1,022,898 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on USB. Morgan Stanley set a $68.00 target price on U.S. Bancorp in a report on Friday, October 16th. HSBC lifted their price target on U.S. Bancorp from $74.00 to $76.00 and gave the stock a "buy" rating in a research note on Monday, September 28th. Wolfe Research assumed coverage on shares of U.S. Bancorp in a research report on Tuesday. They issued a "peer perform" rating on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of U.S. Bancorp in a research report on Friday, July 31st. Finally, UBS Group lowered their price objective on shares of U.S. Bancorp from $66.00 to $64.00 and set a "neutral" rating on the stock in a research note on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $69.19.

Insider Buying and Selling at U.S. Bancorp

In other news, CEO Gunjan Kedia sold 27,267 shares of the company's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $62.37, for a total value of $1,700,642.79. Following the sale, the chief executive officer directly owned 426,262 shares in the company, valued at $26,585,960.94. This represents a 6.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.21% of the stock is currently owned by company insiders.

U.S. Bancorp Price Performance

Shares of USB opened at $59.76 on Wednesday. The firm has a 50 day simple moving average of $60.08 and a 200-day simple moving average of $57.96. U.S. Bancorp has a 1-year low of $45.02 and a 1-year high of $66.07. The stock has a market cap of $93.12 billion, a price-to-earnings ratio of 11.65 and a beta of 1.00.

U.S. Bancorp (NYSE:USB - Get Free Report) last issued its quarterly earnings data on Thursday, October 15th. The financial services provider reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.02. The company had revenue of $8.04 billion for the quarter, compared to analyst estimates of $8 billion. During the same quarter in the prior year, the firm earned $1.22 earnings per share. The company's revenue for the quarter was up 8.7% on a year-over-year basis. On average, equities analysts expect that U.S. Bancorp will post 5.29 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.6%. This is a positive change from U.S. Bancorp's previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Wednesday, September 30th. U.S. Bancorp's payout ratio is presently 42.11%.

About U.S. Bancorp

U.S. Bancorp NYSE: USB is a financial services holding company headquartered in Minneapolis, Minnesota, and the parent company of U.S. Bank National Association. U.S. Bank provides banking, lending, payment, investment and wealth-management services to individuals, businesses, institutions and government entities.

The company's consumer and business banking operations offer deposit accounts, mortgages, home-equity and consumer loans, credit cards, small-business banking and commercial lending.

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