463,098 Shares in U.S. Bancorp $USB Acquired by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments acquired 463,098 shares of U.S. Bancorp worth approximately $26.7 million, while institutional investors and hedge funds collectively own 77.6% of the stock.
• Analysts maintain a generally positive view, with U.S. Bancorp receiving a consensus “Moderate Buy” rating and an average price target of $69.36.
• U.S. Bancorp exceeded quarterly earnings expectations, reporting $1.34 in EPS and $8.04 billion in revenue, while increasing its quarterly dividend to $0.54 per share, or a 3.6% annualized yield.

Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of U.S. Bancorp (NYSE:USB - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 463,098 shares of the financial services provider's stock, valued at approximately $26,749,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mufg Bank LTD. bought a new stake in U.S. Bancorp during the second quarter worth approximately $2,680,199,000. Bank of New York Mellon Corp acquired a new position in U.S. Bancorp in the second quarter worth approximately $536,457,000. First Trust Advisors LP increased its holdings in shares of U.S. Bancorp by 39.9% in the first quarter. First Trust Advisors LP now owns 8,118,845 shares of the financial services provider's stock valued at $422,261,000 after buying an additional 2,314,081 shares in the last quarter. KBC Group NV increased its holdings in shares of U.S. Bancorp by 259.0% in the first quarter. KBC Group NV now owns 1,888,428 shares of the financial services provider's stock valued at $98,217,000 after buying an additional 1,362,416 shares in the last quarter. Finally, Amundi increased its holdings in shares of U.S. Bancorp by 25.2% in the first quarter. Amundi now owns 6,470,642 shares of the financial services provider's stock valued at $336,538,000 after buying an additional 1,301,547 shares in the last quarter. 77.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. UBS Group increased their price objective on U.S. Bancorp from $64.00 to $66.00 and gave the company a "neutral" rating in a research report on Monday. CLSA set a $67.50 target price on U.S. Bancorp in a report on Monday, July 20th. Morgan Stanley set a $68.00 target price on U.S. Bancorp in a research report on Friday, October 16th. Wall Street Zen raised U.S. Bancorp from a "sell" rating to a "hold" rating in a research report on Monday, July 6th. Finally, Wells Fargo & Company upped their target price on U.S. Bancorp from $66.00 to $69.00 and gave the company an "overweight" rating in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $69.36.

U.S. Bancorp Stock Up 1.8%

NYSE:USB opened at $60.51 on Tuesday. The business's fifty day moving average price is $59.85 and its 200 day moving average price is $58.06. The firm has a market capitalization of $94.28 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 1.14 and a beta of 1.00. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.87. U.S. Bancorp has a 1-year low of $45.02 and a 1-year high of $66.07.

U.S. Bancorp (NYSE:USB - Get Free Report) last announced its quarterly earnings data on Thursday, October 15th. The financial services provider reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.32 by $0.02. U.S. Bancorp had a return on equity of 13.85% and a net margin of 18.85%. The firm had revenue of $8.04 billion during the quarter, compared to analyst estimates of $8 billion. During the same period last year, the company posted $1.22 EPS. The business's quarterly revenue was up 8.7% compared to the same quarter last year. On average, sell-side analysts forecast that U.S. Bancorp will post 5.30 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a $0.54 dividend. The ex-dividend date was Wednesday, September 30th. 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. U.S. Bancorp's dividend payout ratio is currently 42.11%.

Insider Activity

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

U.S. Bancorp Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.