Bank of Nova Scotia Sells 1,308,843 Shares of U.S. Bancorp $USB

Key Points

• Bank of Nova Scotia cut its U.S. Bancorp stake by 75.8% in the first quarter, selling 1.31 million shares and leaving it with 418,086 shares worth about $21.7 million.
• U.S. Bancorp reported better-than-expected Q2 results, with EPS of $1.35 versus estimates of $1.28 and revenue of $7.71 billion versus $7.58 billion expected.
• The bank also paid a quarterly dividend of $0.52 per share, equal to an annualized yield of about 3.3%, while analysts currently rate the stock a Moderate Buy with an average price target of $67.00.

Bank of Nova Scotia trimmed its stake in shares of U.S. Bancorp (NYSE:USB - Free Report) by 75.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 418,086 shares of the financial services provider's stock after selling 1,308,843 shares during the period. Bank of Nova Scotia's holdings in U.S. Bancorp were worth $21,745,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in USB. Brighton Jones LLC boosted its position in shares of U.S. Bancorp by 323.0% during the fourth quarter. Brighton Jones LLC now owns 48,274 shares of the financial services provider's stock worth $2,309,000 after buying an additional 36,863 shares during the period. Empowered Funds LLC raised its position in U.S. Bancorp by 2.1% in the 1st quarter. Empowered Funds LLC now owns 34,411 shares of the financial services provider's stock valued at $1,453,000 after buying an additional 714 shares during the last quarter. Intech Investment Management LLC raised its position in U.S. Bancorp by 18.9% in the 1st quarter. Intech Investment Management LLC now owns 39,276 shares of the financial services provider's stock valued at $1,658,000 after buying an additional 6,252 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in U.S. Bancorp in the 2nd quarter valued at approximately $425,000. Finally, Nebula Research & Development LLC bought a new stake in U.S. Bancorp in the 2nd quarter valued at approximately $701,000. 77.60% of the stock is owned by institutional investors and hedge funds.

U.S. Bancorp Price Performance

NYSE:USB opened at $63.91 on Friday. The stock has a market capitalization of $99.14 billion, a PE ratio of 12.76, a P/E/G ratio of 1.05 and a beta of 0.96. U.S. Bancorp has a 1-year low of $43.46 and a 1-year high of $64.84. The firm has a fifty day simple moving average of $58.89 and a 200 day simple moving average of $56.42. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.96.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.07. The firm had revenue of $7.71 billion for the quarter, compared to analyst estimates of $7.58 billion. U.S. Bancorp had a net margin of 18.49% and a return on equity of 13.69%. During the same period in the prior year, the firm posted $1.11 earnings per share. On average, research analysts expect that U.S. Bancorp will post 5.22 EPS for the current fiscal year.

U.S. Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 30th. U.S. Bancorp's dividend payout ratio is presently 41.52%.

Analyst Upgrades and Downgrades

USB has been the subject of several research reports. CLSA set a $67.50 price target on shares of U.S. Bancorp in a research note on Monday, July 20th. UBS Group increased their target price on shares of U.S. Bancorp from $58.00 to $66.00 and gave the stock a "neutral" rating in a report on Tuesday, July 7th. Oppenheimer raised their target price on shares of U.S. Bancorp from $73.00 to $77.00 and gave the company an "outperform" rating in a research report on Friday, July 17th. JPMorgan Chase & Co. upgraded shares of U.S. Bancorp from an "underweight" rating to a "neutral" rating and lifted their price target for the company from $65.00 to $67.50 in a research note on Monday, July 20th. Finally, Robert W. Baird boosted their price target on shares of U.S. Bancorp from $64.00 to $68.00 and gave the stock a "neutral" rating in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, U.S. Bancorp has a consensus rating of "Moderate Buy" and an average price target of $67.00.

Insider Activity

In related news, EVP Venkatachari Dilip sold 34,522 shares of the firm's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $55.52, for a total value of $1,916,661.44. Following the completion of the sale, the executive vice president directly owned 51,292 shares in the company, valued at approximately $2,847,731.84. This trade represents a 40.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.21% of the company's stock.

U.S. Bancorp Profile

U.S. Bancorp NYSE: USB is a bank holding company and the parent of U.S. Bank, a national commercial bank that provides a wide range of banking, investment, mortgage, trust and payment services. The company operates through consumer and business banking, commercial banking, payment services, and wealth management segments. Its product set includes deposit accounts, consumer and commercial lending, mortgage origination and servicing, credit and debit card services, treasury and cash management, merchant processing, and institutional and trust services.

Headquartered in Minneapolis, Minnesota, U.S.

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