Raymond James Financial Inc. Trims Stock Position in U.S. Bancorp $USB

Key Points

• Raymond James Financial Inc. reduced its stake in U.S. Bancorp by 2.9%, owning approximately 3.74 million shares valued at $158.26 million as of their latest filing.
• U.S. Bancorp reported a quarterly EPS of $1.11, exceeding estimates, with a revenue of $7.06 billion, marking a 2% increase year-over-year.
• The firm recently declared a quarterly dividend of $0.50, resulting in an annualized payout of $2.00 and a dividend yield of 4.4%.

Raymond James Financial Inc. lessened its holdings in shares of U.S. Bancorp (NYSE:USB - Free Report) by 2.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,748,543 shares of the financial services provider's stock after selling 113,735 shares during the period. Raymond James Financial Inc. owned approximately 0.24% of U.S. Bancorp worth $158,263,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Westend Capital Management LLC acquired a new stake in U.S. Bancorp during the first quarter valued at $27,000. YANKCOM Partnership increased its stake in shares of U.S. Bancorp by 59.4% during the first quarter. YANKCOM Partnership now owns 698 shares of the financial services provider's stock worth $29,000 after purchasing an additional 260 shares in the last quarter. Alpine Bank Wealth Management purchased a new stake in shares of U.S. Bancorp during the first quarter worth about $30,000. REAP Financial Group LLC increased its stake in shares of U.S. Bancorp by 86.1% during the fourth quarter. REAP Financial Group LLC now owns 642 shares of the financial services provider's stock worth $31,000 after purchasing an additional 297 shares in the last quarter. Finally, Cornerstone Planning Group LLC increased its stake in shares of U.S. Bancorp by 118.0% during the first quarter. Cornerstone Planning Group LLC now owns 776 shares of the financial services provider's stock worth $31,000 after purchasing an additional 420 shares in the last quarter. Hedge funds and other institutional investors own 77.60% of the company's stock.

Insider Activity at U.S. Bancorp

In other U.S. Bancorp news, EVP Souheil Badran sold 23,727 shares of the stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $46.34, for a total value of $1,099,509.18. Following the sale, the executive vice president directly owned 70,346 shares of the company's stock, valued at approximately $3,259,833.64. This represents a 25.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.23% of the company's stock.

U.S. Bancorp Stock Performance

Shares of USB stock opened at $45.96 on Monday. The firm's 50 day moving average price is $45.46 and its 200-day moving average price is $43.80. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.81 and a current ratio of 0.81. U.S. Bancorp has a one year low of $35.18 and a one year high of $53.98. The firm has a market cap of $71.52 billion, a P/E ratio of 11.00, a P/E/G ratio of 1.44 and a beta of 1.01.

U.S. Bancorp (NYSE:USB - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.07 by $0.04. The firm had revenue of $7.06 billion for the quarter, compared to analyst estimates of $7.07 billion. U.S. Bancorp had a net margin of 16.30% and a return on equity of 13.08%. The business's revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.98 EPS. As a group, equities research analysts predict that U.S. Bancorp will post 4.38 EPS for the current year.

U.S. Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.50 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.4%. U.S. Bancorp's dividend payout ratio is currently 47.85%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on USB. Cowen began coverage on shares of U.S. Bancorp in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Evercore ISI boosted their target price on shares of U.S. Bancorp from $44.00 to $49.00 and gave the stock an "in-line" rating in a research note on Wednesday, June 4th. TD Cowen began coverage on shares of U.S. Bancorp in a research note on Thursday, May 15th. They set a "buy" rating and a $60.00 target price for the company. Morgan Stanley upped their price objective on shares of U.S. Bancorp from $51.00 to $52.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. Finally, Wall Street Zen raised shares of U.S. Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $52.55.

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.

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