Weiss Asset Management LP Takes Position in U.S. Bancorp $USB

Key Points

• Weiss Asset Management LP disclosed a new position in U.S. Bancorp, buying 103,845 shares worth about $5.4 million in the first quarter.
• Analyst sentiment remains positive overall: U.S. Bancorp has a Moderate Buy consensus rating, with an average price target of $67. Jefferies upgraded the stock to buy and raised its target to $75.
• The bank posted better-than-expected second-quarter results, earning $1.35 per share versus $1.28 expected and generating $7.71 billion in revenue. It also pays a quarterly dividend of $0.52, equal to a 3.3% yield.

Weiss Asset Management LP acquired a new stake in U.S. Bancorp (NYSE:USB - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 103,845 shares of the financial services provider's stock, valued at approximately $5,401,000.

Several other hedge funds have also recently made changes to their positions in the company. Paulson Wealth Management Inc. grew its stake in shares of U.S. Bancorp by 2.0% during the 4th quarter. Paulson Wealth Management Inc. now owns 8,780 shares of the financial services provider's stock worth $469,000 after acquiring an additional 173 shares during the period. Flputnam Investment Management Co. lifted its holdings in U.S. Bancorp by 1.4% during the fourth quarter. Flputnam Investment Management Co. now owns 13,721 shares of the financial services provider's stock valued at $732,000 after purchasing an additional 186 shares during the last quarter. Formidable Asset Management LLC lifted its holdings in U.S. Bancorp by 0.8% during the first quarter. Formidable Asset Management LLC now owns 23,373 shares of the financial services provider's stock valued at $1,247,000 after purchasing an additional 186 shares during the last quarter. Balboa Wealth Partners boosted its position in U.S. Bancorp by 4.0% during the first quarter. Balboa Wealth Partners now owns 4,920 shares of the financial services provider's stock worth $256,000 after purchasing an additional 188 shares during the period. Finally, Richmond Investment Services LLC boosted its position in U.S. Bancorp by 1.9% during the fourth quarter. Richmond Investment Services LLC now owns 10,107 shares of the financial services provider's stock worth $539,000 after purchasing an additional 192 shares during the period. 77.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on USB shares. Keefe, Bruyette & Woods boosted their price target on shares of U.S. Bancorp from $63.00 to $66.00 and gave the company a "market perform" rating in a research report on Friday, July 17th. BTIG Research set a $67.50 price objective on shares of U.S. Bancorp in a report on Monday, July 20th. Jefferies Financial Group upgraded shares of U.S. Bancorp from a "hold" rating to a "buy" rating and lifted their price objective for the company from $60.00 to $75.00 in a research note on Monday, July 6th. Wall Street Zen raised shares of U.S. Bancorp from a "sell" rating to a "hold" rating in a report on Monday, July 6th. Finally, Citigroup restated a "buy" rating on shares of U.S. Bancorp in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, U.S. Bancorp presently has an average rating of "Moderate Buy" and an average target price of $67.00.

U.S. Bancorp Stock Performance

U.S. Bancorp stock opened at $63.91 on Friday. The firm's 50 day simple moving average is $58.89 and its 200 day simple moving average is $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. The firm has a market capitalization of $99.14 billion, a PE ratio of 12.76, a price-to-earnings-growth 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.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its 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. U.S. Bancorp had a net margin of 18.49% and a return on equity of 13.69%. The business had revenue of $7.71 billion for the quarter, compared to analysts' expectations of $7.58 billion. During the same period in the prior year, the company posted $1.11 EPS. As a group, analysts expect that U.S. Bancorp will post 5.22 earnings per share for the current fiscal year.

U.S. Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given 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 was Tuesday, June 30th. U.S. Bancorp's dividend payout ratio (DPR) is 41.52%.

Insider Transactions at U.S. Bancorp

In related news, EVP Venkatachari Dilip sold 34,522 shares of U.S. Bancorp stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total transaction of $1,916,661.44. Following the completion of the sale, the executive vice president owned 51,292 shares of the company's stock, valued at approximately $2,847,731.84. This trade represents a 40.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.21% of the company's stock.

U.S. Bancorp Company 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.

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.