Peapack Gladstone Financial Corp Purchases 1,188 Shares of U.S. Bancorp (NYSE:USB)

Peapack Gladstone Financial Corp grew its holdings in shares of U.S. Bancorp (NYSE:USB) by 0.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 250,340 shares of the financial services provider’s stock after acquiring an additional 1,188 shares during the period. Peapack Gladstone Financial Corp’s holdings in U.S. Bancorp were worth $11,449,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Redwood Wealth Management Group LLC bought a new stake in U.S. Bancorp in the second quarter worth approximately $25,000. Frazier Financial Advisors LLC grew its position in shares of U.S. Bancorp by 222.7% during the 3rd quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider’s stock worth $29,000 after buying an additional 441 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in shares of U.S. Bancorp during the 2nd quarter worth approximately $30,000. Y.D. More Investments Ltd bought a new stake in shares of U.S. Bancorp in the 2nd quarter valued at $33,000. Finally, Kimelman & Baird LLC acquired a new position in shares of U.S. Bancorp during the 2nd quarter valued at $40,000. 77.60% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $49.03, for a total value of $1,225,750.00. Following the completion of the sale, the insider now directly owns 129,790 shares of the company’s stock, valued at $6,363,603.70. This trade represents a 16.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Evercore ISI lifted their price target on shares of U.S. Bancorp from $51.00 to $54.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Robert W. Baird set a $54.00 target price on U.S. Bancorp in a research report on Thursday, October 17th. Citigroup upgraded U.S. Bancorp from a “neutral” rating to a “buy” rating and increased their price target for the stock from $49.00 to $65.00 in a report on Monday, November 25th. Compass Point boosted their price objective on U.S. Bancorp from $49.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Morgan Stanley raised U.S. Bancorp from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $54.00 to $57.00 in a research report on Monday, September 30th. Twelve research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $53.27.

U.S. Bancorp Stock Performance

USB stock opened at $51.06 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.04. The firm has a market cap of $79.66 billion, a PE ratio of 15.61, a P/E/G ratio of 3.03 and a beta of 1.03. The business has a 50 day moving average of $49.79 and a 200-day moving average of $45.18. U.S. Bancorp has a 12-month low of $37.81 and a 12-month high of $53.98.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. The firm had revenue of $6.86 billion during the quarter, compared to the consensus estimate of $6.90 billion. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.05 EPS. As a group, sell-side analysts expect that U.S. Bancorp will post 3.93 earnings per share for the current year.

U.S. Bancorp declared that its board has authorized a stock repurchase program on Thursday, September 12th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

U.S. Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $2.00 dividend on an annualized basis and a yield of 3.92%. U.S. Bancorp’s dividend payout ratio (DPR) is presently 61.16%.

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.