M&T Bank Corp Grows Position in U.S. Bancorp (NYSE:USB)

M&T Bank Corp grew its stake in shares of U.S. Bancorp (NYSE:USB) by 2.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 846,344 shares of the financial services provider’s stock after purchasing an additional 22,803 shares during the period. M&T Bank Corp’s holdings in U.S. Bancorp were worth $38,704,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in USB. Lantz Financial LLC grew its position in shares of U.S. Bancorp by 4.7% in the second quarter. Lantz Financial LLC now owns 48,116 shares of the financial services provider’s stock valued at $1,910,000 after purchasing an additional 2,179 shares during the last quarter. Quotient Wealth Partners LLC grew its stake in U.S. Bancorp by 14.9% during the second quarter. Quotient Wealth Partners LLC now owns 6,297 shares of the financial services provider’s stock worth $250,000 after buying an additional 816 shares during the period. LRI Investments LLC increased its holdings in U.S. Bancorp by 871.8% in the 2nd quarter. LRI Investments LLC now owns 6,657 shares of the financial services provider’s stock valued at $264,000 after purchasing an additional 5,972 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new stake in shares of U.S. Bancorp during the 2nd quarter valued at about $256,000. Finally, Independence Bank of Kentucky lifted its position in shares of U.S. Bancorp by 3.4% during the second quarter. Independence Bank of Kentucky now owns 55,723 shares of the financial services provider’s stock worth $2,212,000 after purchasing an additional 1,850 shares in the last quarter. 77.60% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Jodi L. Richard sold 25,000 shares of the business’s stock in a transaction that occurred 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 owns 129,790 shares of the company’s stock, valued at approximately $6,363,603.70. The trade was a 16.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Citigroup upgraded U.S. Bancorp from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $49.00 to $65.00 in a report on Monday, November 25th. Robert W. Baird set a $54.00 price target on U.S. Bancorp in a research report on Thursday, October 17th. Wells Fargo & Company boosted their target price on shares of U.S. Bancorp from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Oppenheimer raised their price target on U.S. Bancorp from $59.00 to $64.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Finally, Morgan Stanley upgraded 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. Eleven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $53.68.

U.S. Bancorp Trading Up 1.1 %

Shares of NYSE USB opened at $47.92 on Friday. The firm has a market capitalization of $74.76 billion, a PE ratio of 14.65, a PEG ratio of 3.03 and a beta of 1.03. U.S. Bancorp has a one year low of $37.81 and a one year high of $53.98. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04. The business has a 50-day moving average price of $50.18 and a two-hundred day moving average price of $45.50.

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

U.S. Bancorp announced that its board has approved a stock buyback program on Thursday, September 12th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

U.S. Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.17%. The ex-dividend date is Tuesday, December 31st. U.S. Bancorp’s payout ratio is currently 61.16%.

U.S. Bancorp Profile

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.