Inverness Counsel LLC NY Trims Stake in U.S. Bancorp (USB)

Inverness Counsel LLC NY cut its position in U.S. Bancorp (NYSE:USB) by 10.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 211,817 shares of the financial services provider’s stock after selling 24,522 shares during the period. Inverness Counsel LLC NY’s holdings in U.S. Bancorp were worth $11,186,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in USB. Summit Trail Advisors LLC lifted its position in shares of U.S. Bancorp by 45.1% during the 1st quarter. Summit Trail Advisors LLC now owns 6,286 shares of the financial services provider’s stock worth $314,000 after buying an additional 1,954 shares in the last quarter. Neville Rodie & Shaw Inc. bought a new position in shares of U.S. Bancorp during the 2nd quarter worth approximately $1,468,000. Cardinal Capital Management Inc. lifted its position in shares of U.S. Bancorp by 4.8% during the 2nd quarter. Cardinal Capital Management Inc. now owns 311,885 shares of the financial services provider’s stock worth $15,600,000 after buying an additional 14,193 shares in the last quarter. American National Bank bought a new position in shares of U.S. Bancorp during the 2nd quarter worth approximately $314,000. Finally, Bath Savings Trust Co lifted its position in shares of U.S. Bancorp by 34.7% during the 2nd quarter. Bath Savings Trust Co now owns 11,045 shares of the financial services provider’s stock worth $552,000 after buying an additional 2,845 shares in the last quarter. 74.50% of the stock is currently owned by institutional investors and hedge funds.

In related news, Vice Chairman Terrance R. Dolan sold 15,524 shares of U.S. Bancorp stock in a transaction that occurred on Thursday, October 18th. The shares were sold at an average price of $52.91, for a total value of $821,374.84. Following the completion of the transaction, the insider now directly owns 124,086 shares in the company, valued at approximately $6,565,390.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Gillern Jeffry H. Von sold 17,508 shares of U.S. Bancorp stock in a transaction that occurred on Wednesday, October 24th. The shares were sold at an average price of $50.81, for a total transaction of $889,581.48. Following the completion of the transaction, the insider now owns 121,137 shares of the company’s stock, valued at $6,154,970.97. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.



Several equities analysts have commented on the stock. UBS Group set a $56.00 target price on shares of U.S. Bancorp and gave the stock a “hold” rating in a research report on Monday, October 22nd. Wedbush set a $58.00 target price on shares of U.S. Bancorp and gave the stock a “hold” rating in a research report on Thursday, October 18th. Nomura dropped their target price on shares of U.S. Bancorp from $60.00 to $54.00 and set a “neutral” rating on the stock in a research report on Thursday, October 18th. CIBC raised shares of U.S. Bancorp from a “market perform” rating to an “outperform” rating in a research report on Thursday, October 18th. Finally, Oppenheimer raised shares of U.S. Bancorp from a “market perform” rating to an “outperform” rating and set a $62.00 target price on the stock in a research report on Thursday, October 18th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $59.36.

NYSE:USB opened at $52.32 on Wednesday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $82.93 billion, a P/E ratio of 15.30, a P/E/G ratio of 1.66 and a beta of 0.98. U.S. Bancorp has a 12 month low of $48.49 and a 12 month high of $58.50.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings results on Wednesday, October 17th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.02. The company had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.68 billion. U.S. Bancorp had a net margin of 27.53% and a return on equity of 15.14%. U.S. Bancorp’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.88 EPS. As a group, sell-side analysts expect that U.S. Bancorp will post 4.1 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date was Thursday, September 27th. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.30. U.S. Bancorp’s payout ratio is 43.27%.

About U.S. Bancorp

U.S. Bancorp, a financial services holding company, provides various financial services in the United States. The company operates through five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.

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Institutional Ownership by Quarter for U.S. Bancorp (NYSE:USB)

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