JGP Wealth Management LLC Grows Holdings in U.S. Bancorp (NYSE:USB)

JGP Wealth Management LLC grew its holdings in shares of U.S. Bancorp (NYSE:USB) by 1.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 97,877 shares of the financial services provider’s stock after buying an additional 1,298 shares during the quarter. U.S. Bancorp accounts for about 1.8% of JGP Wealth Management LLC’s investment portfolio, making the stock its 12th largest holding. JGP Wealth Management LLC’s holdings in U.S. Bancorp were worth $5,176,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Northern Trust Corp raised its position in shares of U.S. Bancorp by 0.8% during the 2nd quarter. Northern Trust Corp now owns 20,491,980 shares of the financial services provider’s stock valued at $1,073,779,000 after acquiring an additional 171,826 shares in the last quarter. Daily Journal Corp raised its position in shares of U.S. Bancorp by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 14,000,000 shares of the financial services provider’s stock valued at $7,336,000 after acquiring an additional 13,860,000 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of U.S. Bancorp by 2.4% during the 2nd quarter. Janus Henderson Group PLC now owns 13,382,530 shares of the financial services provider’s stock valued at $701,230,000 after acquiring an additional 310,818 shares in the last quarter. Nuveen Asset Management LLC raised its position in shares of U.S. Bancorp by 17,492.7% during the 2nd quarter. Nuveen Asset Management LLC now owns 12,734,464 shares of the financial services provider’s stock valued at $667,286,000 after acquiring an additional 12,662,079 shares in the last quarter. Finally, Fiera Capital Corp raised its position in shares of U.S. Bancorp by 4.2% during the 2nd quarter. Fiera Capital Corp now owns 9,521,304 shares of the financial services provider’s stock valued at $498,916,000 after acquiring an additional 387,833 shares in the last quarter. 75.51% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director David B. Omaley sold 10,133 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.76, for a total value of $565,016.08. Following the completion of the transaction, the director now owns 191,754 shares of the company’s stock, valued at $10,692,203.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $57.33, for a total value of $1,146,600.00. Following the completion of the transaction, the insider now directly owns 65,959 shares of the company’s stock, valued at approximately $3,781,429.47. The disclosure for this sale can be found here. Insiders sold 35,490 shares of company stock worth $2,015,197 over the last ninety days. 0.24% of the stock is owned by corporate insiders.

Several research firms recently issued reports on USB. Citigroup lowered U.S. Bancorp from a “neutral” rating to a “sell” rating and dropped their price target for the company from $54.00 to $49.00 in a research report on Tuesday, October 8th. Piper Jaffray Companies set a $59.00 price target on U.S. Bancorp and gave the company a “buy” rating in a research report on Friday, September 13th. Credit Suisse Group reissued a “hold” rating and set a $55.00 price target on shares of U.S. Bancorp in a research report on Thursday, September 12th. UBS Group upped their price target on U.S. Bancorp from $56.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday. Finally, Bank of America lowered U.S. Bancorp from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $55.00 to $53.00 in a research report on Monday, September 30th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $56.60.

NYSE USB traded up $0.14 during trading hours on Friday, hitting $56.45. The company had a trading volume of 516,640 shares, compared to its average volume of 5,283,615. U.S. Bancorp has a fifty-two week low of $43.14 and a fifty-two week high of $57.81. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.86. The business has a fifty day simple moving average of $54.73 and a 200-day simple moving average of $53.07. The firm has a market cap of $89.16 billion, a P/E ratio of 13.77, a price-to-earnings-growth ratio of 2.18 and a beta of 1.10.

U.S. Bancorp (NYSE:USB) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $1.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.04. U.S. Bancorp had a return on equity of 15.39% and a net margin of 26.54%. The firm had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.81 billion. During the same period last year, the company earned $1.06 earnings per share. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities analysts forecast that U.S. Bancorp will post 4.33 EPS for the current fiscal year.

U.S. Bancorp declared that its board has initiated a stock buyback program on Thursday, June 27th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 3.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.42 dividend. The ex-dividend date was Friday, September 27th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.37. This represents a $1.68 annualized dividend and a yield of 2.98%. U.S. Bancorp’s dividend payout ratio (DPR) is currently 40.98%.

U.S. Bancorp Company Profile

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

Further Reading: What does an outperform rating mean?

Want to see what other hedge funds are holding USB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for U.S. Bancorp (NYSE:USB).

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

Receive News & Ratings for U.S. Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for U.S. Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.