Philip James Wealth Mangement LLC Makes New $6.41 Million Investment in U.S. Bancorp (NYSE:USB)

Philip James Wealth Mangement LLC purchased a new position in U.S. Bancorp (NYSE:USB) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 140,260 shares of the financial services provider’s stock, valued at approximately $6,414,000. U.S. Bancorp comprises approximately 0.8% of Philip James Wealth Mangement LLC’s portfolio, making the stock its 28th largest position.

Other large investors have also recently made changes to their positions in the company. Vista Capital Partners Inc. purchased a new stake in shares of U.S. Bancorp during the third quarter worth $213,000. Sittner & Nelson LLC raised its holdings in U.S. Bancorp by 5.9% in the 3rd quarter. Sittner & Nelson LLC now owns 23,774 shares of the financial services provider’s stock valued at $1,087,000 after acquiring an additional 1,316 shares during the last quarter. Portside Wealth Group LLC grew its position in shares of U.S. Bancorp by 7.1% in the third quarter. Portside Wealth Group LLC now owns 40,718 shares of the financial services provider’s stock valued at $1,862,000 after purchasing an additional 2,696 shares in the last quarter. Western Pacific Wealth Management LP increased its stake in shares of U.S. Bancorp by 45.7% in the 3rd quarter. Western Pacific Wealth Management LP now owns 5,100 shares of the financial services provider’s stock worth $233,000 after acquiring an additional 1,600 shares during the last quarter. Finally, Keudell Morrison Wealth Management grew its holdings in shares of U.S. Bancorp by 1.7% in the third quarter. Keudell Morrison Wealth Management now owns 69,949 shares of the financial services provider’s stock valued at $3,199,000 after purchasing an additional 1,153 shares during the period. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on USB shares. Evercore ISI lifted their target price on shares of U.S. Bancorp from $51.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. StockNews.com raised shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Morgan Stanley upgraded U.S. Bancorp from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $54.00 to $57.00 in a research report on Monday, September 30th. Barclays lifted their target price on U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, DA Davidson increased their price target on U.S. Bancorp from $49.00 to $54.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Thirteen investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $51.12.

Insider Transactions at U.S. Bancorp

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $49.03, for a total value of $1,225,750.00. Following the sale, the insider now directly owns 129,790 shares of the company’s stock, valued at approximately $6,363,603.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.23% of the company’s stock.

U.S. Bancorp Stock Up 0.1 %

USB traded up $0.07 during trading hours on Friday, hitting $49.63. 378,239 shares of the company’s stock were exchanged, compared to its average volume of 8,312,376. The firm has a market cap of $77.45 billion, a P/E ratio of 15.16, a price-to-earnings-growth ratio of 2.79 and a beta of 1.02. U.S. Bancorp has a 12-month low of $33.61 and a 12-month high of $51.76. 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 firm has a 50 day moving average of $46.40 and a 200 day moving average of $43.25.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. The business had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.90 billion. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The company’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.05 earnings per share. Analysts predict that U.S. Bancorp will post 3.92 EPS for the current fiscal year.

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

U.S. Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.00 dividend on an annualized basis and a yield of 4.03%. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio (DPR) is currently 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.