Palisade Asset Management LLC Raises Holdings in U.S. Bancorp (USB)

Palisade Asset Management LLC grew its stake in shares of U.S. Bancorp (NYSE:USB) by 4.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 289,410 shares of the financial services provider’s stock after acquiring an additional 11,421 shares during the period. U.S. Bancorp accounts for 2.0% of Palisade Asset Management LLC’s holdings, making the stock its 14th largest position. Palisade Asset Management LLC’s holdings in U.S. Bancorp were worth $15,284,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the business. Horan Capital Management acquired a new stake in shares of U.S. Bancorp in the second quarter valued at approximately $109,000. Integrated Investment Consultants LLC acquired a new position in U.S. Bancorp during the second quarter valued at approximately $135,000. Mount Yale Investment Advisors LLC acquired a new position in U.S. Bancorp during the first quarter valued at approximately $141,000. Field & Main Bank raised its position in U.S. Bancorp by 49.9% during the second quarter. Field & Main Bank now owns 3,004 shares of the financial services provider’s stock valued at $159,000 after purchasing an additional 1,000 shares in the last quarter. Finally, NEXT Financial Group Inc acquired a new position in U.S. Bancorp during the third quarter valued at approximately $181,000. Hedge funds and other institutional investors own 74.41% of the company’s stock.

Several research analysts have commented on the stock. ValuEngine downgraded shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, August 2nd. Wedbush set a $58.00 price objective on shares of U.S. Bancorp and gave the company a “hold” rating in a research report on Thursday. UBS Group upgraded shares of U.S. Bancorp from a “market perform” rating to an “outperform” rating in a research report on Thursday. CIBC upgraded shares of U.S. Bancorp from a “market perform” rating to an “outperform” rating in a research report on Thursday. Finally, Nomura lowered their price objective on shares of U.S. Bancorp from $60.00 to $54.00 and set a “neutral” rating for the company in a research report on Thursday. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $59.58.

In other U.S. Bancorp news, Vice Chairman John R. Elmore sold 58,924 shares of the business’s stock in a transaction on Monday, July 23rd. The shares were sold at an average price of $51.71, for a total transaction of $3,046,960.04. Following the sale, the insider now owns 98,371 shares of the company’s stock, valued at $5,086,764.41. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.43% of the company’s stock.

Shares of NYSE USB traded up $0.37 during midday trading on Friday, reaching $52.50. 648,133 shares of the company were exchanged, compared to its average volume of 7,585,397. The stock has a market cap of $86.18 billion, a PE ratio of 15.36, a PEG ratio of 1.73 and a beta of 0.98. U.S. Bancorp has a one year low of $48.49 and a one year high of $58.50. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.82 and a current ratio of 0.85.

U.S. Bancorp (NYSE:USB) last posted its earnings results on Wednesday, October 17th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.02. The firm 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%. The company’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 earnings per share. As a group, sell-side analysts predict that U.S. Bancorp will post 4.08 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.82%. 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 presently 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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