Palisade Asset Management LLC decreased its position in U.S. Bancorp (NYSE:USB) by 25.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 212,813 shares of the financial services provider’s stock after selling 73,770 shares during the quarter. U.S. Bancorp accounts for approximately 1.6% of Palisade Asset Management LLC’s portfolio, making the stock its 20th largest position. Palisade Asset Management LLC’s holdings in U.S. Bancorp were worth $10,255,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Executive Wealth Management LLC acquired a new position in shares of U.S. Bancorp during the fourth quarter worth $27,000. WESPAC Advisors SoCal LLC acquired a new position in shares of U.S. Bancorp during the fourth quarter worth $27,000. Gantzert Investment Co. LLC ADV acquired a new position in shares of U.S. Bancorp during the fourth quarter worth $32,000. ERTS Wealth Advisors LLC acquired a new position in shares of U.S. Bancorp during the fourth quarter worth $36,000. Finally, WP Advisors LLC acquired a new position in shares of U.S. Bancorp during the first quarter worth $43,000. 75.82% of the stock is currently owned by institutional investors.
In other news, Vice Chairman Leslie V. Godridge sold 14,737 shares of the company’s stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $51.50, for a total value of $758,955.50. Following the completion of the sale, the insider now directly owns 61,737 shares of the company’s stock, valued at $3,179,455.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.24% of the stock is currently owned by corporate insiders.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.00. U.S. Bancorp had a net margin of 27.53% and a return on equity of 15.64%. The company had revenue of $5.58 billion during the quarter, compared to the consensus estimate of $5.62 billion. During the same quarter in the prior year, the firm posted $0.96 earnings per share. U.S. Bancorp’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, sell-side analysts anticipate that U.S. Bancorp will post 4.31 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were issued a $0.37 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.94%. U.S. Bancorp’s payout ratio is 36.10%.
A number of brokerages recently commented on USB. Zacks Investment Research downgraded shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a research note on Monday. Oppenheimer boosted their target price on shares of U.S. Bancorp from $58.00 to $62.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 26th. Robert W. Baird downgraded shares of U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $51.00 target price for the company. in a research note on Monday, January 28th. Jefferies Financial Group downgraded shares of U.S. Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, January 8th. Finally, Barclays upped their price objective on shares of U.S. Bancorp from $61.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, January 2nd. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $58.08.
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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.
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