Mcrae Capital Management Inc. Lowers Stake in U.S. Bancorp (NYSE:USB)

Mcrae Capital Management Inc. decreased its position in U.S. Bancorp (NYSE:USB) by 4.9% during the third quarter, Holdings Channel reports. The fund owned 185,046 shares of the financial services provider’s stock after selling 9,500 shares during the period. U.S. Bancorp comprises approximately 4.0% of Mcrae Capital Management Inc.’s investment portfolio, making the stock its 7th biggest position. Mcrae Capital Management Inc.’s holdings in U.S. Bancorp were worth $10,240,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Buckingham Capital Management Inc. raised its holdings in U.S. Bancorp by 1.9% in the 1st quarter. Buckingham Capital Management Inc. now owns 55,519 shares of the financial services provider’s stock worth $2,675,000 after purchasing an additional 1,015 shares during the period. Marshall Wace LLP purchased a new position in shares of U.S. Bancorp during the first quarter worth $1,623,000. Bath Savings Trust Co boosted its position in shares of U.S. Bancorp by 11.5% during the second quarter. Bath Savings Trust Co now owns 12,650 shares of the financial services provider’s stock worth $663,000 after buying an additional 1,300 shares during the period. Daily Journal Corp raised its stake in shares of U.S. Bancorp by 9,900.0% in the second 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. Finally, WINTON GROUP Ltd raised its stake in shares of U.S. Bancorp by 48.4% in the second quarter. WINTON GROUP Ltd now owns 485,780 shares of the financial services provider’s stock valued at $25,455,000 after acquiring an additional 158,439 shares in the last quarter. 75.51% of the stock is currently owned by institutional investors.

USB stock traded up $0.23 during midday trading on Tuesday, reaching $56.42. The company had a trading volume of 597,647 shares, compared to its average volume of 5,084,633. U.S. Bancorp has a 1 year low of $43.14 and a 1 year high of $57.81. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $86.78 billion, a P/E ratio of 13.76, a PEG ratio of 2.12 and a beta of 1.10. The company has a 50 day moving average of $54.49 and a two-hundred day moving average of $52.97.

U.S. Bancorp (NYSE:USB) last released its earnings results on Wednesday, October 16th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.04. U.S. Bancorp had a net margin of 26.54% and a return on equity of 15.39%. The company had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.81 billion. During the same quarter in the prior year, the firm earned $1.06 EPS. The company’s revenue was up 3.9% compared to the same quarter last year. On average, sell-side analysts anticipate that U.S. Bancorp will post 4.33 earnings per share for the current year.

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. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, September 27th. This represents a $1.68 dividend on an annualized basis and a yield of 2.98%. U.S. Bancorp’s dividend payout ratio is presently 40.98%.

U.S. Bancorp declared that its board has initiated a share repurchase plan on Thursday, June 27th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

A number of research firms have weighed in on USB. Morgan Stanley raised their price target on U.S. Bancorp from $55.00 to $56.00 and gave the company an “underweight” rating in a research note on Thursday, July 18th. Macquarie cut U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 price target on the stock. in a research note on Thursday, August 1st. UBS Group lifted their target price on U.S. Bancorp from $56.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday. Citigroup cut U.S. Bancorp from a “neutral” rating to a “sell” rating and cut their target price for the stock from $54.00 to $49.00 in a research report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. raised U.S. Bancorp from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $52.50 to $57.00 in a report on Wednesday, July 31st. Four analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $56.60.

In other news, Director David B. Omaley sold 10,133 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.76, for a total transaction of $565,016.08. Following the transaction, the director now owns 191,754 shares in the company, valued at approximately $10,692,203.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the firm’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $57.33, for a total transaction of $1,146,600.00. Following the transaction, the insider now owns 65,959 shares in the company, valued at approximately $3,781,429.47. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,119 shares of company stock valued at $2,341,334. Insiders own 0.24% of the company’s stock.

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

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