Bank of Stockton Has $609,000 Stake in U.S. Bancorp (NYSE:USB)

25 Oct 2024, 15:50 by Tristan Rich · The Markets Daily

Bank of Stockton lifted its position in shares of U.S. Bancorp (NYSE:USB – Free Report) by 9.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,311 shares of the financial services provider’s stock after purchasing an additional 1,159 shares during the quarter. Bank of Stockton’s holdings in U.S. Bancorp were worth $609,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of USB. Manning & Napier Advisors LLC bought a new stake in U.S. Bancorp during the second quarter worth $20,188,000. Mission Wealth Management LP grew its holdings in U.S. Bancorp by 200.7% during the first quarter. Mission Wealth Management LP now owns 18,273 shares of the financial services provider’s stock worth $817,000 after buying an additional 12,197 shares in the last quarter. Janus Henderson Group PLC grew its holdings in U.S. Bancorp by 6.4% during the first quarter. Janus Henderson Group PLC now owns 276,599 shares of the financial services provider’s stock worth $12,363,000 after buying an additional 16,686 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in U.S. Bancorp by 90.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 862,317 shares of the financial services provider’s stock valued at $36,676,000 after purchasing an additional 409,192 shares during the period. Finally, Koshinski Asset Management Inc. bought a new position in U.S. Bancorp in the 1st quarter valued at $732,000. 77.60% of the stock is owned by institutional investors and hedge funds.

U.S. Bancorp Price Performance

Shares of NYSE:USB traded down $0.10 on Friday, hitting $48.35. The company’s stock had a trading volume of 1,037,456 shares, compared to its average volume of 8,330,845. The company has a 50-day simple moving average of $45.72 and a 200 day simple moving average of $42.81. U.S. Bancorp has a 1 year low of $30.47 and a 1 year high of $50.47. The company has a market capitalization of $75.45 billion, a PE ratio of 16.09, a PEG ratio of 3.32 and a beta of 1.03. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.81 and a quick ratio of 0.80.

U.S. Bancorp (NYSE:USB – Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.04. The firm had revenue of $6.86 billion for the quarter, compared to analysts’ expectations of $6.90 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. The company’s revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.05 EPS. Sell-side analysts forecast that U.S. Bancorp will post 3.86 EPS for the current fiscal year.

U.S. Bancorp declared that its board has initiated a stock repurchase program on Thursday, September 12th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

U.S. Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a dividend yield of 4.14%. U.S. Bancorp’s dividend payout ratio is 66.23%.

Insider Activity

In related news, insider Jodi L. Richard sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the transaction, the insider now directly owns 129,790 shares in the company, valued at $6,363,603.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

USB has been the subject of a number of recent analyst reports. Morgan Stanley upgraded U.S. Bancorp from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $54.00 to $57.00 in a research note on Monday, September 30th. Stephens upped their price objective on U.S. Bancorp from $49.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Barclays upped their price objective on U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Deutsche Bank Aktiengesellschaft downgraded U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 price objective for the company. in a research note on Thursday. Finally, Citigroup upped their price objective on U.S. Bancorp from $45.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Thirteen investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $50.72.

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