Portland Global Advisors LLC increased its holdings in U.S. Bancorp (NYSE:USB) by 1.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,006 shares of the financial services provider’s stock after acquiring an additional 1,315 shares during the period. U.S. Bancorp comprises approximately 1.7% of Portland Global Advisors LLC’s portfolio, making the stock its 9th biggest holding. Portland Global Advisors LLC’s holdings in U.S. Bancorp were worth $4,395,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. Stelac Advisory Services LLC purchased a new position in U.S. Bancorp in the second quarter valued at approximately $103,000. Phocas Financial Corp. purchased a new position in U.S. Bancorp in the second quarter valued at approximately $109,000. Pathstone Family Office LLC lifted its stake in U.S. Bancorp by 13.2% in the second quarter. Pathstone Family Office LLC now owns 3,317 shares of the financial services provider’s stock valued at $172,000 after purchasing an additional 386 shares during the last quarter. Cadence Bank NA purchased a new position in U.S. Bancorp in the third quarter valued at approximately $201,000. Finally, Hudock Capital Group LLC lifted its stake in U.S. Bancorp by 0.4% in the second quarter. Hudock Capital Group LLC now owns 3,804 shares of the financial services provider’s stock valued at $197,000 after purchasing an additional 17 shares during the last quarter. 73.95% of the stock is owned by institutional investors.
USB has been the topic of several research analyst reports. Citigroup reiterated a “neutral” rating and issued a $58.00 price objective (up previously from $53.00) on shares of U.S. Bancorp in a research note on Monday, October 9th. Jefferies Group reiterated a “buy” rating and issued a $62.00 price objective on shares of U.S. Bancorp in a research note on Thursday, October 12th. Nomura downgraded U.S. Bancorp from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $57.00 to $55.00 in a research note on Thursday, September 28th. Zacks Investment Research upgraded U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, October 30th. Finally, Bank of America downgraded U.S. Bancorp from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $56.00 to $54.00 in a research note on Monday, October 2nd. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $54.73.
U.S. Bancorp (NYSE:USB) last posted its earnings results on Wednesday, October 18th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.88. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.60 billion. U.S. Bancorp had a return on equity of 13.91% and a net margin of 25.46%. The business’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.84 earnings per share. sell-side analysts forecast that U.S. Bancorp will post 3.42 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, December 28th. This represents a $1.20 annualized dividend and a dividend yield of 2.20%. U.S. Bancorp’s dividend payout ratio is currently 35.71%.
U.S. Bancorp Profile
U.S. Bancorp is a multi-state financial services holding company. The Company provides a full range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and automated teller machine (ATM) processing, mortgage banking, insurance, brokerage and leasing.
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