Olstein Capital Management L.P. decreased its stake in U.S. Bancorp (NYSE:USB - Free Report) by 17.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 179,000 shares of the financial services provider's stock after selling 36,660 shares during the period. U.S. Bancorp comprises about 1.4% of Olstein Capital Management L.P.'s investment portfolio, making the stock its 29th biggest position. Olstein Capital Management L.P.'s holdings in U.S. Bancorp were worth $8,186,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also added to or reduced their stakes in the company. Redwood Wealth Management Group LLC bought a new stake in U.S. Bancorp in the second quarter worth $25,000. LRI Investments LLC purchased a new position in shares of U.S. Bancorp during the 1st quarter valued at about $31,000. Eagle Bay Advisors LLC lifted its stake in shares of U.S. Bancorp by 93.2% during the 1st quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider's stock valued at $31,000 after buying an additional 331 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in U.S. Bancorp in the 2nd quarter worth $30,000. Finally, Y.D. More Investments Ltd purchased a new stake in U.S. Bancorp in the 2nd quarter worth $33,000. Hedge funds and other institutional investors own 77.60% of the company's stock.
Shares of NYSE:USB traded down $0.81 on Thursday, hitting $50.45. 792,493 shares of the company's stock were exchanged, compared to its average volume of 8,306,988. The stock has a market capitalization of $78.73 billion, a price-to-earnings ratio of 15.68, a price-to-earnings-growth ratio of 2.79 and a beta of 1.02. U.S. Bancorp has a 12 month low of $33.61 and a 12 month high of $51.76. The business's 50 day simple moving average is $46.40 and its two-hundred day simple moving average is $43.25. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.81 and a quick ratio of 0.81.
U.S. Bancorp (NYSE:USB - Get Free Report) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.04. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The business had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.90 billion. During the same period in the previous year, the company posted $1.05 EPS. U.S. Bancorp's revenue was down 2.4% on a year-over-year basis. Analysts anticipate that U.S. Bancorp will post 3.92 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.50 dividend. The ex-dividend date was Monday, September 30th. This is an increase from U.S. Bancorp's previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.96%. U.S. Bancorp's dividend payout ratio (DPR) is currently 61.16%.
U.S. Bancorp announced that its Board of Directors has approved a share buyback program on Thursday, September 12th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 7% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its stock is undervalued.
USB has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft cut U.S. Bancorp from a "buy" rating to a "hold" rating and set a $51.00 target price for the company. in a research report on Thursday, October 24th. Royal Bank of Canada set a $53.00 target price on shares of U.S. Bancorp in a report on Thursday, October 17th. The Goldman Sachs Group cut their target price on shares of U.S. Bancorp from $48.00 to $46.00 and set a "neutral" rating for the company in a research note on Wednesday, September 11th. Morgan Stanley upgraded shares of U.S. Bancorp from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $54.00 to $57.00 in a research note on Monday, September 30th. Finally, StockNews.com raised U.S. Bancorp from a "sell" rating to a "hold" rating in a report on Wednesday, July 17th. Thirteen equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, U.S. Bancorp currently has a consensus rating of "Hold" and an average price target of $51.12.
Read Our Latest Report on USB
In other news, insider Jodi L. Richard sold 25,000 shares of the stock in a transaction 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 completion of the sale, the insider now owns 129,790 shares in the company, valued at approximately $6,363,603.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.
U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.
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