Envestnet Asset Management Inc. Cuts Holdings in U.S. Bancorp $USB

Envestnet Asset Management Inc. lowered its holdings in U.S. Bancorp (NYSE:USB) by 8.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,778,577 shares of the financial services provider’s stock after selling 608,811 shares during the quarter. Envestnet Asset Management Inc. owned 0.44% of U.S. Bancorp worth $327,609,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in USB. Chemung Canal Trust Co. boosted its position in U.S. Bancorp by 205.5% in the third quarter. Chemung Canal Trust Co. now owns 68,327 shares of the financial services provider’s stock valued at $3,302,000 after buying an additional 45,963 shares in the last quarter. Synergy Asset Management LLC raised its position in shares of U.S. Bancorp by 100.0% during the 3rd quarter. Synergy Asset Management LLC now owns 119,962 shares of the financial services provider’s stock valued at $5,428,000 after acquiring an additional 59,981 shares during the last quarter. Andra AP fonden grew its position in shares of U.S. Bancorp by 175.6% during the 2nd quarter. Andra AP fonden now owns 458,400 shares of the financial services provider’s stock worth $20,743,000 after buying an additional 292,100 shares during the period. SteelPeak Wealth LLC grew its holdings in U.S. Bancorp by 757.8% during the third quarter. SteelPeak Wealth LLC now owns 176,500 shares of the financial services provider’s stock valued at $8,622,000 after purchasing an additional 155,925 shares during the period. Finally, Cardinal Capital Management Inc. increased its stake in U.S. Bancorp by 698.5% in the third quarter. Cardinal Capital Management Inc. now owns 243,101 shares of the financial services provider’s stock valued at $11,749,000 after purchasing an additional 212,655 shares in the last quarter. 77.60% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on USB. Citigroup lifted their price target on shares of U.S. Bancorp from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, October 17th. Morgan Stanley reissued a “positive” rating on shares of U.S. Bancorp in a research report on Friday, October 17th. Keefe, Bruyette & Woods boosted their price objective on shares of U.S. Bancorp from $58.00 to $59.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 21st. DA Davidson increased their price target on shares of U.S. Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Finally, TD Cowen lifted their price objective on shares of U.S. Bancorp from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $58.67.

U.S. Bancorp Trading Up 1.1%

Shares of USB stock opened at $59.34 on Thursday. The company has a market cap of $92.24 billion, a P/E ratio of 12.84, a PEG ratio of 1.05 and a beta of 1.06. U.S. Bancorp has a fifty-two week low of $35.18 and a fifty-two week high of $60.61. The stock has a 50 day simple moving average of $54.13 and a two-hundred day simple moving average of $49.69. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.80 and a current ratio of 0.80.

U.S. Bancorp (NYSE:USB) last issued its earnings results on Tuesday, January 20th. The financial services provider reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.07. The company had revenue of $7.92 billion for the quarter, compared to analyst estimates of $7.31 billion. U.S. Bancorp had a return on equity of 13.48% and a net margin of 17.66%.U.S. Bancorp’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 earnings per share. Research analysts forecast that U.S. Bancorp will post 4.38 earnings per share for the current year.

U.S. Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $0.52 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $2.08 annualized dividend and a dividend yield of 3.5%. U.S. Bancorp’s payout ratio is presently 45.02%.

U.S. Bancorp Profile

U.S. Bancorp (NYSE: USB) is a bank holding company and the parent of U.S. Bank, a national commercial bank that provides a wide range of banking, investment, mortgage, trust and payment services. The company operates through consumer and business banking, commercial banking, payment services, and wealth management segments. Its product set includes deposit accounts, consumer and commercial lending, mortgage origination and servicing, credit and debit card services, treasury and cash management, merchant processing, and institutional and trust services.

Headquartered in Minneapolis, Minnesota, U.S.