Cornerstone Advisors LLC Sells 10,300 Shares of U.S. Bancorp (NYSE:USB)

Cornerstone Advisors LLC decreased its position in U.S. Bancorp (NYSE:USB) by 11.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 82,100 shares of the financial services provider’s stock after selling 10,300 shares during the quarter. Cornerstone Advisors LLC’s holdings in U.S. Bancorp were worth $3,259,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Redwood Wealth Management Group LLC bought a new stake in U.S. Bancorp during the 2nd quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. bought a new stake in U.S. Bancorp during the 1st quarter worth about $30,000. LRI Investments LLC bought a new stake in U.S. Bancorp during the 1st quarter worth about $31,000. Eagle Bay Advisors LLC grew its holdings in 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 worth $31,000 after acquiring an additional 331 shares during the last quarter. Finally, 1620 Investment Advisors Inc. bought a new stake in U.S. Bancorp during the 2nd quarter worth about $30,000. Institutional investors own 77.60% of the company’s stock.

Insider Buying and Selling

In other news, Director Aleem Gillani bought 10,000 shares of the stock in a transaction that occurred on Thursday, July 18th. The shares were acquired at an average cost of $44.99 per share, for a total transaction of $449,900.00. Following the completion of the acquisition, the director now owns 10,000 shares in the company, valued at $449,900. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

USB has been the topic of a number of research analyst reports. DA Davidson increased their price objective on shares of U.S. Bancorp from $44.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. StockNews.com raised shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Morgan Stanley raised their target price on shares of U.S. Bancorp from $47.00 to $54.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Evercore ISI raised their target price on shares of U.S. Bancorp from $45.00 to $48.00 and gave the company an “in-line” rating in a research note on Tuesday, June 25th. Finally, UBS Group raised their target price on shares of U.S. Bancorp from $43.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Thirteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, U.S. Bancorp presently has a consensus rating of “Hold” and an average price target of $48.18.

U.S. Bancorp Price Performance

NYSE USB opened at $44.69 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 1.05. U.S. Bancorp has a 12-month low of $30.47 and a 12-month high of $47.31. The company has a market capitalization of $69.74 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 4.36 and a beta of 1.04. The firm’s 50 day moving average is $44.04 and its 200-day moving average is $42.23.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.04. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. The company had revenue of $6.87 billion for the quarter, compared to the consensus estimate of $6.81 billion. During the same period last year, the company earned $1.12 earnings per share. The firm’s revenue was down 4.3% compared to the same quarter last year. Equities research analysts anticipate that U.S. Bancorp will post 3.87 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.48%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date is Monday, September 30th. U.S. Bancorp’s payout ratio is presently 66.23%.

About U.S. Bancorp

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.