Convergence Investment Partners LLC Takes Position in U.S. Bancorp $USB

Convergence Investment Partners LLC bought a new stake in U.S. Bancorp (NYSE:USB) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 35,555 shares of the financial services provider’s stock, valued at approximately $1,609,000.

Several other hedge funds also recently modified their holdings of USB. Crestwood Advisors Group LLC boosted its stake in U.S. Bancorp by 10.6% during the 1st quarter. Crestwood Advisors Group LLC now owns 6,784 shares of the financial services provider’s stock worth $286,000 after acquiring an additional 649 shares during the last quarter. Ally Financial Inc. boosted its stake in U.S. Bancorp by 12.3% during the 1st quarter. Ally Financial Inc. now owns 91,000 shares of the financial services provider’s stock worth $3,842,000 after acquiring an additional 10,000 shares during the last quarter. United Community Bank boosted its stake in U.S. Bancorp by 21.8% during the 1st quarter. United Community Bank now owns 49,066 shares of the financial services provider’s stock worth $2,072,000 after acquiring an additional 8,796 shares during the last quarter. Jump Financial LLC boosted its stake in U.S. Bancorp by 1,952.5% during the 1st quarter. Jump Financial LLC now owns 840,308 shares of the financial services provider’s stock worth $35,478,000 after acquiring an additional 799,368 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in U.S. Bancorp by 7.2% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 233,157 shares of the financial services provider’s stock worth $9,844,000 after acquiring an additional 15,743 shares during the last quarter. Institutional investors own 77.60% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on USB shares. Evercore ISI lifted their price objective on shares of U.S. Bancorp from $49.00 to $54.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Bank of America lifted their price objective on shares of U.S. Bancorp from $54.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 17th. Wells Fargo & Company raised their target price on shares of U.S. Bancorp from $50.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, October 17th. TD Cowen raised their target price on shares of U.S. Bancorp from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, October 20th. Finally, UBS Group raised their target price on shares of U.S. Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $54.55.

Insider Buying and Selling

In other news, EVP James L. Chosy sold 26,909 shares of U.S. Bancorp stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $46.86, for a total value of $1,260,955.74. Following the sale, the executive vice president directly owned 226,375 shares in the company, valued at $10,607,932.50. This trade represents a 10.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Andrew Cecere sold 140,445 shares of U.S. Bancorp stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $46.34, for a total transaction of $6,508,221.30. Following the completion of the sale, the chairman owned 1,360,414 shares in the company, valued at $63,041,584.76. This trade represents a 9.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.23% of the stock is owned by company insiders.

U.S. Bancorp Price Performance

NYSE USB opened at $48.31 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.10. U.S. Bancorp has a 12-month low of $35.18 and a 12-month high of $53.98. The company has a market capitalization of $75.17 billion, a PE ratio of 11.05, a price-to-earnings-growth ratio of 1.29 and a beta of 1.06. The firm’s 50 day moving average is $48.10 and its 200-day moving average is $45.23.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. U.S. Bancorp had a net margin of 16.89% and a return on equity of 13.34%. The company had revenue of $7.34 billion for the quarter, compared to the consensus estimate of $7.17 billion. During the same period last year, the company earned $1.03 earnings per share. The firm’s revenue was up 6.8% compared to the same quarter last year. Equities research analysts anticipate that U.S. Bancorp will post 4.38 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.3%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.50. The ex-dividend date was Tuesday, September 30th. U.S. Bancorp’s dividend payout ratio is 47.60%.

U.S. Bancorp Company Profile

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.