Wellington Management Group LLP Sells 253,085 Shares of U.S. Bancorp (NYSE:USB)

Wellington Management Group LLP lessened its stake in U.S. Bancorp (NYSE:USB) by 65.4% in the third quarter, HoldingsChannel reports. The fund owned 133,705 shares of the financial services provider’s stock after selling 253,085 shares during the period. Wellington Management Group LLP’s holdings in U.S. Bancorp were worth $6,114,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Redwood Wealth Management Group LLC bought a new stake in U.S. Bancorp in the second quarter valued at approximately $25,000. Frazier Financial Advisors LLC increased its stake in shares of U.S. Bancorp by 222.7% in the third quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider’s stock worth $29,000 after buying an additional 441 shares during the period. 1620 Investment Advisors Inc. bought a new stake in U.S. Bancorp during the 2nd quarter valued at $30,000. Y.D. More Investments Ltd purchased a new stake in U.S. Bancorp during the 2nd quarter valued at $33,000. Finally, Kimelman & Baird LLC purchased a new position in shares of U.S. Bancorp in the second quarter valued at about $40,000. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at U.S. Bancorp

In other U.S. Bancorp 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 sale, the insider now directly owns 129,790 shares in the company, valued at approximately $6,363,603.70. This trade represents a 16.15 % 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 owned by insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group dropped 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 report on Wednesday, September 11th. Piper Sandler lifted their price objective on U.S. Bancorp from $52.00 to $58.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada set a $53.00 target price on U.S. Bancorp in a report on Thursday, October 17th. Morgan Stanley upgraded shares of U.S. Bancorp from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $54.00 to $57.00 in a report on Monday, September 30th. Finally, Robert W. Baird set a $54.00 price objective on shares of U.S. Bancorp in a report on Thursday, October 17th. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $53.50.

U.S. Bancorp Stock Up 0.6 %

Shares of NYSE:USB opened at $51.35 on Tuesday. U.S. Bancorp has a 12-month low of $37.81 and a 12-month high of $53.98. The stock has a market capitalization of $80.11 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 3.03 and a beta of 1.03. The stock has a fifty day simple moving average of $49.93 and a two-hundred day simple moving average of $45.35. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. The company had revenue of $6.86 billion for the quarter, compared to analysts’ expectations of $6.90 billion. U.S. Bancorp had a net margin of 12.92% and a return on equity of 12.91%. U.S. Bancorp’s revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.05 EPS. On average, research analysts anticipate that U.S. Bancorp will post 3.93 earnings per share for the current fiscal year.

U.S. Bancorp announced that its board has approved a stock repurchase plan on Thursday, September 12th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

U.S. Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.89%. The ex-dividend date of this dividend is Tuesday, December 31st. U.S. Bancorp’s payout ratio is 61.16%.

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.