Northwestern Mutual Wealth Management Co. raised its stake in U.S. Bancorp (NYSE:USB) by 17.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 98,645 shares of the financial services provider’s stock after buying an additional 14,492 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in U.S. Bancorp were worth $4,753,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. FMR LLC boosted its holdings in shares of U.S. Bancorp by 12.9% in the 4th quarter. FMR LLC now owns 27,563,463 shares of the financial services provider’s stock valued at $1,259,651,000 after purchasing an additional 3,143,660 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of U.S. Bancorp by 2.9% during the 4th quarter. Northern Trust Corp now owns 20,129,830 shares of the financial services provider’s stock valued at $919,933,000 after acquiring an additional 561,261 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of U.S. Bancorp by 7.5% during the 4th quarter. Geode Capital Management LLC now owns 18,322,754 shares of the financial services provider’s stock valued at $835,766,000 after acquiring an additional 1,285,265 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of U.S. Bancorp by 2.9% during the 4th quarter. Bank of New York Mellon Corp now owns 16,427,901 shares of the financial services provider’s stock valued at $750,754,000 after acquiring an additional 465,927 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of U.S. Bancorp during the 4th quarter valued at $723,318,000. 74.62% of the stock is owned by institutional investors.
Shares of NYSE USB traded up $0.42 during midday trading on Friday, hitting $52.40. The company’s stock had a trading volume of 10,087,090 shares, compared to its average volume of 5,127,431. U.S. Bancorp has a 1-year low of $43.14 and a 1-year high of $55.56. The business has a fifty day simple moving average of $51.83. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.83 and a current ratio of 0.84. The firm has a market cap of $82.76 billion, a price-to-earnings ratio of 12.78, a P/E/G ratio of 1.73 and a beta of 1.08.
U.S. Bancorp announced that its board has approved a share repurchase program on Thursday, June 27th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 3.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date is Thursday, June 27th. U.S. Bancorp’s payout ratio is 36.10%.
In other news, Vice Chairman Gillern Jeffry H. Von sold 4,669 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $53.14, for a total value of $248,110.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Leslie V. Godridge sold 12,564 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $51.53, for a total transaction of $647,422.92. Following the completion of the sale, the insider now directly owns 39,330 shares of the company’s stock, valued at $2,026,674.90. The disclosure for this sale can be found here. Insiders have sold a total of 37,233 shares of company stock valued at $1,907,734 over the last three months. 0.24% of the stock is currently owned by company insiders.
USB has been the topic of several analyst reports. Zacks Investment Research downgraded shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, April 15th. Oppenheimer lifted their price target on shares of U.S. Bancorp from $58.00 to $62.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $58.33.
About U.S. Bancorp
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.
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