Camden National Bank Trims Stake in U.S. Bancorp (NYSE:USB)

Camden National Bank cut its holdings in U.S. Bancorp (NYSE:USB) by 0.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 196,633 shares of the financial services provider’s stock after selling 524 shares during the quarter. U.S. Bancorp comprises 2.4% of Camden National Bank’s portfolio, making the stock its 10th largest position. Camden National Bank’s holdings in U.S. Bancorp were worth $10,882,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Brookmont Capital Management boosted its position in shares of U.S. Bancorp by 0.5% during the second quarter. Brookmont Capital Management now owns 36,674 shares of the financial services provider’s stock worth $1,922,000 after purchasing an additional 195 shares in the last quarter. Plancorp LLC boosted its position in shares of U.S. Bancorp by 0.4% during the second quarter. Plancorp LLC now owns 48,413 shares of the financial services provider’s stock worth $2,537,000 after purchasing an additional 195 shares in the last quarter. Mitchell Mcleod Pugh & Williams Inc. raised its holdings in shares of U.S. Bancorp by 1.0% during the third quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 20,911 shares of the financial services provider’s stock worth $1,157,000 after acquiring an additional 199 shares during the period. Sky Investment Group LLC raised its holdings in shares of U.S. Bancorp by 1.8% during the second quarter. Sky Investment Group LLC now owns 11,250 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 200 shares during the period. Finally, Culbertson A N & Co. Inc. raised its holdings in shares of U.S. Bancorp by 0.5% during the second quarter. Culbertson A N & Co. Inc. now owns 42,696 shares of the financial services provider’s stock worth $2,237,000 after acquiring an additional 200 shares during the period. 75.49% of the stock is currently owned by hedge funds and other institutional investors.

USB stock traded up $0.45 during midday trading on Friday, hitting $53.47. The company’s stock had a trading volume of 5,431,358 shares, compared to its average volume of 5,532,521. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.84 and a quick ratio of 0.83. U.S. Bancorp has a twelve month low of $43.14 and a twelve month high of $57.81. The company’s fifty day moving average price is $53.90 and its 200 day moving average price is $52.64. The stock has a market capitalization of $85.02 billion, a P/E ratio of 13.04, a PEG ratio of 2.03 and a beta of 1.10.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.02. U.S. Bancorp had a net margin of 26.70% and a return on equity of 15.45%. The firm had revenue of $5.58 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period in the previous year, the business earned $1.02 EPS. The company’s revenue was down 1.1% compared to the same quarter last year. Equities analysts expect that U.S. Bancorp will post 4.3 EPS for the current fiscal year.

U.S. Bancorp announced that its Board of Directors has initiated a stock repurchase plan 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 repurchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.42 dividend. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.37. This represents a $1.68 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Friday, September 27th. U.S. Bancorp’s payout ratio is presently 40.98%.

In other U.S. Bancorp news, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of U.S. Bancorp stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $55.25, for a total value of $520,897.00. Following the sale, the insider now directly owns 94,658 shares in the company, valued at approximately $5,229,854.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David B. Omaley sold 10,133 shares of U.S. Bancorp stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.76, for a total transaction of $565,016.08. Following the completion of the sale, the director now owns 191,754 shares in the company, valued at $10,692,203.04. The disclosure for this sale can be found here. Insiders sold a total of 50,547 shares of company stock worth $2,862,231 over the last quarter. Company insiders own 0.24% of the company’s stock.

A number of equities research analysts recently commented on USB shares. Citigroup lowered shares of U.S. Bancorp from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $54.00 to $49.00 in a report on Tuesday. Wedbush raised their price objective on shares of U.S. Bancorp from $46.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Macquarie lowered shares of U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 price objective on the stock. in a report on Thursday, August 1st. JPMorgan Chase & Co. upgraded shares of U.S. Bancorp from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $52.50 to $57.00 in a report on Wednesday, July 31st. Finally, Morgan Stanley raised their price objective on shares of U.S. Bancorp from $55.00 to $56.00 and gave the stock an “underweight” rating in a report on Thursday, July 18th. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $56.31.

U.S. Bancorp Company Profile

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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Institutional Ownership by Quarter for U.S. Bancorp (NYSE:USB)

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