Kanawha Capital Management LLC Purchases 504 Shares of U.S. Bancorp (NYSE:USB)

04 Nov 2024, 13:27 by Michael Walen · The Markets Daily

Kanawha Capital Management LLC grew its position in shares of U.S. Bancorp (NYSE:USB – Free Report) by 0.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 220,704 shares of the financial services provider’s stock after buying an additional 504 shares during the quarter. Kanawha Capital Management LLC’s holdings in U.S. Bancorp were worth $10,093,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Norden Group LLC raised its position in U.S. Bancorp by 20.2% in the 1st quarter. Norden Group LLC now owns 18,945 shares of the financial services provider’s stock valued at $847,000 after purchasing an additional 3,182 shares during the last quarter. Private Advisor Group LLC raised its holdings in shares of U.S. Bancorp by 0.6% in the first quarter. Private Advisor Group LLC now owns 94,061 shares of the financial services provider’s stock valued at $4,205,000 after buying an additional 547 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in U.S. Bancorp during the 1st quarter worth about $207,000. Nordea Investment Management AB grew its holdings in U.S. Bancorp by 7.9% during the 1st quarter. Nordea Investment Management AB now owns 115,665 shares of the financial services provider’s stock worth $5,171,000 after acquiring an additional 8,495 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its position in U.S. Bancorp by 11.4% in the 1st quarter. Daiwa Securities Group Inc. now owns 154,062 shares of the financial services provider’s stock valued at $6,887,000 after acquiring an additional 15,782 shares in the last quarter. Institutional investors and hedge funds own 77.60% of the company’s stock.

Insider Buying and Selling at U.S. Bancorp

In other news, insider Jodi L. Richard sold 25,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 129,790 shares of the company’s stock, valued at $6,363,603.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.23% of the company’s stock.

U.S. Bancorp Trading Down 1.0 %

NYSE:USB opened at $47.84 on Monday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.81 and a quick ratio of 0.81. The business’s 50-day simple moving average is $46.23 and its 200-day simple moving average is $43.09. U.S. Bancorp has a fifty-two week low of $32.39 and a fifty-two week high of $50.47. The stock has a market capitalization of $74.65 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 2.86 and a beta of 1.02.

U.S. Bancorp (NYSE:USB – Get Free Report) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. U.S. Bancorp had a net margin of 12.92% and a return on equity of 12.91%. The firm had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.90 billion. During the same quarter in the previous year, the firm posted $1.05 earnings per share. The business’s revenue was down 2.4% on a year-over-year basis. Sell-side analysts expect that U.S. Bancorp will post 3.92 earnings per share for the current fiscal year.

U.S. Bancorp announced that its Board of Directors has approved a stock repurchase program 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 repurchase up to 7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

U.S. Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date of this dividend was Monday, September 30th. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio is 61.16%.

Analyst Ratings Changes

USB has been the topic of a number of research reports. UBS Group upped their target price on shares of U.S. Bancorp from $43.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Wells Fargo & Company increased their price objective on U.S. Bancorp from $52.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Royal Bank of Canada set a $53.00 target price on U.S. Bancorp in a research report on Thursday, October 17th. StockNews.com upgraded U.S. Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft lowered U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 price objective for the company. in a research report on Thursday, October 24th. Thirteen equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $50.87.

Check Out Our Latest Stock Report on USB

About U.S. Bancorp

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