Thrivent Financial for Lutherans Cuts Stake in U.S. Bancorp $USB

Thrivent Financial for Lutherans reduced its holdings in shares of U.S. Bancorp (NYSE:USB) by 31.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 322,901 shares of the financial services provider’s stock after selling 146,729 shares during the period. Thrivent Financial for Lutherans’ holdings in U.S. Bancorp were worth $14,623,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in U.S. Bancorp by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 143,269,275 shares of the financial services provider’s stock worth $6,482,935,000 after purchasing an additional 2,038,996 shares during the period. Geode Capital Management LLC boosted its position in U.S. Bancorp by 1.3% during the second quarter. Geode Capital Management LLC now owns 36,632,410 shares of the financial services provider’s stock valued at $1,650,305,000 after buying an additional 456,890 shares during the period. Norges Bank bought a new position in shares of U.S. Bancorp during the second quarter valued at about $971,285,000. Amundi grew its stake in shares of U.S. Bancorp by 2.2% during the first quarter. Amundi now owns 19,907,665 shares of the financial services provider’s stock valued at $773,268,000 after buying an additional 422,050 shares during the last quarter. Finally, Davis Selected Advisers increased its holdings in shares of U.S. Bancorp by 29.8% in the second quarter. Davis Selected Advisers now owns 19,331,637 shares of the financial services provider’s stock worth $874,757,000 after buying an additional 4,442,623 shares during the period. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Insider Activity at U.S. Bancorp

In other news, Chairman Andrew Cecere sold 140,445 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $46.34, for a total value of $6,508,221.30. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP James L. Chosy sold 26,909 shares of the stock in a transaction on Monday, October 20th. The stock was sold at an average price of $46.86, for a total value of $1,260,955.74. Following the completion of the transaction, the executive vice president owned 226,375 shares of the company’s stock, valued at approximately $10,607,932.50. This trade represents a 10.62% decrease in their position. The SEC filing for this sale provides additional information. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on USB. Cowen restated a “buy” rating on shares of U.S. Bancorp in a report on Monday, October 20th. Morgan Stanley restated a “positive” rating on shares of U.S. Bancorp in a report on Friday, October 17th. Wells Fargo & Company upped their price target on shares of U.S. Bancorp from $50.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, October 17th. Bank of America increased their price target on shares of U.S. Bancorp from $54.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, October 17th. Finally, TD Cowen boosted their price objective on shares of U.S. Bancorp from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, October 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $54.16.

U.S. Bancorp Stock Performance

NYSE:USB opened at $53.53 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.10. The firm’s fifty day simple moving average is $48.29 and its 200 day simple moving average is $47.21. The stock has a market cap of $83.20 billion, a P/E ratio of 12.25, a price-to-earnings-growth ratio of 1.02 and a beta of 1.10. U.S. Bancorp has a twelve month low of $35.18 and a twelve month high of $54.01.

U.S. Bancorp (NYSE:USB) last posted its earnings results on Thursday, October 16th. The financial services provider reported $1.22 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $7.34 billion during the quarter, compared to analysts’ expectations of $7.17 billion. During the same period last year, the company posted $1.03 EPS. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. As a group, research analysts predict that U.S. Bancorp will post 4.38 EPS for the current year.

U.S. Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a dividend of $0.52 per share. The ex-dividend date is Wednesday, December 31st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.9%. U.S. Bancorp’s dividend payout ratio is 47.60%.

About U.S. Bancorp

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.