Parsons Capital Management Inc. RI Sells 1,060 Shares of U.S. Bancorp (NYSE:USB)

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Parsons Capital Management Inc. RI decreased its position in shares of U.S. Bancorp (NYSE:USB) by 1.6% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 66,368 shares of the financial services provider’s stock after selling 1,060 shares during the period. Parsons Capital Management Inc. RI’s holdings in U.S. Bancorp were worth $3,478,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of USB. Northern Trust Corp grew its holdings in shares of U.S. Bancorp by 0.9% in the first quarter. Northern Trust Corp now owns 20,320,154 shares of the financial services provider’s stock worth $979,228,000 after purchasing an additional 190,324 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of U.S. Bancorp by 7.5% in the fourth quarter. Geode Capital Management LLC now owns 18,322,754 shares of the financial services provider’s stock worth $835,766,000 after purchasing an additional 1,285,265 shares during the last quarter. Daily Journal Corp grew its holdings in shares of U.S. Bancorp by 9,900.0% in the second quarter. Daily Journal Corp now owns 14,000,000 shares of the financial services provider’s stock worth $7,336,000 after purchasing an additional 13,860,000 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of U.S. Bancorp by 2.4% in the second quarter. Janus Henderson Group PLC now owns 13,382,530 shares of the financial services provider’s stock worth $701,230,000 after purchasing an additional 310,818 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its stake in U.S. Bancorp by 1.8% in the first quarter. Clearbridge Investments LLC now owns 11,207,103 shares of the financial services provider’s stock worth $540,070,000 after acquiring an additional 195,579 shares during the period. Institutional investors and hedge funds own 75.55% of the company’s stock.

In other news, EVP Mark G. Runkel sold 10,986 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $57.32, for a total transaction of $629,717.52. Following the transaction, the executive vice president now owns 45,213 shares in the company, valued at $2,591,609.16. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $55.25, for a total transaction of $520,897.00. Following the transaction, the insider now owns 94,658 shares in the company, valued at approximately $5,229,854.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,414 shares of company stock worth $2,297,215. Corporate insiders own 0.24% of the company’s stock.

Shares of USB stock traded up $0.33 during mid-day trading on Thursday, hitting $51.23. 262,950 shares of the stock traded hands, compared to its average volume of 6,377,645. The stock has a market capitalization of $82.31 billion, a PE ratio of 12.49, a P/E/G ratio of 1.73 and a beta of 1.06. The stock’s fifty day moving average price is $54.11. U.S. Bancorp has a 52-week low of $43.14 and a 52-week high of $57.81. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.83 and a current ratio of 0.84.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $1.09 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.02. The business had revenue of $5.58 billion during the quarter, compared to analyst estimates of $5.73 billion. U.S. Bancorp had a net margin of 26.70% and a return on equity of 15.45%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.02 earnings per share. As a group, sell-side analysts expect that U.S. Bancorp will post 4.31 earnings per share for the current fiscal year.

U.S. Bancorp declared that its board has initiated a stock buyback plan on Thursday, June 27th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 3.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

A number of analysts recently weighed in on USB shares. Macquarie lowered shares of U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 price objective for the company. in a research note on Thursday, August 1st. Morgan Stanley upped their price objective on shares of U.S. Bancorp from $55.00 to $56.00 and gave the stock an “underweight” rating in a research note on Thursday, July 18th. JPMorgan Chase & Co. raised shares of U.S. Bancorp from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $52.50 to $57.00 in a research note on Wednesday, July 31st. Wedbush upped their price objective on shares of U.S. Bancorp from $46.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Finally, Bank of America raised shares of U.S. Bancorp from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $49.00 to $55.00 in a research note on Thursday, July 18th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $56.92.

U.S. Bancorp 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.

Further Reading: Why do companies engage in swaps?

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

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