Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of U.S. Bancorp (NYSE:USB) by 29.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 118,124 shares of the financial services provider’s stock after buying an additional 26,536 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in U.S. Bancorp were worth $6,083,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. Azimuth Capital Management LLC raised its position in U.S. Bancorp by 19.2% in the fourth quarter. Azimuth Capital Management LLC now owns 17,825 shares of the financial services provider’s stock valued at $916,000 after buying an additional 2,865 shares during the last quarter. Cpcm LLC acquired a new position in U.S. Bancorp during the fourth quarter valued at about $510,000. Folger Hill Asset Management LP raised its position in U.S. Bancorp by 48.4% in the fourth quarter. Folger Hill Asset Management LP now owns 65,655 shares of the financial services provider’s stock valued at $3,373,000 after buying an additional 21,406 shares during the last quarter. Parallel Advisors LLC acquired a new position in U.S. Bancorp during the fourth quarter valued at about $199,000. Finally, Arrowpoint Asset Management LLC raised its position in U.S. Bancorp by 1,226.5% in the fourth quarter. Arrowpoint Asset Management LLC now owns 381,011 shares of the financial services provider’s stock valued at $19,573,000 after buying an additional 352,289 shares during the last quarter. Hedge funds and other institutional investors own 75.84% of the company’s stock.
U.S. Bancorp (NYSE:USB) traded up 0.13% during midday trading on Tuesday, reaching $53.19. 3,678,102 shares of the company’s stock were exchanged. U.S. Bancorp has a 12-month low of $42.17 and a 12-month high of $56.61. The stock’s 50-day moving average is $52.22 and its 200-day moving average is $52.47. The stock has a market capitalization of $89.31 billion, a price-to-earnings ratio of 16.07 and a beta of 0.86.
U.S. Bancorp (NYSE:USB) last posted its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.01. The business had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.46 billion. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the company posted $0.82 earnings per share. On average, equities analysts forecast that U.S. Bancorp will post $3.44 earnings per share for the current year.
U.S. Bancorp declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that allows the company to buyback $2.60 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were issued a $0.28 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.11%. U.S. Bancorp’s dividend payout ratio is currently 33.63%.
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A number of brokerages recently weighed in on USB. Rafferty Capital Markets lowered shares of U.S. Bancorp from a “buy” rating to a “hold” rating and set a $53.00 price objective for the company. in a report on Thursday, April 20th. Wells Fargo & Company lowered shares of U.S. Bancorp from an “outperform” rating to a “market perform” rating and boosted their price objective for the stock from $38.48 to $52.31 in a report on Thursday, May 4th. They noted that the move was a valuation call. Jefferies Group LLC restated a “buy” rating and issued a $59.00 price objective on shares of U.S. Bancorp in a report on Friday, June 9th. BidaskClub upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of U.S. Bancorp in a report on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the stock. U.S. Bancorp has an average rating of “Hold” and a consensus price target of $52.56.
In other U.S. Bancorp news, Vice Chairman P.W. Parker sold 29,449 shares of the firm’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $51.94, for a total value of $1,529,581.06. Following the completion of the transaction, the insider now owns 307,698 shares of the company’s stock, valued at $15,981,834.12. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.39% of the company’s stock.
U.S. Bancorp Company Profile
U.S. Bancorp is a multi-state financial services holding company. The Company provides a full range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and automated teller machine (ATM) processing, mortgage banking, insurance, brokerage and leasing.
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