U.S. Bancorp (NYSE:USB) Stake Maintained by Cincinnati Casualty Co.
Cincinnati Casualty Co. maintained its position in shares of U.S. Bancorp (NYSE:USB) during the first quarter, Holdings Channel reports. The institutional investor owned 80,000 shares of the financial services provider’s stock at the end of the first quarter. U.S. Bancorp comprises about 3.7% of Cincinnati Casualty Co.’s portfolio, making the stock its 13th largest position. Cincinnati Casualty Co.’s holdings in U.S. Bancorp were worth $4,120,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of USB. Norges Bank acquired a new position in shares of U.S. Bancorp during the fourth quarter worth approximately $736,819,000. First Eagle Investment Management LLC raised its stake in shares of U.S. Bancorp by 1.3% in the first quarter. First Eagle Investment Management LLC now owns 11,507,504 shares of the financial services provider’s stock worth $592,636,000 after buying an additional 152,202 shares during the period. Fiera Capital Corp raised its stake in shares of U.S. Bancorp by 5.1% in the fourth quarter. Fiera Capital Corp now owns 6,613,022 shares of the financial services provider’s stock worth $339,711,000 after buying an additional 323,723 shares during the period. UBS Asset Management Americas Inc. raised its stake in shares of U.S. Bancorp by 10.3% in the first quarter. UBS Asset Management Americas Inc. now owns 6,332,879 shares of the financial services provider’s stock worth $326,143,000 after buying an additional 592,961 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in shares of U.S. Bancorp by 1.2% in the first quarter. Ameriprise Financial Inc. now owns 5,102,074 shares of the financial services provider’s stock worth $262,842,000 after buying an additional 61,056 shares during the period. Institutional investors own 75.54% of the company’s stock.
U.S. Bancorp (NYSE USB) opened at 52.03 on Tuesday. The firm has a 50-day moving average of $51.68 and a 200 day moving average of $52.36. U.S. Bancorp has a one year low of $41.12 and a one year high of $56.61. The stock has a market capitalization of $87.69 billion, a PE ratio of 15.76 and a beta of 0.86.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Wednesday, April 19th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.02. U.S. Bancorp had a net margin of 25.86% and a return on equity of 13.99%. The business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.27 billion. During the same period last year, the business earned $0.76 EPS. The company’s revenue was up 5.7% compared to the same quarter last year. On average, equities research analysts anticipate that U.S. Bancorp will post $3.46 earnings per share for the current fiscal year.
U.S. Bancorp declared that its board has initiated a share repurchase 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 purchase up to 3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date was Wednesday, June 28th. U.S. Bancorp’s dividend payout ratio is currently 33.84%.
A number of brokerages have issued reports on USB. BidaskClub lowered shares of U.S. Bancorp from a “buy” rating to a “hold” rating in a report on Sunday. Jefferies Group LLC reissued a “buy” rating and issued a $59.00 price target on shares of U.S. Bancorp in a report on Friday, June 9th. Rafferty Capital Markets lowered shares of U.S. Bancorp from a “buy” rating to a “hold” rating and set a $53.00 price target on the stock. in a report on Thursday, April 20th. Royal Bank Of Canada reissued a “buy” rating and issued a $55.00 price target on shares of U.S. Bancorp in a report on Tuesday, April 4th. Finally, Zacks Investment Research lowered shares of U.S. Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, March 22nd. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $51.56.
In related news, Vice Chairman P.W. Parker sold 29,449 shares of the stock in a transaction that occurred 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 directly owns 307,698 shares of the company’s stock, valued at approximately $15,981,834.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Leslie V. Godridge sold 25,746 shares of the stock in a transaction that occurred on Friday, April 21st. The shares were sold at an average price of $50.62, for a total transaction of $1,303,262.52. Following the completion of the transaction, the insider now directly owns 73,857 shares of the company’s stock, valued at $3,738,641.34. The disclosure for this sale can be found here. Insiders sold a total of 69,387 shares of company stock worth $3,573,382 over the last 90 days. 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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