U.S. Bancorp (NYSE:USB) Shares Bought by Pitcairn Co.
Pitcairn Co. raised its position in shares of U.S. Bancorp (NYSE:USB) by 8.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 31,319 shares of the financial services provider’s stock after buying an additional 2,332 shares during the period. Pitcairn Co.’s holdings in U.S. Bancorp were worth $1,613,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Hudock Capital Group LLC boosted its stake in U.S. Bancorp by 0.4% in the first quarter. Hudock Capital Group LLC now owns 3,787 shares of the financial services provider’s stock valued at $195,000 after buying an additional 16 shares during the last quarter. Beese Fulmer Investment Management Inc. boosted its stake in U.S. Bancorp by 0.4% in the first quarter. Beese Fulmer Investment Management Inc. now owns 5,610 shares of the financial services provider’s stock valued at $289,000 after buying an additional 25 shares during the last quarter. D. Scott Neal Inc. boosted its stake in U.S. Bancorp by 0.5% in the first quarter. D. Scott Neal Inc. now owns 7,488 shares of the financial services provider’s stock valued at $386,000 after buying an additional 36 shares during the last quarter. HighPoint Advisor Group LLC boosted its stake in U.S. Bancorp by 0.5% in the fourth quarter. HighPoint Advisor Group LLC now owns 10,764 shares of the financial services provider’s stock valued at $607,000 after buying an additional 49 shares during the last quarter. Finally, Smith Moore & CO. boosted its stake in U.S. Bancorp by 0.4% in the first quarter. Smith Moore & CO. now owns 13,586 shares of the financial services provider’s stock valued at $700,000 after buying an additional 51 shares during the last quarter. Institutional investors own 75.54% of the company’s stock.
U.S. Bancorp (NYSE:USB) opened at 52.12 on Friday. The company has a 50-day moving average of $51.99 and a 200-day moving average of $52.38. The stock has a market capitalization of $87.84 billion, a price-to-earnings ratio of 15.79 and a beta of 0.86. U.S. Bancorp has a one year low of $41.13 and a one year high of $56.61.
U.S. Bancorp (NYSE:USB) last announced its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.01. The company had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.46 billion. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. U.S. Bancorp’s revenue was up .7% compared to the same quarter last year. During the same period last year, the firm earned $0.82 earnings per share. On average, equities analysts forecast that U.S. Bancorp will post $3.44 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were paid a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $1.12 annualized dividend and a yield of 2.15%. U.S. Bancorp’s dividend payout ratio (DPR) is 33.63%.
U.S. Bancorp announced that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $2.60 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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USB has been the topic of several research reports. Wells Fargo & Company cut U.S. Bancorp from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $38.48 to $52.31 in a research report on Thursday, May 4th. They noted that the move was a valuation call. Royal Bank Of Canada reaffirmed a “buy” rating and set a $55.00 price objective on shares of U.S. Bancorp in a research report on Tuesday, April 4th. Rafferty Capital Markets cut U.S. Bancorp from a “buy” rating to a “hold” rating and set a $53.00 price objective on the stock. in a research report on Thursday, April 20th. Jefferies Group LLC reaffirmed a “buy” rating and set a $59.00 price objective on shares of U.S. Bancorp in a research report on Friday, June 9th. Finally, BidaskClub raised U.S. Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company. U.S. Bancorp currently has a consensus 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 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 sale, the insider now directly owns 307,698 shares in the company, valued at $15,981,834.12. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Vice Chairman Leslie V. Godridge sold 14,192 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $52.18, for a total transaction of $740,538.56. Following the completion of the sale, the insider now owns 62,303 shares of the company’s stock, valued at $3,250,970.54. The disclosure for this sale can be found here. 0.39% of the stock is owned by company insiders.
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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