Bartlett & Co. LLC Decreases Position in U.S. Bancorp (NYSE:USB)
Bartlett & Co. LLC decreased its stake in shares of U.S. Bancorp (NYSE:USB) by 0.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,297,854 shares of the financial services provider’s stock after selling 9,545 shares during the period. U.S. Bancorp makes up approximately 3.0% of Bartlett & Co. LLC’s holdings, making the stock its 2nd largest position. Bartlett & Co. LLC owned about 0.08% of U.S. Bancorp worth $67,385,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the stock. Norges Bank purchased a new position in U.S. Bancorp during the fourth quarter valued at $736,819,000. New England Asset Management Inc. raised its position in U.S. Bancorp by 52.5% in the first quarter. New England Asset Management Inc. now owns 26,571,846 shares of the financial services provider’s stock valued at $1,368,451,000 after buying an additional 9,150,126 shares during the last quarter. Alecta Pensionsforsakring Omsesidigt raised its position in U.S. Bancorp by 1,130.0% in the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,460,000 shares of the financial services provider’s stock valued at $126,690,000 after buying an additional 2,260,000 shares during the last quarter. AQR Capital Management LLC raised its position in U.S. Bancorp by 54.2% in the first quarter. AQR Capital Management LLC now owns 4,698,271 shares of the financial services provider’s stock valued at $241,961,000 after buying an additional 1,652,219 shares during the last quarter. Finally, First Trust Advisors LP raised its position in U.S. Bancorp by 276.0% in the first quarter. First Trust Advisors LP now owns 2,137,659 shares of the financial services provider’s stock valued at $110,089,000 after buying an additional 1,569,154 shares during the last quarter. Institutional investors own 75.57% of the company’s stock.
U.S. Bancorp (NYSE USB) opened at 52.79 on Tuesday. The stock has a 50 day moving average of $52.05 and a 200 day moving average of $52.41. U.S. Bancorp has a one year low of $41.13 and a one year high of $56.61. The firm has a market capitalization of $88.63 billion, a price-to-earnings ratio of 15.95 and a beta of 0.86.
U.S. Bancorp (NYSE:USB) last released its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.01. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. The business had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.46 billion. During the same period last year, the company earned $0.82 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. Analysts forecast that U.S. Bancorp will post $3.44 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were given a $0.28 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.12%. U.S. Bancorp’s dividend payout ratio is presently 33.63%.
U.S. Bancorp declared that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that allows the company to buyback $2.60 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
USB has been the topic of several recent analyst reports. Wells Fargo & Company lowered shares of U.S. Bancorp from an “outperform” rating to a “market perform” rating and boosted their target price for the company from $38.48 to $52.31 in a report on Thursday, May 4th. They noted that the move was a valuation call. Royal Bank Of Canada reiterated a “buy” rating and issued a $55.00 target price on shares of U.S. Bancorp in a report on Tuesday, April 4th. Rafferty Capital Markets lowered shares of U.S. Bancorp from a “buy” rating to a “hold” rating and set a $53.00 target price on the stock. in a report on Thursday, April 20th. Jefferies Group LLC reiterated a “buy” rating and issued a $59.00 target price on shares of U.S. Bancorp in a report on Friday, June 9th. Finally, BidaskClub upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Two equities research 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’s stock. The company has an average rating of “Hold” and a consensus price target of $52.56.
In related 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 sale, the insider now directly owns 307,698 shares of the company’s stock, valued at $15,981,834.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Leslie V. Godridge sold 14,192 shares of U.S. Bancorp 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 transaction, the insider now directly owns 62,303 shares in the company, valued at $3,250,970.54. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by company insiders.
About U.S. Bancorp
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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