Mayo Investment Advisers LLC Has $8.76 Million Stake in U.S. Bancorp (NYSE:USB)
Mayo Investment Advisers LLC cut its stake in U.S. Bancorp (NYSE:USB) by 31.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 170,126 shares of the financial services provider’s stock after selling 77,474 shares during the period. U.S. Bancorp accounts for approximately 2.6% of Mayo Investment Advisers LLC’s holdings, making the stock its 13th largest position. Mayo Investment Advisers LLC’s holdings in U.S. Bancorp were worth $8,761,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Orrstown Financial Services Inc. increased its position in shares of U.S. Bancorp by 26.9% in the first quarter. Orrstown Financial Services Inc. now owns 2,240 shares of the financial services provider’s stock valued at $116,000 after buying an additional 475 shares in the last quarter. Signature Estate & Investment Advisors LLC bought a new position in shares of U.S. Bancorp during the first quarter valued at approximately $155,000. WealthTrust Arizona LLC increased its position in shares of U.S. Bancorp by 31.8% in the first quarter. WealthTrust Arizona LLC now owns 3,033 shares of the financial services provider’s stock valued at $156,000 after buying an additional 732 shares in the last quarter. American National Bank bought a new position in shares of U.S. Bancorp during the first quarter valued at approximately $167,000. Finally, Tradewinds Capital Management LLC increased its position in shares of U.S. Bancorp by 87.4% in the first quarter. Tradewinds Capital Management LLC now owns 3,663 shares of the financial services provider’s stock valued at $189,000 after buying an additional 1,708 shares in the last quarter. Institutional investors and hedge funds own 75.84% of the company’s stock.
U.S. Bancorp (NYSE:USB) opened at 53.12 on Monday. The company’s 50 day moving average price is $52.20 and its 200-day moving average price is $52.46. U.S. Bancorp has a one year low of $41.47 and a one year high of $56.61. The stock has a market capitalization of $89.19 billion, a PE ratio of 16.05 and a beta of 0.86. U.S. Bancorp also saw some unusual options trading on Friday. Investors bought 7,555 put options on the company. This is an increase of 262% compared to the typical volume of 2,089 put options.
U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.01. U.S. Bancorp had a return on equity of 13.85% and a net margin of 25.60%. The company had revenue of $5.49 billion during the quarter, compared to analyst estimates of $5.46 billion. During the same period in the prior year, the company earned $0.82 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. Analysts expect 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 approved a share repurchase plan on Wednesday, June 28th that permits the company to buyback $2.60 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend was Wednesday, June 28th. U.S. Bancorp’s payout ratio is presently 33.63%.
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Several research analysts have commented on the company. BidaskClub downgraded U.S. Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. Argus raised U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a report on Thursday, July 20th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $59.00 price target on shares of U.S. Bancorp in a report on Friday, June 9th. Finally, Rafferty Capital Markets cut 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. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $52.56.
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 stock was sold at an average price of $51.94, for a total transaction 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 $15,981,834.12. The sale was disclosed in a filing with the SEC, which is available through this link. 0.39% of the stock is currently owned by corporate 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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