SRS Capital Advisors Inc. Boosts Position in U.S. Bancorp (USB)
SRS Capital Advisors Inc. raised its stake in shares of U.S. Bancorp (NYSE:USB) by 17.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,547 shares of the financial services provider’s stock after buying an additional 371 shares during the period. SRS Capital Advisors Inc.’s holdings in U.S. Bancorp were worth $131,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Orrstown Financial Services Inc. increased its position in 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 worth $116,000 after buying an additional 475 shares in the last quarter. Capital Asset Advisory Services LLC increased its position in U.S. Bancorp by 1.4% in the first quarter. Capital Asset Advisory Services LLC now owns 7,390 shares of the financial services provider’s stock worth $381,000 after buying an additional 105 shares in the last quarter. Legacy Private Trust Co. increased its position in U.S. Bancorp by 1.5% in the first quarter. Legacy Private Trust Co. now owns 74,461 shares of the financial services provider’s stock worth $3,835,000 after buying an additional 1,069 shares in the last quarter. Pennsylvania Trust Co increased its position in U.S. Bancorp by 1.0% in the first quarter. Pennsylvania Trust Co now owns 233,400 shares of the financial services provider’s stock worth $12,020,000 after buying an additional 2,285 shares in the last quarter. Finally, Stillwater Investment Management LLC increased its position in U.S. Bancorp by 1.4% in the first quarter. Stillwater Investment Management LLC now owns 35,743 shares of the financial services provider’s stock worth $1,841,000 after buying an additional 477 shares in the last quarter. 75.84% of the stock is owned by institutional investors and hedge funds.
Shares of U.S. Bancorp (NYSE:USB) traded down 0.41% during mid-day trading on Wednesday, reaching $52.97. The company’s stock had a trading volume of 843,055 shares. U.S. Bancorp has a 12-month low of $42.17 and a 12-month high of $56.61. The stock has a market capitalization of $88.94 billion, a P/E ratio of 16.00 and a beta of 0.86. The company’s 50-day moving average price is $52.22 and its 200-day moving average price is $52.47.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share for the quarter, beating the 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 return on equity of 13.85% and a net margin of 25.60%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter last year, the business posted $0.82 EPS. On average, equities research analysts forecast that U.S. Bancorp will post $3.44 earnings per share for the current fiscal year.
U.S. Bancorp declared that its board has initiated a share buyback plan on Wednesday, June 28th that allows the company to buyback $2.60 billion in shares. This buyback authorization allows the financial services provider to buy up to 3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend was Wednesday, June 28th. U.S. Bancorp’s dividend payout ratio is presently 33.63%.
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A number of research firms have issued reports on USB. Jefferies Group LLC reaffirmed a “buy” rating and set a $59.00 price objective on shares of U.S. Bancorp in a report on Friday, June 9th. BidaskClub downgraded shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Wells Fargo & Company downgraded shares of U.S. Bancorp from an “outperform” rating to a “market perform” rating and lifted 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. Argus upgraded U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research note on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. U.S. Bancorp currently has a consensus rating of “Hold” and a consensus target price of $52.56.
In other news, Vice Chairman P.W. Parker sold 29,449 shares of U.S. Bancorp stock in a transaction that occurred on Tuesday, May 16th. The stock was 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 in the company, valued at approximately $15,981,834.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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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