Stelliam Investment Management LP Cuts Position in U.S. Bancorp (NYSE:USB)
Stelliam Investment Management LP cut its position in shares of U.S. Bancorp (NYSE:USB) by 7.9% during the first quarter, Holdings Channel reports. The firm owned 897,500 shares of the financial services provider’s stock after selling 77,500 shares during the period. U.S. Bancorp accounts for approximately 1.8% of Stelliam Investment Management LP’s portfolio, making the stock its 26th largest position. Stelliam Investment Management LP’s holdings in U.S. Bancorp were worth $46,221,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Orrstown Financial Services Inc. raised 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 worth $116,000 after buying an additional 475 shares during the last quarter. SRS Capital Advisors Inc. raised its position in shares of U.S. Bancorp by 17.0% in the first quarter. SRS Capital Advisors Inc. now owns 2,547 shares of the financial services provider’s stock worth $131,000 after buying an additional 371 shares during the last quarter. Signature Estate & Investment Advisors LLC acquired a new position in shares of U.S. Bancorp during the first quarter worth about $155,000. WealthTrust Arizona LLC raised 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 worth $156,000 after buying an additional 732 shares during the last quarter. Finally, American National Bank acquired a new position in shares of U.S. Bancorp during the first quarter worth about $167,000. Institutional investors and hedge funds own 75.84% of the company’s stock.
Shares of U.S. Bancorp (NYSE:USB) traded down 0.92% during mid-day trading on Thursday, hitting $52.74. 1,121,199 shares of the stock were exchanged. The stock has a market capitalization of $88.22 billion, a price-to-earnings ratio of 15.93 and a beta of 0.86. U.S. Bancorp has a 52 week low of $42.17 and a 52 week high of $56.61. The stock’s 50-day moving average is $52.29 and its 200-day moving average is $52.54.
U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.85 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.01. The company had revenue of $5.49 billion for 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 for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.82 EPS. Analysts forecast that U.S. Bancorp will post $3.44 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.10%. The ex-dividend date was Wednesday, June 28th. U.S. Bancorp’s dividend payout ratio is currently 33.63%.
U.S. Bancorp declared that its board has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $2.60 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
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A number of brokerages have issued reports on USB. Wells Fargo & Company began coverage on shares of U.S. Bancorp in a research report on Wednesday. They set a “market perform” rating and a $56.00 target price on the stock. BidaskClub lowered shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Argus upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research report on Thursday, July 20th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of U.S. Bancorp in a research report on Wednesday, July 19th. Finally, Jefferies Group LLC restated a “buy” rating and set a $59.00 target price on shares of U.S. Bancorp in a research report on Friday, June 9th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $52.85.
In other U.S. Bancorp news, Vice Chairman P.W. Parker sold 29,449 shares of the company’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $51.94, for a total transaction of $1,529,581.06. Following the transaction, the insider now owns 307,698 shares in the company, valued at approximately $15,981,834.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.39% of the stock is currently owned by corporate 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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