Signaturefd LLC Boosts Stake in U.S. Bancorp (NYSE:USB)
Signaturefd LLC raised its position in U.S. Bancorp (NYSE:USB) by 70.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,886 shares of the financial services provider’s stock after buying an additional 3,660 shares during the period. Signaturefd LLC’s holdings in U.S. Bancorp were worth $458,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Sii Investments Inc. WI raised its position in shares of U.S. Bancorp by 16.9% in the first quarter. Sii Investments Inc. WI now owns 36,826 shares of the financial services provider’s stock worth $1,894,000 after buying an additional 5,328 shares during the period. State Street Corp raised its position in shares of U.S. Bancorp by 1.2% in the first quarter. State Street Corp now owns 75,509,050 shares of the financial services provider’s stock worth $3,888,995,000 after buying an additional 903,504 shares during the period. Weiss Multi Strategy Advisers LLC acquired a new position in shares of U.S. Bancorp during the first quarter worth about $1,186,000. Oppenheimer Asset Management Inc. acquired a new position in shares of U.S. Bancorp during the first quarter worth about $1,577,000. Finally, Oppenheimer & Co. Inc. raised its position in shares of U.S. Bancorp by 5.6% in the first quarter. Oppenheimer & Co. Inc. now owns 140,451 shares of the financial services provider’s stock worth $7,234,000 after buying an additional 7,404 shares during the period. Institutional investors and hedge funds own 75.84% of the company’s stock.
Shares of U.S. Bancorp (NYSE USB) traded down 0.63% during midday trading on Friday, hitting $52.05. 4,448,688 shares of the company’s stock traded hands. The stock has a market cap of $87.07 billion, a P/E ratio of 15.73 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 company has a 50 day moving average of $52.32 and a 200 day moving average of $52.55.
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 (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 analysts’ expectations of $5.46 billion. During the same quarter in the prior year, the business posted $0.82 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities analysts forecast that U.S. Bancorp will post $3.44 EPS for the current fiscal year.
U.S. Bancorp declared that its board has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $2.60 billion in shares. This repurchase authorization allows the financial services provider to buy up to 3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were paid a $0.28 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.15%. U.S. Bancorp’s payout ratio is 33.63%.
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A number of equities analysts recently weighed in on the stock. Jefferies Group LLC reiterated a “buy” rating and issued a $59.00 price objective on shares of U.S. Bancorp in a research report on Friday. Wells Fargo & Company assumed coverage on shares of U.S. Bancorp in a research report on Wednesday. They issued a “market perform” rating and a $56.00 price objective 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 price objective on the stock in a research report on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of U.S. Bancorp in a research report on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $52.85.
In other news, Vice Chairman P.W. Parker sold 29,449 shares of the stock in a transaction 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 of the company’s stock, valued at $15,981,834.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.39% of the company’s stock.
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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