U.S. Bancorp (USB) Shares Bought by Highbridge Capital Management LLC
Highbridge Capital Management LLC boosted its position in U.S. Bancorp (NYSE:USB) by 665.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 48,059 shares of the financial services provider’s stock after buying an additional 56,559 shares during the period. Highbridge Capital Management LLC’s holdings in U.S. Bancorp were worth $2,475,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Alecta Pensionsforsakring Omsesidigt increased 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 worth $126,690,000 after buying an additional 2,260,000 shares in the last quarter. First Trust Advisors LP increased 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 worth $110,089,000 after buying an additional 1,569,154 shares in the last quarter. Karp Capital Management Corp purchased a new position in U.S. Bancorp during the first quarter worth approximately $60,650,000. Canada Pension Plan Investment Board increased its position in U.S. Bancorp by 209.7% in the first quarter. Canada Pension Plan Investment Board now owns 1,452,520 shares of the financial services provider’s stock worth $74,805,000 after buying an additional 983,500 shares in the last quarter. Finally, State Street Corp increased its position in 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 in the last quarter. 75.84% of the stock is currently owned by institutional investors.
Shares of U.S. Bancorp (NYSE:USB) traded down 0.63% during mid-day trading on Friday, reaching $52.05. The company’s stock had a trading volume of 4,448,688 shares. U.S. Bancorp has a 12 month low of $42.17 and a 12 month high of $56.61. The firm has a market capitalization of $87.07 billion, a P/E ratio of 15.73 and a beta of 0.86. 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 announced its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 EPS for the quarter, topping the consensus estimate of $0.84 by $0.01. The business had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.46 billion. U.S. Bancorp had a return on equity of 13.85% and a net margin of 25.60%. U.S. Bancorp’s revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.82 EPS. Equities research analysts forecast that U.S. Bancorp will post $3.44 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.15%. The ex-dividend date of this dividend was Wednesday, June 28th. U.S. Bancorp’s payout ratio is currently 33.63%.
U.S. Bancorp declared that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $2.60 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
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USB has been the topic of several recent research reports. Wells Fargo & Company downgraded U.S. Bancorp from an “outperform” rating to a “market perform” rating and raised their price target 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. BidaskClub raised U.S. Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. 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. Rafferty Capital Markets downgraded 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. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $59.00 price target on shares of U.S. Bancorp in a report on Friday, June 9th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company’s stock. The stock presently 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 business’s 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 transaction, the insider now directly owns 307,698 shares of the company’s stock, valued at approximately $15,981,834.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.39% of the stock is owned by 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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