Bank of Nova Scotia lifted its holdings in U.S. Bancorp (NYSE:USB) by 916.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 364,451 shares of the financial services provider’s stock after buying an additional 328,581 shares during the quarter. Bank of Nova Scotia’s holdings in U.S. Bancorp were worth $18,770,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. State Street Corp raised its holdings 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 valued at $3,888,995,000 after buying an additional 903,504 shares during the last quarter. New England Asset Management Inc. raised its holdings in shares of U.S. Bancorp by 52.5% in the first quarter. New England Asset Management Inc. now owns 26,571,846 shares of the financial services provider’s stock valued at $1,368,451,000 after buying an additional 9,150,126 shares during the last quarter. First Eagle Investment Management LLC raised its holdings in shares of U.S. Bancorp by 1.3% in the first quarter. First Eagle Investment Management LLC now owns 11,507,504 shares of the financial services provider’s stock valued at $592,636,000 after buying an additional 152,202 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of U.S. Bancorp by 2.9% in the first quarter. Legal & General Group Plc now owns 8,251,609 shares of the financial services provider’s stock valued at $424,985,000 after buying an additional 231,478 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its holdings in shares of U.S. Bancorp by 1.1% in the first quarter. TIAA CREF Investment Management LLC now owns 6,968,670 shares of the financial services provider’s stock valued at $358,887,000 after buying an additional 73,504 shares during the last quarter. 74.21% of the stock is owned by institutional investors and hedge funds.

A number of research firms recently issued reports on USB. Wells Fargo & Company began coverage on U.S. Bancorp in a report on Wednesday, August 9th. They issued a “market perform” rating and a $56.00 price target for the company. 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. BidaskClub cut U.S. Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Argus raised U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a report on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of U.S. Bancorp in a report on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. U.S. Bancorp presently has a consensus rating of “Hold” and an average target price of $52.50.

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Shares of U.S. Bancorp (NYSE:USB) traded up 0.902% during mid-day trading on Wednesday, hitting $52.035. The stock had a trading volume of 3,117,201 shares. U.S. Bancorp has a 1-year low of $42.17 and a 1-year high of $56.61. The firm has a market capitalization of $87.04 billion, a PE ratio of 15.721 and a beta of 0.87. The stock’s 50-day moving average is $52.07 and its 200-day moving average is $52.20.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the Zacks’ 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 the consensus estimate of $5.46 billion. During the same period last year, the company earned $0.82 earnings per share. The firm’s revenue was up .7% compared to the same quarter last year. Equities 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 initiated a share buyback program on Wednesday, June 28th that authorizes the company to buyback $2.60 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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.

Institutional Ownership by Quarter for U.S. Bancorp (NYSE:USB)

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