Hartland & Co. LLC Grows Position in U.S. Bancorp (USB)
Hartland & Co. LLC lifted its stake in U.S. Bancorp (NYSE:USB) by 24.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,193 shares of the financial services provider’s stock after buying an additional 1,835 shares during the period. Hartland & Co. LLC’s holdings in U.S. Bancorp were worth $477,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Deprince Race & Zollo Inc. lifted its stake in shares of U.S. Bancorp by 0.9% in the second quarter. Deprince Race & Zollo Inc. now owns 477,873 shares of the financial services provider’s stock valued at $24,811,000 after buying an additional 4,149 shares during the period. Aspiriant LLC lifted its stake in U.S. Bancorp by 37.2% during the second quarter. Aspiriant LLC now owns 105,628 shares of the financial services provider’s stock worth $5,484,000 after purchasing an additional 28,649 shares during the period. Ballentine Partners LLC lifted its stake in U.S. Bancorp by 11.0% during the second quarter. Ballentine Partners LLC now owns 20,491 shares of the financial services provider’s stock worth $1,090,000 after purchasing an additional 2,029 shares during the period. Highstreet Asset Management Inc. bought a new position in U.S. Bancorp during the second quarter worth about $1,069,000. Finally, Everett Harris & Co. CA lifted its stake in U.S. Bancorp by 2.1% during the second quarter. Everett Harris & Co. CA now owns 213,341 shares of the financial services provider’s stock worth $11,077,000 after purchasing an additional 4,295 shares during the period. Institutional investors and hedge funds own 73.97% of the company’s stock.
A number of research analysts have commented on the stock. Jefferies Group LLC restated a “buy” rating and set a $62.00 price target on shares of U.S. Bancorp in a research note on Thursday. Robert W. Baird restated a “hold” rating and set a $48.00 price target on shares of U.S. Bancorp in a research note on Friday, October 6th. Citigroup Inc. restated a “neutral” rating and set a $58.00 price target (up previously from $53.00) on shares of U.S. Bancorp in a research note on Monday, October 9th. Zacks Investment Research upgraded shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, October 9th. Finally, Instinet cut shares of U.S. Bancorp from a “buy” rating to a “neutral” rating and cut their target price for the company from $57.00 to $55.00 in a research note on Thursday, September 28th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $53.56.
Shares of U.S. Bancorp (NYSE:USB) opened at 54.13 on Monday. U.S. Bancorp has a 12-month low of $42.52 and a 12-month high of $56.61. The firm has a market cap of $90.55 billion, a price-to-earnings ratio of 16.35 and a beta of 0.87. The firm’s 50-day moving average is $52.67 and its 200-day moving average is $52.05.
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, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.01. The firm had revenue of $5.49 billion during 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%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the firm earned $0.82 earnings per share. Analysts predict that U.S. Bancorp will post $3.42 earnings per share for the current fiscal year.
U.S. Bancorp announced that its board has authorized a stock buyback program on Wednesday, June 28th that permits the company to buyback $2.60 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.20 annualized dividend and a dividend yield of 2.22%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.28. U.S. Bancorp’s dividend payout ratio (DPR) is presently 36.04%.
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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