U.S. Bancorp (NYSE:USB) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS
U.S. Bancorp (NYSE:USB) released its quarterly earnings results on Wednesday. The financial services provider reported $1.09 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.02, RTT News reports. U.S. Bancorp had a net margin of 27.02% and a return on equity of 15.53%. The business had revenue of $5.58 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the prior year, the firm earned $1.02 earnings per share. U.S. Bancorp’s revenue was down 1.1% compared to the same quarter last year.
Shares of USB stock opened at $54.22 on Thursday. U.S. Bancorp has a 52-week low of $43.14 and a 52-week high of $55.56. The company has a market capitalization of $84.44 billion, a PE ratio of 13.22, a PEG ratio of 1.78 and a beta of 1.06. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.87. The firm has a 50 day simple moving average of $52.49.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a $0.37 dividend. The ex-dividend date was Thursday, June 27th. This represents a $1.48 dividend on an annualized basis and a yield of 2.73%. U.S. Bancorp’s payout ratio is presently 36.10%.
In other U.S. Bancorp news, Vice Chairman Gillern Jeffry H. Von sold 4,669 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $53.14, for a total value of $248,110.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Leslie V. Godridge sold 12,564 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $51.53, for a total transaction of $647,422.92. Following the completion of the transaction, the insider now directly owns 39,330 shares in the company, valued at $2,026,674.90. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in USB. EagleClaw Capital Managment LLC raised its holdings in U.S. Bancorp by 3.0% in the first quarter. EagleClaw Capital Managment LLC now owns 6,883 shares of the financial services provider’s stock worth $332,000 after purchasing an additional 200 shares during the period. Sky Investment Group LLC raised its holdings in U.S. Bancorp by 1.8% in the second quarter. Sky Investment Group LLC now owns 11,250 shares of the financial services provider’s stock worth $590,000 after purchasing an additional 200 shares during the period. Belpointe Asset Management LLC raised its holdings in U.S. Bancorp by 4.3% in the fourth quarter. Belpointe Asset Management LLC now owns 4,955 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 206 shares during the period. Tokio Marine Asset Management Co. Ltd. raised its holdings in U.S. Bancorp by 4.3% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,144 shares of the financial services provider’s stock worth $248,000 after purchasing an additional 212 shares during the period. Finally, Covington Capital Management raised its holdings in shares of U.S. Bancorp by 1.3% during the fourth quarter. Covington Capital Management now owns 16,573 shares of the financial services provider’s stock worth $757,000 after acquiring an additional 214 shares during the period. 74.63% of the stock is currently owned by hedge funds and other institutional investors.
U.S. Bancorp declared that its Board of Directors has initiated a share repurchase plan on Thursday, June 27th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
About U.S. Bancorp
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.
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