Bridges Investment Counsel Inc. Buys 83,708 Shares of U.S. Bancorp (USB)
Bridges Investment Counsel Inc. increased its stake in U.S. Bancorp (NYSE:USB) by 551.5% during the second quarter, Holdings Channel reports. The fund owned 98,887 shares of the financial services provider’s stock after buying an additional 83,708 shares during the period. Bridges Investment Counsel Inc.’s holdings in U.S. Bancorp were worth $5,135,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the company. Bridges Investment Management Inc. raised its position in U.S. Bancorp by 0.3% in the second quarter. Bridges Investment Management Inc. now owns 68,109 shares of the financial services provider’s stock valued at $3,536,000 after buying an additional 225 shares during the last quarter. Parthenon LLC raised its position in U.S. Bancorp by 1.8% in the second quarter. Parthenon LLC now owns 41,475 shares of the financial services provider’s stock valued at $2,153,000 after buying an additional 732 shares during the last quarter. Sabal Trust CO raised its position in U.S. Bancorp by 9.0% in the second quarter. Sabal Trust CO now owns 4,831 shares of the financial services provider’s stock valued at $251,000 after buying an additional 397 shares during the last quarter. Schmidt P J Investment Management Inc. raised its position in U.S. Bancorp by 2.7% in the second quarter. Schmidt P J Investment Management Inc. now owns 17,190 shares of the financial services provider’s stock valued at $893,000 after buying an additional 450 shares during the last quarter. Finally, Torch Wealth Management LLC raised its position in U.S. Bancorp by 4.0% in the second quarter. Torch Wealth Management LLC now owns 49,044 shares of the financial services provider’s stock valued at $2,546,000 after buying an additional 1,897 shares during the last quarter. Institutional investors and hedge funds own 76.25% of the company’s stock.
U.S. Bancorp (NYSE:USB) traded up 0.1806% on Wednesday, hitting $53.0757. The stock had a trading volume of 1,188,812 shares. The firm has a market capitalization of $88.78 billion, a price-to-earnings ratio of 16.0350 and a beta of 0.86. U.S. Bancorp has a 1-year low of $42.17 and a 1-year high of $56.61. The stock’s 50-day moving average is $52.44 and its 200 day moving average is $52.55.
U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the 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 for the quarter, compared to analysts’ expectations of $5.46 billion. During the same quarter in the prior year, the firm earned $0.82 earnings per share. U.S. Bancorp’s revenue was up .7% compared to the same quarter last year. On average, equities research analysts predict that U.S. Bancorp will post $3.44 earnings per share for the current fiscal year.
U.S. Bancorp declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $2.60 billion in outstanding shares. This repurchase authorization permits 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 leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors 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 yield of 2.11%. U.S. Bancorp’s dividend payout ratio (DPR) is currently 33.63%.
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Several research firms recently issued reports on USB. Jefferies Group LLC restated a “buy” rating and set a $59.00 price target on shares of U.S. Bancorp in a research report on Friday, August 11th. Wells Fargo & Company assumed coverage on U.S. Bancorp in a report on Wednesday, August 9th. They issued a “market perform” rating and a $56.00 price objective for the company. BidaskClub cut U.S. Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Argus upgraded U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a report on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reiterated 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, ten have issued a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $52.85.
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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