Choate Investment Advisors Sells 2,344 Shares of U.S. Bancorp (USB)
Choate Investment Advisors lowered its stake in U.S. Bancorp (NYSE:USB) by 3.6% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 61,918 shares of the financial services provider’s stock after selling 2,344 shares during the period. Choate Investment Advisors’ holdings in U.S. Bancorp were worth $3,189,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in USB. Lodestar Investment Counsel LLC IL raised its stake in U.S. Bancorp by 0.6% in the first quarter. Lodestar Investment Counsel LLC IL now owns 28,628 shares of the financial services provider’s stock valued at $1,474,000 after buying an additional 176 shares during the period. Vicus Capital raised its stake in U.S. Bancorp by 58.6% in the first quarter. Vicus Capital now owns 8,869 shares of the financial services provider’s stock valued at $457,000 after buying an additional 3,276 shares during the period. Somerset Trust Co purchased a new stake in U.S. Bancorp during the first quarter valued at about $1,402,000. Gateway Investment Advisers LLC raised its stake in U.S. Bancorp by 5.3% in the first quarter. Gateway Investment Advisers LLC now owns 1,155,957 shares of the financial services provider’s stock valued at $59,532,000 after buying an additional 58,666 shares during the period. Finally, DnB Asset Management AS raised its stake in U.S. Bancorp by 11.6% in the first quarter. DnB Asset Management AS now owns 186,932 shares of the financial services provider’s stock valued at $9,627,000 after buying an additional 19,500 shares during the period. Institutional investors and hedge funds own 74.20% of the company’s stock.
U.S. Bancorp (NYSE USB) traded down 1.15% during trading on Tuesday, hitting $51.36. 1,252,483 shares of the company traded hands. The stock has a 50 day moving average price of $52.40 and a 200 day moving average price of $52.49. The company has a market capitalization of $85.91 billion, a P/E ratio of 15.52 and a beta of 0.86. U.S. Bancorp has a 12-month low of $42.17 and a 12-month high of $56.61.
U.S. Bancorp (NYSE:USB) last announced its earnings results 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. The business had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.46 billion. U.S. Bancorp had a return on equity of 13.85% and a net margin of 25.60%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the firm posted $0.82 earnings per share. On average, equities analysts anticipate that U.S. Bancorp will post $3.44 earnings per share for the current year.
U.S. Bancorp declared that its board has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to repurchase $2.60 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
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Several analysts have issued reports on the stock. BidaskClub lowered shares of U.S. Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. Wells Fargo & Company assumed coverage on shares of U.S. Bancorp in a research report on Wednesday, August 9th. They set a “market perform” rating and a $56.00 price target on the stock. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of U.S. Bancorp in a research report on Wednesday, July 19th. Jefferies Group LLC reaffirmed a “buy” rating and set a $59.00 price target on shares of U.S. Bancorp in a research report on Friday, August 11th. Finally, Argus raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Thursday, July 20th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. The company currently 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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