Envestnet Asset Management Inc. Raises Holdings in U.S. Bancorp (NYSE:USB)
Envestnet Asset Management Inc. lifted its holdings in shares of U.S. Bancorp (NYSE:USB) by 12.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 841,567 shares of the financial services provider’s stock after buying an additional 96,003 shares during the period. Envestnet Asset Management Inc. owned about 0.05% of U.S. Bancorp worth $44,098,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of USB. Daily Journal Corp raised its stake in shares of U.S. Bancorp by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 14,000,000 shares of the financial services provider’s stock worth $7,336,000 after buying an additional 13,860,000 shares in the last quarter. Alecta Pensionsforsakring Omsesidigt increased its stake in U.S. Bancorp by 31.4% in the 1st quarter. Alecta Pensionsforsakring Omsesidigt now owns 5,440,000 shares of the financial services provider’s stock valued at $262,045,000 after purchasing an additional 1,300,000 shares in the last quarter. Geode Capital Management LLC increased its stake in U.S. Bancorp by 7.5% in the 4th quarter. Geode Capital Management LLC now owns 18,322,754 shares of the financial services provider’s stock valued at $835,766,000 after purchasing an additional 1,285,265 shares in the last quarter. CIBC Private Wealth Group LLC increased its stake in U.S. Bancorp by 40.2% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 3,974,817 shares of the financial services provider’s stock valued at $208,279,000 after purchasing an additional 1,140,289 shares in the last quarter. Finally, Hexavest Inc. purchased a new position in U.S. Bancorp in the 2nd quarter valued at approximately $53,342,000. 75.55% of the stock is owned by institutional investors and hedge funds.
NYSE:USB traded up $1.00 during trading hours on Friday, reaching $52.28. 5,990,700 shares of the company traded hands, compared to its average volume of 6,365,659. U.S. Bancorp has a 1-year low of $43.14 and a 1-year high of $57.81. The firm’s 50-day moving average is $54.10 and its 200-day moving average is $51.95. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.84 and a quick ratio of 0.83. The stock has a market cap of $80.21 billion, a P/E ratio of 12.06, a P/E/G ratio of 1.69 and a beta of 1.06.
U.S. Bancorp declared that its board has approved a stock repurchase plan on Thursday, June 27th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $55.25, for a total value of $520,897.00. Following the transaction, the insider now directly owns 94,658 shares of the company’s stock, valued at approximately $5,229,854.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $57.33, for a total value of $1,146,600.00. Following the completion of the transaction, the insider now directly owns 65,959 shares in the company, valued at $3,781,429.47. The disclosure for this sale can be found here. Insiders have sold 40,414 shares of company stock worth $2,297,215 in the last 90 days. Insiders own 0.24% of the company’s stock.
Several equities analysts recently weighed in on USB shares. Morgan Stanley raised their price objective on U.S. Bancorp from $55.00 to $56.00 and gave the company an “underweight” rating in a research note on Thursday, July 18th. Deutsche Bank set a $59.00 target price on U.S. Bancorp and gave the company a “hold” rating in a report on Friday, July 26th. Bank of America upgraded U.S. Bancorp from an “underperform” rating to a “neutral” rating and increased their target price for the company from $49.00 to $55.00 in a report on Thursday, July 18th. Macquarie cut U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 target price on the stock. in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. upgraded U.S. Bancorp from an “underweight” rating to a “neutral” rating and increased their target price for the company from $52.50 to $57.00 in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $56.92.
U.S. Bancorp Company Profile
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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