Korea Investment CORP Raises Holdings in U.S. Bancorp (USB)
Korea Investment CORP grew its stake in U.S. Bancorp (NYSE:USB) by 2.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 805,729 shares of the financial services provider’s stock after purchasing an additional 17,960 shares during the quarter. Korea Investment CORP’s holdings in U.S. Bancorp were worth $41,833,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Shelton Capital Management lifted its stake in shares of U.S. Bancorp by 51.2% in the 1st quarter. Shelton Capital Management now owns 133,200 shares of the financial services provider’s stock valued at $6,860,000 after purchasing an additional 45,116 shares during the period. Bank of Montreal Can boosted its position in shares of U.S. Bancorp by 2.6% during the second quarter. Bank of Montreal Can now owns 6,171,700 shares of the financial services provider’s stock valued at $320,434,000 after purchasing an additional 159,319 shares in the last quarter. Stratos Wealth Partners LTD. grew its stake in U.S. Bancorp by 13.1% in the first quarter. Stratos Wealth Partners LTD. now owns 40,541 shares of the financial services provider’s stock worth $2,088,000 after purchasing an additional 4,683 shares during the period. TIAA CREF Investment Management LLC grew its stake in U.S. Bancorp by 1.1% in the first quarter. TIAA CREF Investment Management LLC now owns 6,968,670 shares of the financial services provider’s stock worth $358,887,000 after purchasing an additional 73,504 shares during the period. Finally, Investment Partners Ltd. OH ADV grew its stake in U.S. Bancorp by 33.6% in the first quarter. Investment Partners Ltd. OH ADV now owns 8,054 shares of the financial services provider’s stock worth $415,000 after purchasing an additional 2,024 shares during the period. Institutional investors and hedge funds own 73.97% of the company’s stock.
USB has been the subject of several recent research reports. Argus raised U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Thursday, July 20th. BidaskClub raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Instinet downgraded shares of U.S. Bancorp from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $57.00 to $55.00 in a research report on Thursday, September 28th. Jefferies Group LLC reiterated a “buy” rating and issued a $59.00 price target on shares of U.S. Bancorp in a research note on Friday, June 9th. Finally, Wells Fargo & Company began coverage on shares of U.S. Bancorp in a research note on Wednesday, August 9th. They issued a “market perform” rating and a $56.00 price target for the company. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have given a buy rating to the stock. U.S. Bancorp has a consensus rating of “Hold” and a consensus price target of $53.38.
U.S. Bancorp (NYSE:USB) opened at 53.44 on Tuesday. The stock has a market cap of $89.39 billion, a PE ratio of 16.15 and a beta of 0.87. U.S. Bancorp has a 1-year low of $42.37 and a 1-year high of $56.61. The stock has a 50 day moving average price of $52.21 and a 200 day moving average price of $51.99.
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, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.01. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. The business had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.46 billion. During the same period in the previous year, the company earned $0.82 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. On average, analysts predict that U.S. Bancorp will post $3.43 EPS for the current fiscal year.
U.S. Bancorp declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that allows the company to buyback $2.60 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Thursday, September 28th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.28. U.S. Bancorp’s dividend payout ratio is currently 36.04%.
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U.S. Bancorp Company Profile
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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