Rockshelter Capital Management LLC Cuts Stake in U.S. Bancorp (NYSE:USB)
Rockshelter Capital Management LLC cut its position in U.S. Bancorp (NYSE:USB) by 1.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 97,444 shares of the financial services provider’s stock after selling 1,275 shares during the period. U.S. Bancorp comprises approximately 1.5% of Rockshelter Capital Management LLC’s portfolio, making the stock its 26th largest position. Rockshelter Capital Management LLC’s holdings in U.S. Bancorp were worth $5,046,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Alecta Pensionsforsakring Omsesidigt raised its stake in shares of U.S. Bancorp by 1,130.0% in the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,460,000 shares of the financial services provider’s stock worth $126,690,000 after buying an additional 2,260,000 shares in the last quarter. First Trust Advisors LP increased its position in shares of U.S. Bancorp by 276.0% in the first quarter. First Trust Advisors LP now owns 2,137,659 shares of the financial services provider’s stock worth $110,089,000 after buying an additional 1,569,154 shares during the last quarter. Karp Capital Management Corp purchased a new position in shares of U.S. Bancorp during the first quarter worth $60,650,000. Canada Pension Plan Investment Board increased its position in shares of U.S. Bancorp by 209.7% in the first quarter. Canada Pension Plan Investment Board now owns 1,452,520 shares of the financial services provider’s stock worth $74,805,000 after buying an additional 983,500 shares during the last quarter. Finally, Quantitative Investment Management LLC purchased a new position in shares of U.S. Bancorp during the first quarter worth $36,261,000. 75.84% of the stock is currently owned by institutional investors and hedge funds.
U.S. Bancorp (USB) traded down 0.40% during trading on Friday, hitting $52.17. 1,204,162 shares of the company traded hands. The stock has a 50 day moving average price of $52.30 and a 200 day moving average price of $52.54. The company has a market capitalization of $87.27 billion, a P/E ratio of 15.76 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 quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share 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 during the quarter, compared to analyst estimates of $5.46 billion. During the same quarter last year, the firm posted $0.82 EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts anticipate that U.S. Bancorp will post $3.44 earnings per share for the current year.
U.S. Bancorp announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $2.60 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.14%. The ex-dividend date was Wednesday, June 28th. U.S. Bancorp’s dividend payout ratio (DPR) is currently 33.63%.
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Several equities analysts have commented on the stock. Rafferty Capital Markets downgraded shares of U.S. Bancorp from a “buy” rating to a “hold” rating and set a $53.00 price objective on the stock. in a report on Thursday, April 20th. Wells Fargo & Company downgraded shares of U.S. Bancorp from an “outperform” rating to a “market perform” rating and upped their price objective for the company from $38.48 to $52.31 in a report on Thursday, May 4th. They noted that the move was a valuation call. Jefferies Group LLC reiterated a “buy” rating and issued a $59.00 price objective on shares of U.S. Bancorp in a report on Friday, June 9th. BidaskClub upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. 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 given a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $52.85.
In related news, Vice Chairman P.W. Parker sold 29,449 shares of U.S. Bancorp stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $51.94, for a total value of $1,529,581.06. Following the completion of the sale, the insider now owns 307,698 shares of the company’s stock, valued at approximately $15,981,834.12. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.39% of the company’s stock.
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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