Summit Global Investments Acquires 2,863 Shares of U.S. Bancorp (NYSE:USB)
Summit Global Investments raised its stake in shares of U.S. Bancorp (NYSE:USB) by 5.2% during the first quarter, Holdings Channel reports. The firm owned 57,497 shares of the financial services provider’s stock after buying an additional 2,863 shares during the period. Summit Global Investments’ holdings in U.S. Bancorp were worth $2,961,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of USB. Parametrica Management Ltd acquired a new position in shares of U.S. Bancorp during the first quarter valued at about $896,000. Inverness Counsel LLC NY raised its position in shares of U.S. Bancorp by 0.4% in the first quarter. Inverness Counsel LLC NY now owns 569,445 shares of the financial services provider’s stock valued at $28,871,000 after buying an additional 2,090 shares during the period. TNB Financial acquired a new position in shares of U.S. Bancorp during the first quarter valued at about $367,000. Adirondack Trust Co. raised its position in shares of U.S. Bancorp by 4.1% in the first quarter. Adirondack Trust Co. now owns 3,805 shares of the financial services provider’s stock valued at $196,000 after buying an additional 150 shares during the period. Finally, Farmers Trust Co. acquired a new position in shares of U.S. Bancorp during the first quarter valued at about $4,195,000. 76.25% of the stock is currently owned by institutional investors.
Shares of U.S. Bancorp (NYSE USB) traded up 1.239% during mid-day trading on Monday, reaching $52.695. 881,352 shares of the company’s stock traded hands. U.S. Bancorp has a 12 month low of $42.17 and a 12 month high of $56.61. The company has a market cap of $88.15 billion, a price-to-earnings ratio of 15.920 and a beta of 0.86. The company has a 50 day moving average of $52.32 and a 200 day moving average of $52.55.
U.S. Bancorp (NYSE:USB) last issued its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm 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 firm earned $0.82 earnings per share. The company’s revenue was up .7% compared to the same quarter last year. Analysts expect 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 buyback plan on Wednesday, June 28th that allows the company to repurchase $2.60 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend was Wednesday, June 28th. U.S. Bancorp’s dividend payout ratio (DPR) is presently 33.63%.
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A number of analysts recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of U.S. Bancorp in a research report on Wednesday, August 9th. They issued a “market perform” rating and a $56.00 price target on the stock. Jefferies Group LLC reiterated a “buy” rating and issued a $59.00 price target on shares of U.S. Bancorp in a research report on Friday, June 9th. BidaskClub downgraded shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Argus upgraded 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. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of U.S. Bancorp in a research report on Wednesday, July 19th. Three research 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. U.S. Bancorp currently has a consensus rating of “Hold” and a consensus target price of $52.85.
In other U.S. Bancorp news, Vice Chairman P.W. Parker sold 29,449 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 307,698 shares of the company’s stock, valued at $15,981,834.12. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.39% of the stock is currently owned by insiders.
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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