Torch Wealth Management LLC Raises Stake in U.S. Bancorp (NYSE:USB)
Torch Wealth Management LLC increased its position in U.S. Bancorp (NYSE:USB) by 4.0% during the second quarter, Holdings Channel reports. The firm owned 49,044 shares of the financial services provider’s stock after buying an additional 1,897 shares during the period. U.S. Bancorp accounts for approximately 1.8% of Torch Wealth Management LLC’s portfolio, making the stock its 16th largest position. Torch Wealth Management LLC’s holdings in U.S. Bancorp were worth $2,546,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Orrstown Financial Services Inc. boosted its position in U.S. Bancorp by 26.9% in the first quarter. Orrstown Financial Services Inc. now owns 2,240 shares of the financial services provider’s stock worth $116,000 after buying an additional 475 shares during the period. SRS Capital Advisors Inc. boosted its position in U.S. Bancorp by 17.0% in the first quarter. SRS Capital Advisors Inc. now owns 2,547 shares of the financial services provider’s stock worth $131,000 after buying an additional 371 shares during the period. Signature Estate & Investment Advisors LLC bought a new position in U.S. Bancorp during the first quarter worth approximately $155,000. WealthTrust Arizona LLC boosted its position in U.S. Bancorp by 31.8% in the first quarter. WealthTrust Arizona LLC now owns 3,033 shares of the financial services provider’s stock worth $156,000 after buying an additional 732 shares during the period. Finally, American National Bank bought a new position in U.S. Bancorp during the first quarter worth approximately $167,000. 75.84% of the stock is owned by hedge funds and other institutional investors.
U.S. Bancorp (NYSE:USB) traded down 0.63% during mid-day trading on Friday, reaching $52.05. 4,448,688 shares of the company’s stock were exchanged. The stock has a market cap of $87.07 billion, a price-to-earnings ratio of 15.73 and a beta of 0.86. The stock has a 50-day moving average of $52.32 and a 200-day moving average of $52.55. U.S. Bancorp has a one year low of $42.17 and a one year high of $56.61.
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 for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.01. The company 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 firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 earnings per share. On average, equities research analysts anticipate that U.S. Bancorp will post $3.44 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were paid a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $1.12 annualized dividend and a yield of 2.15%. U.S. Bancorp’s payout ratio is 33.63%.
U.S. Bancorp announced that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that permits the company to repurchase $2.60 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
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A number of research firms have recently commented on USB. BidaskClub cut shares of U.S. Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, July 16th. Wells Fargo & Company began coverage on shares of U.S. Bancorp in a report on Wednesday. They issued a “market perform” rating and a $56.00 target price for the company. Rafferty Capital Markets cut shares of U.S. Bancorp from a “buy” rating to a “hold” rating and set a $53.00 target price for the company. in a report on Thursday, April 20th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of U.S. Bancorp in a report on Wednesday, July 19th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $59.00 target price on shares of U.S. Bancorp in a report on Friday. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company’s stock. U.S. Bancorp has an average rating of “Hold” and an average price target of $52.85.
In related news, Vice Chairman P.W. Parker sold 29,449 shares of the company’s stock in a transaction 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 sale, 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 the SEC website. 0.39% of the stock is owned by corporate 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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