U.S. Bancorp (USB) Position Lifted by Smithfield Trust Co.
Smithfield Trust Co. increased its position in shares of U.S. Bancorp (NYSE:USB) by 7.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,593 shares of the financial services provider’s stock after acquiring an additional 331 shares during the quarter. Smithfield Trust Co.’s holdings in U.S. Bancorp were worth $239,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. SRS Capital Advisors Inc. grew its holdings in shares of U.S. Bancorp by 17.0% in the 1st quarter. SRS Capital Advisors Inc. now owns 2,547 shares of the financial services provider’s stock valued at $131,000 after buying an additional 371 shares during the period. Orrstown Financial Services Inc. raised its stake in U.S. Bancorp by 30.4% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,921 shares of the financial services provider’s stock worth $152,000 after buying an additional 681 shares during the period. Signature Estate & Investment Advisors LLC acquired a new stake in U.S. Bancorp during the 1st quarter worth $155,000. Tradewinds Capital Management LLC lifted its holdings in U.S. Bancorp by 87.4% during the first quarter. Tradewinds Capital Management LLC now owns 3,663 shares of the financial services provider’s stock worth $189,000 after acquiring an additional 1,708 shares in the last quarter. Finally, Sunbelt Securities Inc. lifted its holdings in U.S. Bancorp by 41.7% during the first quarter. Sunbelt Securities Inc. now owns 3,912 shares of the financial services provider’s stock worth $201,000 after acquiring an additional 1,151 shares in the last quarter. Hedge funds and other institutional investors own 73.97% of the company’s stock.
Shares of U.S. Bancorp (NYSE USB) opened at 53.44 on Tuesday. The company has a market cap of $89.39 billion, a P/E ratio of 16.15 and a beta of 0.87. The company’s 50 day moving average is $52.21 and its 200 day moving average is $51.99. U.S. Bancorp has a one year low of $42.37 and a one year high of $56.61.
U.S. Bancorp (NYSE:USB) last posted its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.01. The company had revenue of $5.49 billion during the quarter, compared to analyst estimates of $5.46 billion. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.82 earnings per share. On average, equities analysts predict that U.S. Bancorp will post $3.43 earnings per share for the current year.
U.S. Bancorp declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $2.60 billion in shares. This buyback authorization permits the financial services provider to purchase up to 3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.25%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.28. The ex-dividend date is Thursday, September 28th. U.S. Bancorp’s payout ratio is presently 36.04%.
USB has been the subject of several research analyst reports. Argus upgraded 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 note on Thursday, July 6th. Instinet cut shares of U.S. Bancorp from a “buy” rating to a “neutral” rating and reduced their price target for the company from $57.00 to $55.00 in a report on Thursday, September 28th. Jefferies Group LLC reissued a “buy” rating and set a $59.00 price objective on shares of U.S. Bancorp in a research report on Friday, June 9th. Finally, Wells Fargo & Company began coverage on shares of U.S. Bancorp in a report on Wednesday, August 9th. They set a “market perform” rating and a $56.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $53.38.
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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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