U.S. Bancorp (USB) Shares Bought by Oppenheimer & Co. Inc.
Oppenheimer & Co. Inc. increased its stake in shares of U.S. Bancorp (NYSE:USB) by 5.6% during the first quarter, Holdings Channel reports. The institutional investor owned 140,451 shares of the financial services provider’s stock after buying an additional 7,404 shares during the period. Oppenheimer & Co. Inc.’s holdings in U.S. Bancorp were worth $7,234,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. First Eagle Investment Management LLC boosted its position in shares of U.S. Bancorp by 1.3% in the first quarter. First Eagle Investment Management LLC now owns 11,507,504 shares of the financial services provider’s stock valued at $592,636,000 after buying an additional 152,202 shares in the last quarter. Legal & General Group Plc boosted its position in shares of U.S. Bancorp by 2.9% in the first quarter. Legal & General Group Plc now owns 8,251,609 shares of the financial services provider’s stock valued at $424,985,000 after buying an additional 231,478 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in shares of 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 valued at $358,887,000 after buying an additional 73,504 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of U.S. Bancorp by 10.3% in the first quarter. UBS Asset Management Americas Inc. now owns 6,332,879 shares of the financial services provider’s stock valued at $326,143,000 after buying an additional 592,961 shares in the last quarter. Finally, OppenheimerFunds Inc. boosted its position in shares of U.S. Bancorp by 14.1% in the first quarter. OppenheimerFunds Inc. now owns 5,604,498 shares of the financial services provider’s stock valued at $288,632,000 after buying an additional 690,530 shares in the last quarter. Institutional investors own 75.84% of the company’s stock.
Shares of U.S. Bancorp (NYSE:USB) traded down 0.75% on Thursday, hitting $52.83. 1,253,027 shares of the stock traded hands. The stock has a market cap of $88.37 billion, a P/E ratio of 15.96 and a beta of 0.86. U.S. Bancorp has a 52-week low of $42.17 and a 52-week high of $56.61. The stock’s 50 day moving average price is $52.29 and its 200 day moving average price is $52.54.
U.S. Bancorp (NYSE:USB) last issued its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.46 billion. During the same quarter in the previous year, the firm earned $0.82 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities analysts expect that U.S. Bancorp will post $3.44 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date was Wednesday, June 28th. U.S. Bancorp’s payout ratio is currently 33.63%.
U.S. Bancorp announced that its board has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $2.60 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
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USB has been the topic of several research analyst reports. Wells Fargo & Company cut shares of U.S. Bancorp from an “outperform” rating to a “market perform” rating and boosted their price target for the company from $38.48 to $52.31 in a research report on Thursday, May 4th. They noted that the move was a valuation call. BidaskClub upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Jefferies Group LLC reiterated a “buy” rating and set a $59.00 price target on shares of U.S. Bancorp in a research report on Friday, June 9th. 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 investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $52.85.
In other news, Vice Chairman P.W. Parker sold 29,449 shares of U.S. Bancorp stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $51.94, for a total value of $1,529,581.06. Following the transaction, 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 can be accessed through this link. 0.39% of the stock is 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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