U.S. Bancorp (USB) Stake Lowered by Washington Trust Bank
Washington Trust Bank lowered its position in U.S. Bancorp (NYSE:USB) by 0.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 218,971 shares of the financial services provider’s stock after selling 376 shares during the period. U.S. Bancorp accounts for approximately 2.4% of Washington Trust Bank’s holdings, making the stock its 3rd largest position. Washington Trust Bank’s holdings in U.S. Bancorp were worth $11,369,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in USB. Hudock Capital Group LLC raised its position in U.S. Bancorp by 0.4% in the first quarter. Hudock Capital Group LLC now owns 3,787 shares of the financial services provider’s stock worth $195,000 after buying an additional 16 shares in the last quarter. BSW Wealth Partners raised its position in U.S. Bancorp by 0.6% in the first quarter. BSW Wealth Partners now owns 3,973 shares of the financial services provider’s stock worth $205,000 after buying an additional 23 shares in the last quarter. Beese Fulmer Investment Management Inc. raised its position in U.S. Bancorp by 0.4% in the first quarter. Beese Fulmer Investment Management Inc. now owns 5,610 shares of the financial services provider’s stock worth $289,000 after buying an additional 25 shares in the last quarter. D. Scott Neal Inc. raised its position in U.S. Bancorp by 0.5% in the first quarter. D. Scott Neal Inc. now owns 7,488 shares of the financial services provider’s stock worth $386,000 after buying an additional 36 shares in the last quarter. Finally, Green Square Capital LLC raised its position in U.S. Bancorp by 0.4% in the first quarter. Green Square Capital LLC now owns 11,322 shares of the financial services provider’s stock worth $586,000 after buying an additional 41 shares in the last quarter. 75.84% of the stock is currently owned by hedge funds and other institutional investors.
U.S. Bancorp (NYSE USB) traded down 0.63% during midday trading on Friday, hitting $52.05. 4,448,688 shares of the stock were exchanged. The firm’s 50-day moving average is $52.32 and its 200 day moving average is $52.55. The stock has a market cap of $87.07 billion, a price-to-earnings ratio of 15.73 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.
U.S. Bancorp (NYSE:USB) last released its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 EPS for the quarter, beating the consensus estimate 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 business had revenue of $5.49 billion during the quarter, compared to analyst estimates of $5.46 billion. During the same period in the prior year, the business earned $0.82 earnings per share. The business’s quarterly revenue was up .7% on a year-over-year basis. Equities research analysts expect that U.S. Bancorp will post $3.44 EPS for the current fiscal year.
U.S. Bancorp announced that its board has approved a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $2.60 billion in shares. This buyback authorization allows the financial services provider to purchase up to 3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were paid a dividend of $0.28 per share. 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 is presently 33.63%.
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A number of research firms recently issued reports on USB. Jefferies Group LLC reissued a “buy” rating and set a $59.00 price target on shares of U.S. Bancorp in a report on Friday. Wells Fargo & Company began coverage on U.S. Bancorp in a report on Wednesday. They set a “market perform” rating and a $56.00 price target on the stock. BidaskClub lowered U.S. Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, July 16th. Rafferty Capital Markets lowered U.S. Bancorp from a “buy” rating to a “hold” rating and set a $53.00 price target on the stock. in a report on Thursday, April 20th. Finally, Argus raised U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a report on Thursday, July 20th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the stock. U.S. Bancorp 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 the stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $51.94, for a total transaction of $1,529,581.06. Following the completion of the sale, the insider now directly owns 307,698 shares of the company’s stock, valued at $15,981,834.12. The transaction was disclosed in a document filed with the SEC, which can be accessed 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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