Wedgewood Partners Inc. Reduces Position in U.S. Bancorp (USB)
Wedgewood Partners Inc. cut its position in shares of U.S. Bancorp (NYSE:USB) by 13.5% during the first quarter, Holdings Channel reports. The institutional investor owned 77,650 shares of the financial services provider’s stock after selling 12,150 shares during the period. U.S. Bancorp comprises about 0.1% of Wedgewood Partners Inc.’s portfolio, making the stock its 23rd largest position. Wedgewood Partners Inc.’s holdings in U.S. Bancorp were worth $3,998,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Orrstown Financial Services Inc. increased its stake in shares of 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 in the last quarter. SRS Capital Advisors Inc. increased its stake in shares of 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 in the last quarter. Signature Estate & Investment Advisors LLC bought a new stake in shares of U.S. Bancorp during the first quarter worth about $155,000. WealthTrust Arizona LLC increased its stake in shares of 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 in the last quarter. Finally, American National Bank bought a new stake in shares of U.S. Bancorp during the first quarter worth about $167,000. Institutional investors own 75.84% of the company’s stock.
Shares of U.S. Bancorp (NYSE USB) traded down 0.63% during trading on Friday, hitting $52.05. 4,448,688 shares of the company’s stock were exchanged. The company has a market cap of $87.07 billion, a P/E ratio of 15.73 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 has a 12-month low of $42.17 and a 12-month high of $56.61.
U.S. Bancorp (NYSE:USB) last issued its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 EPS for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.01. The business had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.46 billion. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.82 earnings per share. On average, equities analysts expect that U.S. Bancorp will post $3.44 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were given 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 payout ratio is currently 33.63%.
U.S. Bancorp declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $2.60 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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A number of analysts have issued reports on the stock. BidaskClub downgraded shares of U.S. Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, July 16th. Wells Fargo & Company assumed coverage on shares of U.S. Bancorp in a report on Wednesday. They issued a “market perform” rating and a $56.00 price target on the stock. Rafferty Capital Markets downgraded shares of 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. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of U.S. Bancorp in a report on Wednesday, July 19th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $59.00 price target on shares of U.S. Bancorp in a report on Friday. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. U.S. Bancorp presently has an average rating of “Hold” and an average target price of $52.85.
In related news, Vice Chairman P.W. Parker sold 29,449 shares of the firm’s stock in a transaction dated 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 in the company, valued at $15,981,834.12. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.39% of the stock is currently owned by company insiders.
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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