Zurich Insurance Group Ltd FI Buys 67,042 Shares of U.S. Bancorp (NYSE:USB)
Zurich Insurance Group Ltd FI raised its stake in shares of U.S. Bancorp (NYSE:USB) by 27.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 314,446 shares of the financial services provider’s stock after purchasing an additional 67,042 shares during the period. Zurich Insurance Group Ltd FI’s holdings in U.S. Bancorp were worth $16,477,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brookmont Capital Management raised its position in shares of U.S. Bancorp by 0.5% during the 2nd quarter. Brookmont Capital Management now owns 36,674 shares of the financial services provider’s stock valued at $1,922,000 after buying an additional 195 shares in the last quarter. Plancorp LLC raised its position in U.S. Bancorp by 0.4% in the 2nd quarter. Plancorp LLC now owns 48,413 shares of the financial services provider’s stock worth $2,537,000 after purchasing an additional 195 shares during the period. Sky Investment Group LLC raised its position in U.S. Bancorp by 1.8% in the 2nd quarter. Sky Investment Group LLC now owns 11,250 shares of the financial services provider’s stock worth $590,000 after purchasing an additional 200 shares during the period. Culbertson A N & Co. Inc. raised its position in U.S. Bancorp by 0.5% in the 2nd quarter. Culbertson A N & Co. Inc. now owns 42,696 shares of the financial services provider’s stock worth $2,237,000 after purchasing an additional 200 shares during the period. Finally, SeaCrest Wealth Management LLC raised its position in U.S. Bancorp by 0.7% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 28,512 shares of the financial services provider’s stock worth $1,494,000 after purchasing an additional 207 shares during the period. 75.49% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently weighed in on USB. JPMorgan Chase & Co. raised shares of U.S. Bancorp from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $52.50 to $57.00 in a research report on Wednesday, July 31st. Deutsche Bank set a $59.00 price objective on shares of U.S. Bancorp and gave the stock a “hold” rating in a research report on Friday, July 26th. Wedbush upped their target price on shares of U.S. Bancorp from $46.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Credit Suisse Group restated a “hold” rating and issued a $55.00 target price on shares of U.S. Bancorp in a research note on Thursday, September 12th. Finally, Bank of America upgraded shares of U.S. Bancorp from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $49.00 to $55.00 in a research note on Thursday, July 18th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company’s stock. U.S. Bancorp presently has a consensus rating of “Hold” and an average target price of $56.93.
Shares of NYSE USB traded down $0.06 during midday trading on Friday, reaching $55.74. 186,451 shares of the company’s stock traded hands, compared to its average volume of 4,498,022. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.86. The stock’s 50 day simple moving average is $53.38 and its 200-day simple moving average is $52.29. U.S. Bancorp has a one year low of $43.14 and a one year high of $57.81. The company has a market cap of $88.09 billion, a price-to-earnings ratio of 13.60, a P/E/G ratio of 1.86 and a beta of 1.10.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.02. The firm had revenue of $5.58 billion for the quarter, compared to the consensus estimate of $5.73 billion. U.S. Bancorp had a net margin of 26.70% and a return on equity of 15.45%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the firm earned $1.02 earnings per share. Equities analysts predict that U.S. Bancorp will post 4.3 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.01%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Friday, September 27th. U.S. Bancorp’s dividend payout ratio (DPR) is 36.10%.
U.S. Bancorp declared that its board has initiated a share buyback program on Thursday, June 27th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 3.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
About U.S. Bancorp
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.
Further Reading: Exchange-Traded Funds (ETFs)
Want to see what other hedge funds are holding USB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for U.S. Bancorp (NYSE:USB).
Receive News & Ratings for U.S. Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for U.S. Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.