United Services Automobile Association grew its holdings in U.S. Bancorp (NYSE:USB) by 19.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,465,274 shares of the financial services provider’s stock after purchasing an additional 234,331 shares during the quarter. United Services Automobile Association’s holdings in U.S. Bancorp were worth $75,462,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the company. Signature Estate & Investment Advisors LLC purchased a new stake in U.S. Bancorp in the first quarter valued at approximately $155,000. Tradewinds Capital Management LLC grew its stake in shares of 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 purchasing an additional 1,708 shares in the last quarter. Hudock Capital Group LLC grew its stake in shares of U.S. Bancorp by 0.4% during the first quarter. Hudock Capital Group LLC now owns 3,787 shares of the financial services provider’s stock worth $195,000 after purchasing an additional 16 shares in the last quarter. Mechanics Bank Trust Department acquired a new position in shares of U.S. Bancorp during the first quarter worth $201,000. Finally, Sunbelt Securities Inc. grew its stake in shares of 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 purchasing an additional 1,151 shares in the last quarter. 74.21% of the stock is currently owned by hedge funds and other institutional investors.
Shares of U.S. Bancorp (USB) traded up 0.24% on Friday, reaching $49.98. 6,052,039 shares of the company’s stock traded hands. U.S. Bancorp has a 52 week low of $42.17 and a 52 week high of $56.61. The company’s 50-day moving average is $52.14 and its 200-day moving average is $52.30. The firm has a market capitalization of $83.61 billion, a P/E ratio of 15.10 and a beta of 0.87.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.01. The company had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.46 billion. U.S. Bancorp had a return on equity of 13.85% and a net margin of 25.60%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.82 earnings per share. Equities research analysts anticipate that U.S. Bancorp will post $3.44 earnings per share for the current fiscal year.
U.S. Bancorp declared that its board has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $2.60 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
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A number of equities research analysts recently weighed in on USB shares. BidaskClub cut shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, August 24th. Jefferies Group LLC reissued a “buy” rating and issued a $59.00 price target on shares of U.S. Bancorp in a research report on Friday, June 9th. Argus raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a report on Thursday, July 20th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of U.S. Bancorp in a report on Wednesday, July 19th. Finally, Robert W. Baird reissued a “hold” rating and set a $48.00 price target on shares of U.S. Bancorp in a report on Tuesday. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $52.50.
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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