United Services Automobile Association increased its stake in shares of U.S. Bancorp (NYSE:USB) by 19.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,465,274 shares of the financial services provider’s stock after buying an additional 234,331 shares during the period. United Services Automobile Association’s holdings in U.S. Bancorp were worth $75,462,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hudock Capital Group LLC increased its position in shares of 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 valued at $195,000 after buying an additional 16 shares during the period. D. Scott Neal Inc. increased its position in shares of 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 valued at $386,000 after buying an additional 36 shares during the period. Smith Moore & CO. increased its position in shares of U.S. Bancorp by 0.4% in the first quarter. Smith Moore & CO. now owns 13,586 shares of the financial services provider’s stock valued at $700,000 after buying an additional 51 shares during the period. Sandy Spring Bank increased its position in shares of U.S. Bancorp by 0.7% in the first quarter. Sandy Spring Bank now owns 7,674 shares of the financial services provider’s stock valued at $395,000 after buying an additional 51 shares during the period. Finally, Dumont & Blake Investment Advisors LLC increased its position in shares of U.S. Bancorp by 0.3% in the first quarter. Dumont & Blake Investment Advisors LLC now owns 23,528 shares of the financial services provider’s stock valued at $1,212,000 after buying an additional 70 shares during the period. Institutional investors own 74.20% of the company’s stock.
U.S. Bancorp (NYSE:USB) traded up 0.84% during mid-day trading on Friday, hitting $51.68. The company had a trading volume of 3,656,465 shares. U.S. Bancorp has a 52-week low of $42.17 and a 52-week high of $56.61. The firm has a market cap of $86.45 billion, a P/E ratio of 15.61 and a beta of 0.87. The stock’s 50 day moving average price is $52.32 and its 200 day moving average price is $52.43.
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 return on equity of 13.85% and a net margin of 25.60%. 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 company posted $0.82 EPS. The business’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities research analysts predict that U.S. Bancorp will post $3.44 EPS for the current fiscal year.
U.S. Bancorp declared that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that permits the company to buyback $2.60 billion in shares. This buyback authorization permits the financial services provider to purchase up to 3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
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Several research analysts have weighed in on the company. Wells Fargo & Company assumed coverage on U.S. Bancorp in a research note on Wednesday, August 9th. They issued a “market perform” rating and a $56.00 target price on the stock. BidaskClub downgraded U.S. Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Jefferies Group LLC reiterated a “buy” rating and issued a $59.00 target price on shares of U.S. Bancorp in a research note on Friday, June 9th. Argus upgraded U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research note on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. U.S. Bancorp presently has a consensus rating of “Hold” and an average target price of $52.85.
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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