Wright Investors Service Inc. boosted its holdings in U.S. Bancorp (NYSE:USB) by 3.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 36,789 shares of the financial services provider’s stock after buying an additional 1,206 shares during the quarter. Wright Investors Service Inc.’s holdings in U.S. Bancorp were worth $1,928,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of USB. Geode Capital Management LLC raised its stake in U.S. Bancorp by 7.5% in the fourth quarter. Geode Capital Management LLC now owns 18,322,754 shares of the financial services provider’s stock valued at $835,766,000 after buying an additional 1,285,265 shares during the last quarter. Lincoln Capital LLC purchased a new position in shares of U.S. Bancorp in the first quarter worth about $201,000. Confluence Investment Management LLC purchased a new position in shares of U.S. Bancorp in the first quarter worth about $81,175,000. BTIM Corp. raised its stake in shares of U.S. Bancorp by 3.8% in the first quarter. BTIM Corp. now owns 1,605,781 shares of the financial services provider’s stock worth $77,383,000 after purchasing an additional 58,254 shares during the last quarter. Finally, Mcrae Capital Management Inc. raised its stake in shares of U.S. Bancorp by 1.1% in the first quarter. Mcrae Capital Management Inc. now owns 192,321 shares of the financial services provider’s stock worth $9,268,000 after purchasing an additional 2,025 shares during the last quarter. Hedge funds and other institutional investors own 75.55% of the company’s stock.
Several brokerages have recently issued reports on USB. JPMorgan Chase & Co. upgraded U.S. Bancorp from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $52.50 to $57.00 in a research note on Wednesday, July 31st. Morgan Stanley raised their price objective on U.S. Bancorp from $55.00 to $56.00 and gave the stock an “underweight” rating in a research note on Thursday, July 18th. Wedbush raised their price objective on U.S. Bancorp from $46.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Deutsche Bank set a $59.00 price objective on U.S. Bancorp and gave the stock a “hold” rating in a research note on Friday, July 26th. Finally, Bank of America upgraded U.S. Bancorp from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $49.00 to $55.00 in a research note on Thursday, July 18th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the stock. U.S. Bancorp currently has a consensus rating of “Hold” and an average price target of $56.92.
U.S. Bancorp stock traded up $0.37 during midday trading on Thursday, hitting $51.27. 244,466 shares of the company were exchanged, compared to its average volume of 6,377,645. The company has a market cap of $82.31 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 1.73 and a beta of 1.06. U.S. Bancorp has a fifty-two week low of $43.14 and a fifty-two week high of $57.81. The stock’s fifty day simple moving average is $54.11. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.84 and a quick ratio of 0.83.
U.S. Bancorp (NYSE:USB) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $1.09 EPS for the quarter, topping the consensus estimate of $1.07 by $0.02. The firm had revenue of $5.58 billion for the quarter, compared to analyst estimates of $5.73 billion. U.S. Bancorp had a return on equity of 15.45% and a net margin of 26.70%. U.S. Bancorp’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the company earned $1.02 earnings per share. Equities research analysts expect that U.S. Bancorp will post 4.31 earnings per share for the current year.
U.S. Bancorp announced that its board has approved a stock repurchase program on Thursday, June 27th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 3.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are 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.
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