HM Payson & Co. boosted its stake in U.S. Bancorp (NYSE:USB) by 2.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,273 shares of the financial services provider’s stock after buying an additional 149 shares during the period. HM Payson & Co.’s holdings in U.S. Bancorp were worth $323,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in USB. Pinnacle Bank purchased a new position in U.S. Bancorp during the first quarter valued at $884,000. Viking Fund Management LLC raised its position in U.S. Bancorp by 5.0% in the first quarter. Viking Fund Management LLC now owns 21,000 shares of the financial services provider’s stock valued at $1,082,000 after buying an additional 1,000 shares during the last quarter. Tompkins Financial Corp raised its position in U.S. Bancorp by 54.7% in the first quarter. Tompkins Financial Corp now owns 14,558 shares of the financial services provider’s stock valued at $591,000 after buying an additional 5,150 shares during the last quarter. Atria Investments LLC raised its position in U.S. Bancorp by 8.2% in the first quarter. Atria Investments LLC now owns 10,425 shares of the financial services provider’s stock valued at $537,000 after buying an additional 791 shares during the last quarter. Finally, American National Bank purchased a new position in U.S. Bancorp during the first quarter valued at $167,000. 76.25% of the stock is currently owned by institutional investors and hedge funds.
U.S. Bancorp (USB) traded down 0.823% during mid-day trading on Thursday, hitting $52.415. 1,335,295 shares of the stock were exchanged. The stock has a 50 day moving average price of $52.48 and a 200 day moving average price of $52.55. U.S. Bancorp has a 1-year low of $42.17 and a 1-year high of $56.61. The company has a market capitalization of $87.68 billion, a PE ratio of 15.835 and a beta of 0.86.
U.S. Bancorp (NYSE:USB) last issued its earnings results 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 company had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.46 billion. During the same period last year, the business earned $0.82 EPS. U.S. Bancorp’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities 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 of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to repurchase $2.60 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
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Several research analysts recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of U.S. Bancorp in a research note on Wednesday, August 9th. They set a “market perform” rating and a $56.00 price objective on the stock. Jefferies Group LLC reissued a “buy” rating and set a $59.00 price objective on shares of U.S. Bancorp in a research note on Friday, June 9th. BidaskClub lowered shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Argus raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research note on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target 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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