IBM Retirement Fund Boosts Position in U.S. Bancorp (USB)

IBM Retirement Fund increased its holdings in shares of U.S. Bancorp (NYSE:USB) by 68.4% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 38,708 shares of the financial services provider’s stock after purchasing an additional 15,728 shares during the quarter. IBM Retirement Fund’s holdings in U.S. Bancorp were worth $2,246,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ferguson Wellman Capital Management Inc. grew its stake in shares of U.S. Bancorp by 0.5% during the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 118,646 shares of the financial services provider’s stock worth $6,110,000 after acquiring an additional 620 shares in the last quarter. Mn Services Vermogensbeheer B.V. grew its stake in shares of U.S. Bancorp by 2.3% during the 1st quarter. Mn Services Vermogensbeheer B.V. now owns 45,329 shares of the financial services provider’s stock worth $2,183,000 after acquiring an additional 1,025 shares in the last quarter. Waldron LP bought a new position in shares of U.S. Bancorp during the 1st quarter worth approximately $323,000. Mechanics Bank Trust Department bought a new position in shares of U.S. Bancorp during the 1st quarter worth approximately $201,000. Finally, BTIM Corp. grew its stake in shares of U.S. Bancorp by 4.6% during the 1st quarter. BTIM Corp. now owns 1,459,268 shares of the financial services provider’s stock worth $75,152,000 after acquiring an additional 64,275 shares in the last quarter. 74.21% of the stock is owned by institutional investors and hedge funds.

Shares of U.S. Bancorp (NYSE USB) opened at 50.88 on Tuesday. U.S. Bancorp has a 12-month low of $42.17 and a 12-month high of $56.61. The stock has a 50 day moving average price of $52.14 and a 200 day moving average price of $52.23. The firm has a market cap of $85.11 billion, a P/E ratio of 15.37 and a beta of 0.87.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 the consensus estimate of $5.46 billion. During the same quarter in the prior year, the company posted $0.82 earnings per share. U.S. Bancorp’s revenue was up .7% compared to the same quarter last year. On average, equities analysts expect that U.S. Bancorp will post $3.44 earnings per share for the current year.

U.S. Bancorp announced that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $2.60 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Several brokerages have recently weighed in on USB. Wells Fargo & Company began 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 target for the company. Jefferies Group LLC reaffirmed a “buy” rating and set a $59.00 price target on shares of U.S. Bancorp in a research note on Friday, June 9th. BidaskClub cut 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 target for the company in a research note on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $52.50.

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U.S. Bancorp Profile

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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Institutional Ownership by Quarter for U.S. Bancorp (NYSE:USB)

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