Manning & Napier Advisors LLC boosted its position in shares of U.S. Bancorp (NYSE:USB) by 10.1% during the second quarter, Holdings Channel reports. The fund owned 253,768 shares of the financial services provider’s stock after buying an additional 23,243 shares during the period. Manning & Napier Advisors LLC’s holdings in U.S. Bancorp were worth $13,175,000 as of its most recent filing with the SEC.
A number of other large investors have also recently added to or reduced their stakes in the stock. Waverton Investment Management Ltd raised its stake in U.S. Bancorp by 48.5% in the first quarter. Waverton Investment Management Ltd now owns 999,977 shares of the financial services provider’s stock worth $51,499,000 after buying an additional 326,409 shares during the last quarter. Creative Planning raised its stake in U.S. Bancorp by 18.6% in the first quarter. Creative Planning now owns 288,627 shares of the financial services provider’s stock worth $14,864,000 after buying an additional 45,276 shares during the last quarter. Douglass Winthrop Advisors LLC raised its stake in U.S. Bancorp by 1.1% in the first quarter. Douglass Winthrop Advisors LLC now owns 11,650 shares of the financial services provider’s stock worth $600,000 after buying an additional 125 shares during the last quarter. Gulf International Bank UK Ltd raised its stake in U.S. Bancorp by 0.5% in the first quarter. Gulf International Bank UK Ltd now owns 528,266 shares of the financial services provider’s stock worth $27,205,000 after buying an additional 2,630 shares during the last quarter. Finally, Addenda Capital Inc. raised its stake in U.S. Bancorp by 100.3% in the first quarter. Addenda Capital Inc. now owns 63,680 shares of the financial services provider’s stock worth $3,291,000 after buying an additional 31,893 shares during the last quarter. 75.84% of the stock is owned by institutional investors and hedge funds.
U.S. Bancorp (NYSE USB) traded down 0.98% on Thursday, reaching $52.71. 2,243,477 shares of the company’s stock were exchanged. U.S. Bancorp has a 12 month low of $42.17 and a 12 month high of $56.61. The firm has a 50 day moving average of $52.29 and a 200 day moving average of $52.54. The stock has a market capitalization of $88.17 billion, a PE ratio of 15.92 and a beta of 0.86.
U.S. Bancorp (NYSE:USB) last announced its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.01. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. The business had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.46 billion. During the same quarter in the previous year, the firm posted $0.82 earnings per share. U.S. Bancorp’s revenue was up .7% compared to the same quarter last year. Equities analysts predict that U.S. Bancorp will post $3.44 earnings per share for the current fiscal year.
U.S. Bancorp announced that its board has authorized a share buyback program on Wednesday, June 28th that allows the company to buyback $2.60 billion in outstanding shares. This buyback authorization allows 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 board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date was Wednesday, June 28th. U.S. Bancorp’s dividend payout ratio (DPR) is currently 33.63%.
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A number of equities research analysts recently weighed in on USB shares. Rafferty Capital Markets lowered shares of U.S. Bancorp from a “buy” rating to a “hold” rating and set a $53.00 price target for the company. in a report on Thursday, April 20th. Wells Fargo & Company lowered shares of U.S. Bancorp from an “outperform” rating to a “market perform” rating and raised their price target for the company from $38.48 to $52.31 in a report on Thursday, May 4th. They noted that the move was a valuation call. Jefferies Group LLC reaffirmed a “buy” rating and set a $59.00 price target on shares of U.S. Bancorp in a report on Friday, June 9th. BidaskClub raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of U.S. Bancorp in a report on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. U.S. Bancorp presently has a consensus rating of “Hold” and an average price target of $52.85.
In other U.S. Bancorp news, Vice Chairman P.W. Parker sold 29,449 shares of U.S. Bancorp stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $51.94, for a total transaction of $1,529,581.06. Following the sale, the insider now owns 307,698 shares in the company, valued at $15,981,834.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.39% of the company’s stock.
U.S. Bancorp Company 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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