HighTower Advisors LLC lowered its stake in shares of U.S. Bancorp (NYSE:USB) by 7.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 258,983 shares of the financial services provider’s stock after selling 21,600 shares during the period. HighTower Advisors LLC’s holdings in U.S. Bancorp were worth $13,338,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of USB. New England Asset Management Inc. raised its stake in U.S. Bancorp by 52.5% during the first quarter. New England Asset Management Inc. now owns 26,571,846 shares of the financial services provider’s stock worth $1,368,451,000 after purchasing an additional 9,150,126 shares during the period. Alecta Pensionsforsakring Omsesidigt raised its stake in U.S. Bancorp by 1,130.0% during the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,460,000 shares of the financial services provider’s stock worth $126,690,000 after purchasing an additional 2,260,000 shares during the period. AQR Capital Management LLC raised its stake in U.S. Bancorp by 54.2% during the first quarter. AQR Capital Management LLC now owns 4,698,271 shares of the financial services provider’s stock worth $241,961,000 after purchasing an additional 1,652,219 shares during the period. First Trust Advisors LP raised its stake in U.S. Bancorp by 276.0% during the first quarter. First Trust Advisors LP now owns 2,137,659 shares of the financial services provider’s stock worth $110,089,000 after purchasing an additional 1,569,154 shares during the period. Finally, Karp Capital Management Corp purchased a new position in U.S. Bancorp during the first quarter worth approximately $60,650,000. 74.21% of the stock is currently owned by institutional investors.
U.S. Bancorp (NYSE USB) traded up 1.87% during midday trading on Tuesday, reaching $51.83. 1,782,838 shares of the company were exchanged. The firm has a market cap of $86.70 billion, a P/E ratio of 15.66 and a beta of 0.87. The firm’s 50-day moving average is $52.14 and its 200-day moving average is $52.23. U.S. Bancorp has a one year low of $42.17 and a one year high of $56.61.
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 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 during the quarter, compared to analysts’ expectations of $5.46 billion. During the same period in the previous year, the company earned $0.82 earnings per share. U.S. Bancorp’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts expect that U.S. Bancorp will post $3.44 EPS for the current fiscal year.
U.S. Bancorp announced that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that permits the company to repurchase $2.60 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
A number of equities analysts have weighed in on USB shares. 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, August 11th. BidaskClub raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Argus raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Thursday, July 20th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $48.00 price target on shares of U.S. Bancorp in a research note on Tuesday, September 5th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $52.50.
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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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