Vision Capital Management Inc. maintained its stake in shares of U.S. Bancorp (NYSE:USB) during the first quarter, according to its most recent disclosure with the SEC. The firm owned 10,354 shares of the financial services provider’s stock at the end of the first quarter. Vision Capital Management Inc.’s holdings in U.S. Bancorp were worth $533,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Orrstown Financial Services Inc. boosted its position in shares of U.S. Bancorp by 26.9% in the first quarter. Orrstown Financial Services Inc. now owns 2,240 shares of the financial services provider’s stock worth $116,000 after buying an additional 475 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in shares of U.S. Bancorp during the first quarter worth about $155,000. WealthTrust Arizona LLC boosted its position in shares of U.S. Bancorp by 31.8% in the first quarter. WealthTrust Arizona LLC now owns 3,033 shares of the financial services provider’s stock worth $156,000 after buying an additional 732 shares during the last quarter. American National Bank purchased a new position in shares of U.S. Bancorp during the first quarter worth about $167,000. Finally, Tortoise Investment Management LLC boosted its position in shares of U.S. Bancorp by 60.8% in the fourth quarter. Tortoise Investment Management LLC now owns 3,305 shares of the financial services provider’s stock worth $170,000 after buying an additional 1,250 shares during the last quarter. Hedge funds and other institutional investors own 75.57% of the company’s stock.
Shares of U.S. Bancorp (NYSE USB) opened at 52.79 on Tuesday. The stock has a market cap of $88.63 billion, a price-to-earnings ratio of 15.95 and a beta of 0.86. U.S. Bancorp has a 52-week low of $41.13 and a 52-week high of $56.61. The stock’s 50 day moving average is $52.05 and its 200 day moving average is $52.41.
U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the 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 firm had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.46 billion. During the same period last year, the business posted $0.82 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities analysts predict that U.S. Bancorp will post $3.44 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend was Wednesday, June 28th. U.S. Bancorp’s payout ratio is 33.63%.
U.S. Bancorp declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $2.60 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.
A number of brokerages recently issued reports on USB. Argus upgraded 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. reiterated a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. BidaskClub cut shares of U.S. Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Jefferies Group LLC reiterated a “buy” rating and issued a $59.00 price target on shares of U.S. Bancorp in a research note on Friday, June 9th. Finally, Wells Fargo & Company cut shares of U.S. Bancorp from an “outperform” rating to a “market perform” rating and upped their price target for the stock from $38.48 to $52.31 in a research note on Thursday, May 4th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $52.56.
In related news, Vice Chairman P.W. Parker sold 29,449 shares of U.S. Bancorp stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $51.94, for a total transaction of $1,529,581.06. Following the completion of the transaction, the insider now directly owns 307,698 shares in the company, valued at $15,981,834.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Leslie V. Godridge sold 14,192 shares of U.S. Bancorp stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $52.18, for a total value of $740,538.56. Following the transaction, the insider now owns 62,303 shares of the company’s stock, valued at $3,250,970.54. The disclosure for this sale can be found here. Company insiders own 0.39% of the company’s stock.
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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