Canada Pension Plan Investment Board lifted its stake in U.S. Bancorp (NYSE:USB) by 85.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,695,720 shares of the financial services provider’s stock after buying an additional 1,243,200 shares during the period. Canada Pension Plan Investment Board owned approximately 0.16% of U.S. Bancorp worth $139,962,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp increased its holdings in U.S. Bancorp by 1.2% during the 1st quarter. State Street Corp now owns 75,509,050 shares of the financial services provider’s stock valued at $3,888,995,000 after purchasing an additional 903,504 shares during the period. New England Asset Management Inc. increased its holdings in U.S. Bancorp by 52.5% during the 1st quarter. New England Asset Management Inc. now owns 26,571,846 shares of the financial services provider’s stock valued at $1,368,451,000 after purchasing an additional 9,150,126 shares during the period. US Bancorp DE increased its holdings in U.S. Bancorp by 1.9% during the 2nd quarter. US Bancorp DE now owns 14,157,826 shares of the financial services provider’s stock valued at $735,074,000 after purchasing an additional 259,093 shares during the period. First Eagle Investment Management LLC increased its holdings in U.S. Bancorp by 1.3% during the 1st quarter. First Eagle Investment Management LLC now owns 11,507,504 shares of the financial services provider’s stock valued at $592,636,000 after purchasing an additional 152,202 shares during the period. Finally, Legal & General Group Plc increased its holdings in U.S. Bancorp by 2.9% during the 1st quarter. Legal & General Group Plc now owns 8,251,609 shares of the financial services provider’s stock valued at $424,985,000 after purchasing an additional 231,478 shares during the period. Hedge funds and other institutional investors own 73.97% of the company’s stock.
U.S. Bancorp (USB) opened at 54.18 on Friday. The stock has a market cap of $90.63 billion, a P/E ratio of 16.37 and a beta of 0.87. The firm’s 50 day moving average price is $52.33 and its 200-day moving average price is $52.00. U.S. Bancorp has a 12-month low of $42.37 and a 12-month high of $56.61.
U.S. Bancorp (NYSE:USB) last issued its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 EPS for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.01. The business had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.46 billion. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the company posted $0.82 earnings per share. Equities research analysts anticipate that U.S. Bancorp will post $3.42 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 28th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.28. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.21%. U.S. Bancorp’s dividend payout ratio (DPR) is 36.04%.
U.S. Bancorp declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to buyback $2.60 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.
A number of research analysts recently issued reports on USB shares. BidaskClub downgraded U.S. Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, August 24th. Argus upgraded U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a report on Thursday, July 20th. Jefferies Group LLC restated a “buy” rating and set a $59.00 price target on shares of U.S. Bancorp in a report on Friday, August 11th. Nomura downgraded U.S. Bancorp from a “buy” rating to a “neutral” rating and reduced their price target for the company from $57.00 to $55.00 in a report on Thursday, September 28th. Finally, Bank of America Corporation downgraded U.S. Bancorp from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $56.00 to $54.00 in a report on Monday, October 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $53.07.
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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