United Fire Group Inc. Has $31,306,000 Position in U.S. Bancorp (USB)

United Fire Group Inc. held its position in shares of U.S. Bancorp (NYSE:USB) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 602,959 shares of the financial services provider’s stock at the end of the 2nd quarter. U.S. Bancorp comprises 11.1% of United Fire Group Inc.’s portfolio, making the stock its biggest position. United Fire Group Inc.’s holdings in U.S. Bancorp were worth $31,306,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of USB. New England Asset Management Inc. increased its position in shares of 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. Alecta Pensionsforsakring Omsesidigt increased its position in shares of U.S. Bancorp by 1,130.0% during the 1st quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,460,000 shares of the financial services provider’s stock valued at $126,690,000 after purchasing an additional 2,260,000 shares during the period. AQR Capital Management LLC increased its position in shares of U.S. Bancorp by 54.2% during the 1st quarter. AQR Capital Management LLC now owns 4,698,271 shares of the financial services provider’s stock valued at $241,961,000 after purchasing an additional 1,652,219 shares during the period. First Trust Advisors LP increased its position in shares of U.S. Bancorp by 276.0% during the 1st quarter. First Trust Advisors LP now owns 2,137,659 shares of the financial services provider’s stock valued at $110,089,000 after purchasing an additional 1,569,154 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in shares of U.S. Bancorp by 85.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 2,695,720 shares of the financial services provider’s stock valued at $139,962,000 after purchasing an additional 1,243,200 shares during the period. Hedge funds and other institutional investors own 73.97% of the company’s stock.

Several brokerages have recently issued reports on USB. Wells Fargo & Company began coverage on U.S. Bancorp in a research report on Wednesday, August 9th. They set a “market perform” rating and a $56.00 price target on the stock. BidaskClub cut U.S. Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. Bank of America Corporation cut U.S. Bancorp from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $56.00 to $54.00 in a research report on Monday, October 2nd. Instinet cut U.S. Bancorp from a “buy” rating to a “neutral” rating and lowered their price target for the company from $57.00 to $55.00 in a research report on Thursday, September 28th. Finally, Nomura cut U.S. Bancorp from a “buy” rating to a “neutral” rating and lowered their price target for the company from $57.00 to $55.00 in a research report on Thursday, September 28th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $53.07.

U.S. Bancorp (NYSE:USB) opened at 54.18 on Monday. The firm has a market capitalization of $90.63 billion, a PE ratio of 16.37 and a beta of 0.87. U.S. Bancorp has a one year low of $42.37 and a one year high of $56.61. The company has a 50 day moving average price of $52.33 and a 200-day moving average price of $52.00.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.85 EPS for the quarter, beating 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 quarter in the prior year, the company earned $0.82 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. On average, equities analysts predict that U.S. Bancorp will post $3.42 EPS for the current year.

U.S. Bancorp announced that its board has approved a share buyback plan on Wednesday, June 28th that permits the company to repurchase $2.60 billion in shares. This repurchase authorization permits the financial services provider to buy up to 3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be given a $0.30 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.21%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.28. U.S. Bancorp’s dividend payout ratio is currently 36.04%.

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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.

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

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