U.S. Bancorp (NYSE:USB) Shares Acquired by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC lifted its holdings in shares of U.S. Bancorp (NYSE:USB) by 25.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 6,477,979 shares of the financial services provider’s stock after buying an additional 1,330,830 shares during the period. U.S. Bancorp accounts for approximately 0.9% of CIBC Private Wealth Group LLC’s holdings, making the stock its 22nd largest holding. CIBC Private Wealth Group LLC’s holdings in U.S. Bancorp were worth $358,296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in USB. Bay Harbor Wealth Management LLC purchased a new stake in shares of U.S. Bancorp during the first quarter worth approximately $26,000. Goodwin Investment Advisory purchased a new stake in shares of U.S. Bancorp during the first quarter worth approximately $29,000. Vantage Consulting Group Inc purchased a new stake in shares of U.S. Bancorp during the fourth quarter worth approximately $27,000. Field & Main Bank purchased a new stake in shares of U.S. Bancorp during the fourth quarter worth approximately $27,000. Finally, Salem Investment Counselors Inc. increased its position in shares of U.S. Bancorp by 92.3% during the fourth quarter. Salem Investment Counselors Inc. now owns 600 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 288 shares in the last quarter. 74.31% of the stock is owned by institutional investors and hedge funds.

USB traded up $0.18 during mid-day trading on Friday, hitting $58.79. 55,599 shares of the stock were exchanged, compared to its average volume of 7,308,708. The firm’s fifty day moving average price is $59.16. U.S. Bancorp has a 1-year low of $34.01 and a 1-year high of $62.47. The company has a current ratio of 0.76, a quick ratio of 0.74 and a debt-to-equity ratio of 0.81. The company has a market cap of $87.58 billion, a P/E ratio of 15.42, a PEG ratio of 2.20 and a beta of 1.16.

U.S. Bancorp (NYSE:USB) last posted its earnings results on Wednesday, April 14th. The financial services provider reported $1.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.49. U.S. Bancorp had a return on equity of 12.52% and a net margin of 24.16%. The firm had revenue of $5.47 billion for the quarter, compared to analyst estimates of $5.53 billion. During the same quarter in the prior year, the company earned $0.72 EPS. U.S. Bancorp’s revenue was down 5.2% on a year-over-year basis. Sell-side analysts anticipate that U.S. Bancorp will post 4.57 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, April 15th. Investors of record on Wednesday, March 31st were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.86%. The ex-dividend date was Tuesday, March 30th. U.S. Bancorp’s payout ratio is 54.90%.

Several analysts recently commented on the company. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their price target on U.S. Bancorp from $63.00 to $65.00 in a research report on Wednesday, April 21st. Jefferies Financial Group upped their target price on U.S. Bancorp from $55.00 to $66.00 and gave the company a “buy” rating in a report on Friday, April 9th. Bank of America upgraded U.S. Bancorp from an “underperform” rating to a “neutral” rating and upped their target price for the company from $58.00 to $62.00 in a report on Monday, April 12th. JPMorgan Chase & Co. upped their target price on U.S. Bancorp from $60.00 to $64.50 and gave the company an “overweight” rating in a report on Monday, May 3rd. Finally, Credit Suisse Group upped their target price on U.S. Bancorp from $56.00 to $57.00 and gave the company a “neutral” rating in a report on Friday, April 16th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $60.10.

In other U.S. Bancorp news, EVP Mark G. Runkel sold 9,058 shares of the stock in a transaction dated Wednesday, April 21st. The stock was sold at an average price of $56.85, for a total value of $514,947.30. Following the sale, the executive vice president now owns 36,572 shares of the company’s stock, valued at approximately $2,079,118.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Katherine B. Quinn sold 25,000 shares of the stock in a transaction dated Tuesday, May 18th. The shares were sold at an average price of $61.47, for a total value of $1,536,750.00. In the last three months, insiders have sold 312,153 shares of company stock worth $18,005,134. 0.23% of the stock is owned by corporate insiders.

U.S. Bancorp Profile

U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support segments. The company offers depository services, including checking accounts, savings accounts, and time certificate contracts; lending services, such as traditional credit products; and credit card services, lease financing and import/export trade, asset-backed lending, agricultural finance, and other products.

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

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