U.S. Bancorp (NYSE:USB) Shares Sold by Sit Investment Associates Inc.
Sit Investment Associates Inc. reduced its position in shares of U.S. Bancorp (NYSE:USB) by 27.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 574,287 shares of the financial services provider’s stock after selling 213,153 shares during the period. Sit Investment Associates Inc.’s holdings in U.S. Bancorp were worth $29,817,000 as of its most recent filing with the SEC.
Several other large investors have also recently made changes to their positions in the stock. Hudock Capital Group LLC increased its stake in shares of U.S. Bancorp by 0.4% in the first quarter. Hudock Capital Group LLC now owns 3,787 shares of the financial services provider’s stock worth $195,000 after buying an additional 16 shares in the last quarter. BSW Wealth Partners increased its stake in shares of U.S. Bancorp by 0.6% in the first quarter. BSW Wealth Partners now owns 3,973 shares of the financial services provider’s stock worth $205,000 after buying an additional 23 shares in the last quarter. Beese Fulmer Investment Management Inc. increased its stake in shares of U.S. Bancorp by 0.4% in the first quarter. Beese Fulmer Investment Management Inc. now owns 5,610 shares of the financial services provider’s stock worth $289,000 after buying an additional 25 shares in the last quarter. D. Scott Neal Inc. increased its stake in shares of U.S. Bancorp by 0.5% in the first quarter. D. Scott Neal Inc. now owns 7,488 shares of the financial services provider’s stock worth $386,000 after buying an additional 36 shares in the last quarter. Finally, Green Square Capital LLC boosted its position in shares of U.S. Bancorp by 0.4% in the first quarter. Green Square Capital LLC now owns 11,322 shares of the financial services provider’s stock valued at $586,000 after buying an additional 41 shares during the last quarter. 75.84% of the stock is currently owned by institutional investors.
Shares of U.S. Bancorp (NYSE USB) traded down 0.63% during mid-day trading on Friday, reaching $52.05. 4,448,688 shares of the company were exchanged. The company’s 50-day moving average is $52.32 and its 200 day moving average is $52.55. U.S. Bancorp has a 12 month low of $42.17 and a 12 month high of $56.61. The firm has a market capitalization of $87.07 billion, a price-to-earnings ratio of 15.73 and a beta of 0.86.
U.S. Bancorp (NYSE:USB) last released its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share for the quarter, beating the 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 firm had revenue of $5.49 billion during the quarter, compared to analyst estimates of $5.46 billion. During the same quarter in the previous year, the firm earned $0.82 earnings per share. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. Analysts predict that U.S. Bancorp will post $3.44 EPS for the current year.
U.S. Bancorp declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $2.60 billion in shares. This buyback authorization permits the financial services provider to buy up to 3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were paid a dividend of $0.28 per share. The ex-dividend date was Wednesday, June 28th. This represents a $1.12 annualized dividend and a yield of 2.15%. U.S. Bancorp’s payout ratio is 33.63%.
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Several research analysts have recently issued reports on the stock. Wells Fargo & Company assumed coverage on shares of U.S. Bancorp in a report on Wednesday. They issued a “market perform” rating and a $56.00 target price for the company. Jefferies Group LLC restated a “buy” rating and issued a $59.00 target price on shares of U.S. Bancorp in a report on Friday, June 9th. BidaskClub cut shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Argus upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a report on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of U.S. Bancorp in a report on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the stock. U.S. Bancorp has a consensus rating of “Hold” and an average price target of $52.85.
In other news, Vice Chairman P.W. Parker sold 29,449 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were 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 owns 307,698 shares of the company’s stock, valued at $15,981,834.12. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.39% of the stock is owned by insiders.
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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