Cadence Capital Management LLC Increases Stake in U.S. Bancorp (USB)
Cadence Capital Management LLC raised its position in U.S. Bancorp (NYSE:USB) by 5.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 238,940 shares of the financial services provider’s stock after buying an additional 12,146 shares during the period. U.S. Bancorp makes up about 0.8% of Cadence Capital Management LLC’s investment portfolio, making the stock its 28th largest position. Cadence Capital Management LLC’s holdings in U.S. Bancorp were worth $12,305,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the company. Alecta Pensionsforsakring Omsesidigt boosted its stake in U.S. Bancorp by 1,130.0% in the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,460,000 shares of the financial services provider’s stock worth $126,690,000 after buying an additional 2,260,000 shares during the last quarter. First Trust Advisors LP boosted its stake in U.S. Bancorp by 276.0% in the first quarter. First Trust Advisors LP now owns 2,137,659 shares of the financial services provider’s stock worth $110,089,000 after buying an additional 1,569,154 shares during the last quarter. Karp Capital Management Corp acquired a new stake in U.S. Bancorp during the first quarter worth about $60,650,000. Canada Pension Plan Investment Board boosted its stake in U.S. Bancorp by 209.7% in the first quarter. Canada Pension Plan Investment Board now owns 1,452,520 shares of the financial services provider’s stock worth $74,805,000 after buying an additional 983,500 shares during the last quarter. Finally, Quantitative Investment Management LLC acquired a new stake in U.S. Bancorp during the first quarter worth about $36,261,000. 74.20% of the stock is owned by institutional investors and hedge funds.
U.S. Bancorp (NYSE:USB) traded down 0.12% during midday trading on Monday, hitting $52.01. The stock had a trading volume of 469,983 shares. U.S. Bancorp has a 1-year low of $42.17 and a 1-year high of $56.61. The stock has a market capitalization of $87.00 billion, a PE ratio of 15.71 and a beta of 0.86. The stock’s 50-day moving average is $52.40 and its 200-day moving average is $52.49.
U.S. Bancorp (NYSE:USB) last posted 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 during the quarter, compared to analyst estimates of $5.46 billion. U.S. Bancorp had a return on equity of 13.85% and a net margin of 25.60%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the company earned $0.82 EPS. On average, equities research analysts anticipate that U.S. Bancorp will post $3.44 EPS for the current fiscal year.
U.S. Bancorp announced that its board has approved a share buyback program on Wednesday, June 28th that allows the company to repurchase $2.60 billion in shares. This repurchase authorization allows the financial services provider to buy up to 3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
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USB has been the subject of a number of research reports. Argus raised U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a research note on Thursday, July 20th. Wells Fargo & Company cut U.S. Bancorp from an “outperform” rating to a “market perform” rating and increased their target price 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. BidaskClub raised U.S. Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Jefferies Group LLC reaffirmed a “buy” rating and set a $59.00 price target on shares of U.S. Bancorp in a research report on Friday, June 9th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of U.S. Bancorp in a research report on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $52.85.
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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