Pegasus Partners Ltd. Decreases Holdings in U.S. Bancorp (USB)
Pegasus Partners Ltd. trimmed its holdings in shares of U.S. Bancorp (NYSE:USB) by 27.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 43,335 shares of the financial services provider’s stock after selling 16,162 shares during the period. Pegasus Partners Ltd.’s holdings in U.S. Bancorp were worth $2,250,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in USB. New England Asset Management Inc. lifted its stake 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 acquiring an additional 9,150,126 shares during the period. Alecta Pensionsforsakring Omsesidigt lifted its stake in 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 acquiring an additional 2,260,000 shares during the period. AQR Capital Management LLC lifted its stake in 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 acquiring an additional 1,652,219 shares during the period. First Trust Advisors LP lifted its stake in 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 acquiring an additional 1,569,154 shares during the period. Finally, Canada Pension Plan Investment Board lifted its stake in 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 acquiring an additional 1,243,200 shares during the period. Institutional investors and hedge funds own 73.95% of the company’s stock.
Several analysts have commented on the stock. Jefferies Group LLC restated a “buy” rating and set a $59.00 price objective on shares of U.S. Bancorp in a research note on Friday, August 11th. Zacks Investment Research upgraded shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, October 9th. Nomura cut shares of U.S. Bancorp from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $57.00 to $55.00 in a research note on Thursday, September 28th. BidaskClub cut shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Finally, Robert W. Baird restated a “hold” rating and set a $48.00 price objective on shares of U.S. Bancorp in a research note on Tuesday, September 5th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $53.56.
Shares of U.S. Bancorp (USB) opened at 54.26 on Tuesday. The stock has a market cap of $90.76 billion, a price-to-earnings ratio of 16.39 and a beta of 0.87. U.S. Bancorp has a one year low of $42.52 and a one year high of $56.61. The company has a 50-day moving average of $52.67 and a 200 day moving average of $52.05.
U.S. Bancorp (NYSE:USB) last released its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.01. U.S. Bancorp had a return on equity of 13.85% and a net margin of 25.60%. The company had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.46 billion. During the same quarter last year, the company earned $0.82 earnings per share. U.S. Bancorp’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities analysts forecast that U.S. Bancorp will post $3.42 earnings per share for the current fiscal year.
U.S. Bancorp announced that its board has approved a share repurchase plan 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 plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were issued a $0.30 dividend. The ex-dividend date was Thursday, September 28th. This represents a $1.20 dividend on an annualized basis and a yield of 2.21%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.28. U.S. Bancorp’s dividend payout ratio (DPR) is 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.
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