U.S. Bancorp (USB) Holdings Raised by First Eagle Investment Management LLC
First Eagle Investment Management LLC boosted its holdings in shares of U.S. Bancorp (NYSE:USB) by 1.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,625,567 shares of the financial services provider’s stock after purchasing an additional 118,063 shares during the period. U.S. Bancorp comprises approximately 1.4% of First Eagle Investment Management LLC’s investment portfolio, making the stock its 19th biggest position. First Eagle Investment Management LLC owned 0.69% of U.S. Bancorp worth $603,599,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Stelac Advisory Services LLC bought a new stake in U.S. Bancorp during the second quarter worth $103,000. SRS Capital Advisors Inc. lifted its stake in U.S. Bancorp by 17.0% during the first quarter. SRS Capital Advisors Inc. now owns 2,547 shares of the financial services provider’s stock worth $131,000 after purchasing an additional 371 shares during the last quarter. Orrstown Financial Services Inc. lifted its stake in U.S. Bancorp by 30.4% during the second quarter. Orrstown Financial Services Inc. now owns 2,921 shares of the financial services provider’s stock worth $152,000 after purchasing an additional 681 shares during the last quarter. Signature Estate & Investment Advisors LLC bought a new stake in U.S. Bancorp during the first quarter worth $155,000. Finally, Tradewinds Capital Management LLC lifted its stake in U.S. Bancorp by 87.4% during the first quarter. Tradewinds Capital Management LLC now owns 3,663 shares of the financial services provider’s stock worth $189,000 after purchasing an additional 1,708 shares during the last quarter. Hedge funds and other institutional investors own 73.95% of the company’s stock.
A number of brokerages have recently commented on USB. BidaskClub upgraded U.S. Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Jefferies Group LLC reiterated a “buy” rating and issued a $59.00 price target on shares of U.S. Bancorp in a research note on Friday, August 11th. Argus upgraded U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research note on Thursday, July 20th. Robert W. Baird reiterated a “hold” rating and issued a $48.00 price target on shares of U.S. Bancorp in a research note on Tuesday, September 5th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. Four analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $53.56.
U.S. Bancorp (NYSE:USB) opened at 53.88 on Wednesday. U.S. Bancorp has a 12 month low of $42.52 and a 12 month high of $56.61. The company’s 50-day moving average price is $52.67 and its 200 day moving average price is $52.05. The company has a market capitalization of $90.13 billion, a price-to-earnings ratio of 16.28 and a beta of 0.87.
U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) 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 company had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.46 billion. During the same quarter in the previous year, the company earned $0.82 earnings per share. U.S. Bancorp’s quarterly revenue was up .7% on a year-over-year basis. Analysts forecast that U.S. Bancorp will post $3.42 EPS for the current fiscal year.
U.S. Bancorp declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $2.60 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were given a dividend of $0.30 per share. The ex-dividend date was Thursday, September 28th. This represents a $1.20 annualized dividend and a dividend yield of 2.23%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.28. U.S. Bancorp’s payout ratio is currently 36.04%.
U.S. Bancorp 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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