Karp Capital Management Corp Takes Position in U.S. Bancorp (NYSE:USB)
Karp Capital Management Corp purchased a new position in shares of U.S. Bancorp (NYSE:USB) during the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 1,177,666 shares of the financial services provider’s stock, valued at approximately $60,650,000. Karp Capital Management Corp owned about 0.07% of U.S. Bancorp as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cpcm LLC bought a new stake in U.S. Bancorp during the fourth quarter valued at $510,000. Azimuth Capital Management LLC increased its stake in U.S. Bancorp by 19.2% in the fourth quarter. Azimuth Capital Management LLC now owns 17,825 shares of the financial services provider’s stock valued at $916,000 after buying an additional 2,865 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its stake in U.S. Bancorp by 17,792.6% in the fourth quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 180,536 shares of the financial services provider’s stock valued at $181,000 after buying an additional 179,527 shares during the period. Employees Retirement System of Texas increased its stake in U.S. Bancorp by 135.5% in the fourth quarter. Employees Retirement System of Texas now owns 341,500 shares of the financial services provider’s stock valued at $17,543,000 after buying an additional 196,500 shares during the period. Finally, First Allied Advisory Services Inc. increased its stake in U.S. Bancorp by 115.2% in the fourth quarter. First Allied Advisory Services Inc. now owns 193,645 shares of the financial services provider’s stock valued at $9,948,000 after buying an additional 103,667 shares during the period. 75.85% of the stock is currently owned by institutional investors and hedge funds.
Shares of U.S. Bancorp (USB) traded up 0.84% during midday trading on Friday, hitting $53.12. 5,562,774 shares of the stock were exchanged. The company has a market cap of $89.19 billion, a PE ratio of 16.05 and a beta of 0.86. The firm has a 50-day moving average price of $52.20 and a 200-day moving average price of $52.46. U.S. Bancorp has a 12-month low of $41.47 and a 12-month high of $56.61.
U.S. Bancorp (NYSE:USB) last posted its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the Zacks’ 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 the consensus estimate of $5.46 billion. During the same period last year, the firm posted $0.82 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts predict that U.S. Bancorp will post $3.44 EPS for the current year.
U.S. Bancorp announced that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $2.60 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were given a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.11%. U.S. Bancorp’s payout ratio is currently 33.63%.
USB has been the subject of several research reports. Jefferies Group LLC restated a “buy” rating and issued a $59.00 price target on shares of U.S. Bancorp in a research note on Friday, June 9th. BidaskClub downgraded shares of U.S. Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Rafferty Capital Markets downgraded shares of U.S. Bancorp from a “buy” rating to a “hold” rating and set a $53.00 price target for the company. in a research note on Thursday, April 20th. Argus upgraded shares of 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. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $52.56.
In other news, Vice Chairman P.W. Parker sold 29,449 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $51.94, for a total value of $1,529,581.06. Following the transaction, the insider now directly owns 307,698 shares in the company, valued at approximately $15,981,834.12. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.39% of the company’s stock.
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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