U.S. Bancorp (USB) Stake Cut by Sitrin Capital Management LLC
Sitrin Capital Management LLC lowered its stake in shares of U.S. Bancorp (NYSE:USB) by 0.3% during the first quarter, according to its most recent filing with the SEC. The fund owned 73,428 shares of the financial services provider’s stock after selling 191 shares during the period. U.S. Bancorp makes up approximately 2.7% of Sitrin Capital Management LLC’s investment portfolio, making the stock its 24th largest position. Sitrin Capital Management LLC’s holdings in U.S. Bancorp were worth $3,782,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of U.S. Bancorp during the fourth quarter valued at about $736,819,000. First Eagle Investment Management LLC raised its stake in shares of U.S. Bancorp by 1.3% in the first quarter. First Eagle Investment Management LLC now owns 11,507,504 shares of the financial services provider’s stock valued at $592,636,000 after buying an additional 152,202 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of U.S. Bancorp by 10.3% in the first quarter. UBS Asset Management Americas Inc. now owns 6,332,879 shares of the financial services provider’s stock valued at $326,143,000 after buying an additional 592,961 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of U.S. Bancorp by 1.2% in the first quarter. Ameriprise Financial Inc. now owns 5,102,074 shares of the financial services provider’s stock valued at $262,842,000 after buying an additional 61,056 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of U.S. Bancorp by 0.4% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,796,505 shares of the financial services provider’s stock valued at $247,020,000 after buying an additional 21,443 shares in the last quarter. Institutional investors own 76.25% of the company’s stock.
U.S. Bancorp (NYSE:USB) traded down 0.08% during trading on Friday, reaching $51.68. The company had a trading volume of 5,299,712 shares. The firm has a market capitalization of $86.45 billion, a price-to-earnings ratio of 15.61 and a beta of 0.86. U.S. Bancorp has a 52 week low of $42.17 and a 52 week high of $56.61. The company’s 50-day moving average is $52.47 and its 200 day moving average is $52.54.
U.S. Bancorp (NYSE:USB) last issued its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.01. The firm had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.46 billion. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the firm posted $0.82 earnings per share. Equities analysts anticipate that U.S. Bancorp will post $3.44 EPS for the current year.
U.S. Bancorp announced that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $2.60 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
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A number of brokerages recently commented on USB. Jefferies Group LLC reiterated a “buy” rating and issued a $59.00 price objective on shares of U.S. Bancorp in a report on Friday, August 11th. Wells Fargo & Company assumed coverage on U.S. Bancorp in a report on Wednesday, August 9th. They set a “market perform” rating and a $56.00 price target for the company. BidaskClub downgraded U.S. Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. 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 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 assigned a hold rating and five have issued a buy rating to the company. The company currently has a consensus 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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