U.S. Bancorp (USB) Shares Bought by Cibc World Markets Corp
Cibc World Markets Corp increased its stake in shares of U.S. Bancorp (NYSE:USB) by 51.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 166,289 shares of the financial services provider’s stock after buying an additional 56,637 shares during the period. Cibc World Markets Corp’s holdings in U.S. Bancorp were worth $8,564,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the stock. Alecta Pensionsforsakring Omsesidigt raised 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 valued at $126,690,000 after buying an additional 2,260,000 shares during the last quarter. First Trust Advisors LP raised 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 valued at $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 valued at about $60,650,000. Canada Pension Plan Investment Board raised 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 valued at $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 valued at about $36,261,000. Institutional investors and hedge funds own 76.25% of the company’s stock.
U.S. Bancorp (NYSE USB) traded up 0.66% on Friday, reaching $52.19. 837,485 shares of the company’s stock were exchanged. U.S. Bancorp has a 12 month low of $42.17 and a 12 month high of $56.61. The firm’s 50-day moving average is $52.40 and its 200-day moving average is $52.50. The firm has a market cap of $87.30 billion, a PE ratio of 15.77 and a beta of 0.86. U.S. Bancorp also was the recipient of unusually large options trading activity on Tuesday. Stock investors acquired 9,229 put options on the company. This represents an increase of approximately 141% compared to the typical volume of 3,837 put options.
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 analysts’ consensus estimates of $0.84 by $0.01. The firm had revenue of $5.49 billion during the quarter, compared to analyst estimates of $5.46 billion. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the business earned $0.82 earnings per share. On average, equities analysts forecast that U.S. Bancorp will post $3.44 earnings per share for the current year.
U.S. Bancorp declared that its Board of Directors has authorized a share repurchase program on Wednesday, June 28th that allows the company to buyback $2.60 billion in shares. This buyback authorization allows the financial services provider to buy up to 3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
USB has been the subject of several analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $59.00 price objective on shares of U.S. Bancorp in a research note on Friday, August 11th. BidaskClub raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Argus raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Thursday, July 20th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. Finally, Wells Fargo & Company lowered shares of U.S. Bancorp from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $38.48 to $52.31 in a research note on Thursday, May 4th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company’s stock. U.S. Bancorp currently has an average rating of “Hold” and an average price target of $52.85.
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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