Ariel Investments LLC Has $17,500,000 Position in U.S. Bancorp (USB)
Ariel Investments LLC continued to hold its stake in U.S. Bancorp (NYSE:USB) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 339,811 shares of the financial services provider’s stock at the end of the first quarter. Ariel Investments LLC’s holdings in U.S. Bancorp were worth $17,500,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of USB. First Eagle Investment Management LLC increased its stake in 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 during the last quarter. UBS Asset Management Americas Inc. increased its stake in 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 during the last quarter. Ameriprise Financial Inc. increased its stake in 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 during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in 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 during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in U.S. Bancorp by 2.2% in the first quarter. Russell Investments Group Ltd. now owns 4,034,509 shares of the financial services provider’s stock valued at $207,783,000 after buying an additional 85,323 shares during the last quarter. 74.20% of the stock is owned by institutional investors and hedge funds.
Shares of U.S. Bancorp (NYSE USB) traded down 1.145% during midday trading on Tuesday, reaching $51.365. The company had a trading volume of 1,253,103 shares. The firm has a market capitalization of $85.92 billion, a price-to-earnings ratio of 15.518 and a beta of 0.86. The company has a 50 day moving average of $52.40 and a 200 day moving average of $52.49. U.S. Bancorp has a 12-month low of $42.17 and a 12-month high of $56.61.
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 Thomson Reuters’ consensus estimate 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 business had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.46 billion. During the same period in the prior year, the business earned $0.82 EPS. The business’s revenue for the quarter was up .7% compared to the same quarter last year. Analysts anticipate that U.S. Bancorp will post $3.44 EPS for the current year.
U.S. Bancorp declared that its board has approved a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $2.60 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
USB has been the subject of several research reports. Wells Fargo & Company downgraded shares of U.S. Bancorp from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $38.48 to $52.31 in a research report on Thursday, May 4th. They noted that the move was a valuation call. BidaskClub downgraded shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, August 24th. Jefferies Group LLC reaffirmed a “buy” rating and set a $59.00 price objective on shares of U.S. Bancorp in a report on Friday, June 9th. Argus raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of U.S. Bancorp in a report on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. U.S. Bancorp currently has an average rating of “Hold” and a consensus target price 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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