Suffolk Capital Management LLC Maintains Stake in U.S. Bancorp (USB)
Suffolk Capital Management LLC held its position in shares of U.S. Bancorp (NYSE:USB) during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 5,215 shares of the financial services provider’s stock at the end of the first quarter. Suffolk Capital Management LLC’s holdings in U.S. Bancorp were worth $269,000 as of its most recent filing with the SEC.
Several other institutional investors have also modified their holdings of the company. Chelsea Counsel Co. boosted its position in shares of U.S. Bancorp by 26.9% in the first quarter. Chelsea Counsel Co. now owns 31,350 shares of the financial services provider’s stock valued at $1,615,000 after buying an additional 6,650 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of U.S. Bancorp during the first quarter valued at $343,000. Huntington National Bank boosted its position in shares of U.S. Bancorp by 17.5% in the first quarter. Huntington National Bank now owns 655,189 shares of the financial services provider’s stock valued at $33,742,000 after buying an additional 97,620 shares in the last quarter. City Holding Co. boosted its position in shares of U.S. Bancorp by 12.8% in the first quarter. City Holding Co. now owns 32,510 shares of the financial services provider’s stock valued at $1,674,000 after buying an additional 3,680 shares in the last quarter. Finally, West Coast Financial LLC boosted its position in shares of U.S. Bancorp by 18.2% in the first quarter. West Coast Financial LLC now owns 7,761 shares of the financial services provider’s stock valued at $400,000 after buying an additional 1,193 shares in the last quarter. 74.20% of the stock is owned by institutional investors.
U.S. Bancorp (NYSE:USB) traded down 0.281% during trading on Thursday, reaching $51.445. 1,275,501 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 price is $52.40 and its 200-day moving average price is $52.49. The firm has a market cap of $86.06 billion, a price-to-earnings ratio of 15.542 and a beta of 0.86.
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 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 firm had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.46 billion. During the same quarter in the previous year, the business earned $0.82 earnings per share. The company’s revenue was up .7% on a year-over-year basis. On average, equities research analysts anticipate that U.S. Bancorp will post $3.44 EPS for the current year.
U.S. Bancorp declared that its board has authorized a stock buyback program on Wednesday, June 28th that allows the company to repurchase $2.60 billion in shares. This repurchase authorization allows the financial services provider to buy up to 3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
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Several equities analysts have recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of U.S. Bancorp in a research note on Wednesday, August 9th. They set a “market perform” rating and a $56.00 price target for the company. Jefferies Group LLC reissued a “buy” rating and issued a $59.00 target price on shares of U.S. Bancorp in a research note on Friday, June 9th. BidaskClub cut shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Argus raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a research note on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average 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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