U.S. Bancorp (USB) is Covington Investment Advisors Inc.’s 5th Largest Position
Covington Investment Advisors Inc. increased its stake in shares of U.S. Bancorp (NYSE:USB) by 2.8% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 108,680 shares of the financial services provider’s stock after buying an additional 2,950 shares during the period. U.S. Bancorp accounts for about 2.2% of Covington Investment Advisors Inc.’s holdings, making the stock its 5th largest position. Covington Investment Advisors Inc.’s holdings in U.S. Bancorp were worth $5,597,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Signature Estate & Investment Advisors LLC acquired a new stake in shares of U.S. Bancorp during the first quarter valued at approximately $155,000. WealthTrust Arizona LLC boosted its stake in shares of U.S. Bancorp by 31.8% in the first quarter. WealthTrust Arizona LLC now owns 3,033 shares of the financial services provider’s stock valued at $156,000 after buying an additional 732 shares in the last quarter. Tradewinds Capital Management LLC boosted its stake in shares of U.S. Bancorp by 87.4% in the first quarter. Tradewinds Capital Management LLC now owns 3,663 shares of the financial services provider’s stock valued at $189,000 after buying an additional 1,708 shares in the last quarter. Hudock Capital Group LLC boosted its stake in shares of U.S. Bancorp by 0.4% in the first quarter. Hudock Capital Group LLC now owns 3,787 shares of the financial services provider’s stock valued at $195,000 after buying an additional 16 shares in the last quarter. Finally, Mechanics Bank Trust Department acquired a new stake in shares of U.S. Bancorp during the first quarter valued at approximately $201,000. Hedge funds and other institutional investors own 74.20% of the company’s stock.
Shares of U.S. Bancorp (NYSE:USB) traded down 0.3873% on Thursday, reaching $51.3902. 1,404,291 shares of the company were exchanged. The company’s 50-day moving average price is $52.40 and its 200 day moving average price is $52.49. U.S. Bancorp has a 12 month low of $42.17 and a 12 month high of $56.61. The company has a market cap of $85.96 billion, a price-to-earnings ratio of 15.5257 and a beta of 0.86.
U.S. Bancorp (NYSE:USB) last issued 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. The company had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.46 billion. U.S. Bancorp had a return on equity of 13.85% and a net margin of 25.60%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 earnings per share. On average, equities research analysts expect 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 program 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 shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
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Several equities research analysts have recently commented on the stock. BidaskClub cut shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, August 24th. Jefferies Group LLC reiterated a “buy” rating and set a $59.00 price target on shares of U.S. Bancorp in a research report on Friday, August 11th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of U.S. Bancorp in a research report on Wednesday, July 19th. Wells Fargo & Company assumed coverage on shares of U.S. Bancorp in a research report on Wednesday, August 9th. They set a “market perform” rating and a $56.00 price target for the company. Finally, 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 report on Thursday, July 20th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. U.S. Bancorp presently has a consensus rating of “Hold” and a consensus 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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