Sumitomo Mitsui Asset Management Company LTD lessened its position in shares of U.S. Bancorp (NYSE:USB) by 9.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 169,145 shares of the financial services provider’s stock after selling 17,653 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in U.S. Bancorp were worth $8,782,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Shell Asset Management Co. boosted its stake in shares of U.S. Bancorp by 1.5% during the 2nd quarter. Shell Asset Management Co. now owns 374,550 shares of the financial services provider’s stock worth $19,447,000 after buying an additional 5,429 shares during the last quarter. Meridian Wealth Management LLC boosted its stake in shares of U.S. Bancorp by 11.5% during the 2nd quarter. Meridian Wealth Management LLC now owns 8,006 shares of the financial services provider’s stock worth $416,000 after buying an additional 828 shares during the last quarter. Plancorp LLC boosted its stake in shares of U.S. Bancorp by 3.7% during the 2nd quarter. Plancorp LLC now owns 45,785 shares of the financial services provider’s stock worth $2,379,000 after buying an additional 1,639 shares during the last quarter. Howland Capital Management LLC boosted its stake in shares of U.S. Bancorp by 595.3% during the 2nd quarter. Howland Capital Management LLC now owns 62,198 shares of the financial services provider’s stock worth $3,229,000 after buying an additional 53,252 shares during the last quarter. Finally, ING Groep NV boosted its stake in shares of U.S. Bancorp by 690.8% during the 2nd quarter. ING Groep NV now owns 343,087 shares of the financial services provider’s stock worth $17,813,000 after buying an additional 299,702 shares during the last quarter. Hedge funds and other institutional investors own 74.20% of the company’s stock.

U.S. Bancorp (NYSE USB) opened at 51.68 on Monday. The company has a market capitalization of $86.45 billion, a PE ratio of 15.61 and a beta of 0.87. U.S. Bancorp has a one year low of $42.17 and a one year high of $56.61. The stock’s 50 day moving average is $52.32 and its 200 day moving average is $52.43.

U.S. Bancorp (NYSE:USB) last posted 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 business had revenue of $5.49 billion for 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%. U.S. Bancorp’s revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.82 EPS. On average, analysts anticipate that U.S. Bancorp will post $3.44 earnings per share for the current fiscal year.

U.S. Bancorp declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $2.60 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

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USB has been the subject of a number of recent research reports. BidaskClub downgraded shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, August 24th. Jefferies Group LLC restated a “buy” rating and set a $59.00 price objective on shares of U.S. Bancorp in a research note on Friday, June 9th. Argus upgraded 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. reiterated a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. Finally, Wells Fargo & Company assumed coverage on shares of U.S. Bancorp in a research note on Wednesday, August 9th. They issued a “market perform” rating and a $56.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $52.85.

U.S. Bancorp 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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Institutional Ownership by Quarter for U.S. Bancorp (NYSE:USB)

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