Northwest Investment Counselors LLC Acquires New Position in U.S. Bancorp (USB)
Northwest Investment Counselors LLC acquired a new stake in shares of U.S. Bancorp (NYSE:USB) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 8,901 shares of the financial services provider’s stock, valued at approximately $462,000.
A number of other hedge funds and other institutional investors have also modified their holdings of USB. New England Asset Management Inc. grew its stake in U.S. Bancorp by 52.5% during the 1st quarter. New England Asset Management Inc. now owns 26,571,846 shares of the financial services provider’s stock valued at $1,368,451,000 after purchasing an additional 9,150,126 shares in the last quarter. Alecta Pensionsforsakring Omsesidigt grew its stake in U.S. Bancorp by 1,130.0% during the 1st quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,460,000 shares of the financial services provider’s stock valued at $126,690,000 after purchasing an additional 2,260,000 shares in the last quarter. AQR Capital Management LLC grew its stake in U.S. Bancorp by 54.2% during the 1st quarter. AQR Capital Management LLC now owns 4,698,271 shares of the financial services provider’s stock valued at $241,961,000 after purchasing an additional 1,652,219 shares in the last quarter. First Trust Advisors LP grew its stake in U.S. Bancorp by 276.0% during the 1st quarter. First Trust Advisors LP now owns 2,137,659 shares of the financial services provider’s stock valued at $110,089,000 after purchasing an additional 1,569,154 shares in the last quarter. Finally, Karp Capital Management Corp acquired a new stake in U.S. Bancorp during the 1st quarter valued at approximately $60,650,000. Hedge funds and other institutional investors own 73.97% of the company’s stock.
Shares of U.S. Bancorp (USB) traded down 0.13% during mid-day trading on Friday, hitting $53.67. The company had a trading volume of 6,240,972 shares. 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 $52.00 and its 200-day moving average is $52.08. The firm has a market cap of $89.78 billion, a PE ratio of 16.21 and a beta of 0.87.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.01. The company had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.46 billion. U.S. Bancorp had a return on equity of 13.85% and a net margin of 25.60%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the business earned $0.82 earnings per share. On average, equities analysts expect that U.S. Bancorp will post $3.43 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.24%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.28. The ex-dividend date is Thursday, September 28th. U.S. Bancorp’s payout ratio is presently 33.63%.
U.S. Bancorp announced that its board has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $2.60 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
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USB has been the subject of a number of recent analyst reports. 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, August 11th. BidaskClub upgraded U.S. Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Argus upgraded 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. restated a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. Finally, Robert W. Baird restated a “hold” rating and set a $48.00 price objective on shares of U.S. Bancorp in a research note on Tuesday, September 5th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $52.50.
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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