Summit Securities Group LLC Takes $218,000 Position in U.S. Bancorp (USB)
Summit Securities Group LLC purchased a new stake in U.S. Bancorp (NYSE:USB) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,200 shares of the financial services provider’s stock, valued at approximately $218,000.
A number of other institutional investors and hedge funds have also modified their holdings of USB. Waldron LP purchased a new position in U.S. Bancorp in the first quarter valued at about $323,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in U.S. Bancorp by 3.8% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 276,069 shares of the financial services provider’s stock valued at $14,218,000 after purchasing an additional 10,070 shares during the last quarter. One Capital Management LLC purchased a new position in U.S. Bancorp in the first quarter valued at about $206,000. Schaper Benz & Wise Investment Counsel Inc. WI boosted its holdings in U.S. Bancorp by 1.7% in the first quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 239,194 shares of the financial services provider’s stock valued at $12,318,000 after purchasing an additional 3,967 shares during the last quarter. Finally, First Houston Capital Inc. boosted its holdings in U.S. Bancorp by 2.2% in the first quarter. First Houston Capital Inc. now owns 61,700 shares of the financial services provider’s stock valued at $3,178,000 after purchasing an additional 1,300 shares during the last quarter. 73.97% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have commented on the company. BidaskClub raised U.S. Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Jefferies Group LLC reaffirmed a “buy” rating and set a $59.00 target price on shares of U.S. Bancorp in a report on Friday, August 11th. Argus raised U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a report on Thursday, July 20th. Robert W. Baird reaffirmed a “hold” rating and set a $48.00 target price on shares of U.S. Bancorp in a report on Tuesday, September 5th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of U.S. Bancorp in a report on Wednesday, July 19th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $53.07.
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Shares of U.S. Bancorp (USB) opened at 54.18 on Monday. U.S. Bancorp has a one year low of $42.37 and a one year high of $56.61. The company has a 50 day moving average price of $52.33 and a 200 day moving average price of $52.00. The company has a market cap of $90.63 billion, a P/E ratio of 16.37 and a beta of 0.87.
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 (EPS) for the quarter, beating the 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 for the quarter, compared to analyst estimates of $5.46 billion. During the same period in the previous year, the company posted $0.82 earnings per share. The company’s quarterly revenue was up .7% compared to the same quarter last year. Equities research analysts expect that U.S. Bancorp will post $3.42 earnings per share for the current year.
U.S. Bancorp declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $2.60 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.21%. This is a positive change 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 currently 36.04%.
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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