Dynamic Technology Lab Private Ltd purchased a new stake in shares of U.S. Bancorp (NYSE:USB) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 16,683 shares of the financial services provider’s stock, valued at approximately $859,000.
Several other institutional investors also recently made changes to their positions in the stock. Manning & Napier Advisors LLC raised its stake in shares of U.S. Bancorp by 4.2% in the first quarter. Manning & Napier Advisors LLC now owns 230,525 shares of the financial services provider’s stock valued at $11,871,000 after buying an additional 9,344 shares during the period. Fulton Bank N.A. raised its stake in shares of U.S. Bancorp by 8.3% in the first quarter. Fulton Bank N.A. now owns 12,828 shares of the financial services provider’s stock valued at $661,000 after buying an additional 982 shares during the period. Catawba Capital Management VA raised its stake in shares of U.S. Bancorp by 0.6% in the first quarter. Catawba Capital Management VA now owns 15,975 shares of the financial services provider’s stock valued at $823,000 after buying an additional 100 shares during the period. Waverton Investment Management Ltd raised its stake in shares of U.S. Bancorp by 48.5% in the first quarter. Waverton Investment Management Ltd now owns 999,977 shares of the financial services provider’s stock valued at $51,499,000 after buying an additional 326,409 shares during the period. Finally, Creative Planning increased its position in U.S. Bancorp by 18.6% in the first quarter. Creative Planning now owns 288,627 shares of the financial services provider’s stock valued at $14,864,000 after buying an additional 45,276 shares in the last quarter. Institutional investors own 76.25% of the company’s stock.
U.S. Bancorp (NYSE:USB) opened at 51.68 on Friday. The company’s 50-day moving average is $52.47 and its 200 day moving average is $52.54. U.S. Bancorp has a one year low of $42.17 and a one year high of $56.61. The stock has a market capitalization of $86.45 billion, a price-to-earnings ratio of 15.61 and a beta of 0.86.
U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results 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 firm had revenue of $5.49 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the company posted $0.82 earnings per share. Equities analysts expect that U.S. Bancorp will post $3.44 EPS for the current year.
U.S. Bancorp declared that its board has approved a share repurchase program 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 shares through open market purchases. Shares buyback programs are usually an indication that the company’s management believes its stock is undervalued.
A number of analysts have recently commented on the company. Argus raised U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Thursday, July 20th. Wells Fargo & Company cut U.S. Bancorp from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $38.48 to $52.31 in a research report on Thursday, May 4th. They noted that the move was a valuation call. BidaskClub raised U.S. Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $59.00 price objective on shares of U.S. Bancorp in a research report on Friday, June 9th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of U.S. Bancorp in a research report on Wednesday, July 19th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average 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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