Rehmann Capital Advisory Group raised its position in shares of U.S. Bancorp (NYSE:USB) by 0.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,306 shares of the financial services provider’s stock after buying an additional 28 shares during the period. Rehmann Capital Advisory Group’s holdings in U.S. Bancorp were worth $1,522,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. State Street Corp raised its stake in shares of U.S. Bancorp by 1.2% in the first quarter. State Street Corp now owns 75,509,050 shares of the financial services provider’s stock worth $3,888,995,000 after buying an additional 903,504 shares during the last quarter. New England Asset Management Inc. raised its stake in shares of U.S. Bancorp by 52.5% in the first quarter. New England Asset Management Inc. now owns 26,571,846 shares of the financial services provider’s stock worth $1,368,451,000 after buying an additional 9,150,126 shares during the last quarter. First Eagle Investment Management LLC raised its stake in shares of U.S. Bancorp by 1.3% in the first quarter. First Eagle Investment Management LLC now owns 11,507,504 shares of the financial services provider’s stock worth $592,636,000 after buying an additional 152,202 shares during the last quarter. Legal & General Group Plc raised its stake in shares of U.S. Bancorp by 2.9% in the first quarter. Legal & General Group Plc now owns 8,251,609 shares of the financial services provider’s stock worth $424,985,000 after buying an additional 231,478 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its stake in shares of U.S. Bancorp by 1.1% in the first quarter. TIAA CREF Investment Management LLC now owns 6,968,670 shares of the financial services provider’s stock worth $358,887,000 after buying an additional 73,504 shares in the last quarter. 76.25% of the stock is currently owned by institutional investors.
Shares of U.S. Bancorp (NYSE USB) opened at 51.68 on Friday. The stock’s 50 day moving average is $52.47 and its 200-day moving average is $52.54. U.S. Bancorp has a 12-month low of $42.17 and a 12-month 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 data 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 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%. The company’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.82 EPS. On average, analysts expect that U.S. Bancorp will post $3.44 earnings per share for the current year.
U.S. Bancorp declared that its board has approved a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $2.60 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
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A number of analysts have commented on the company. BidaskClub lowered U.S. Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, July 16th. Wells Fargo & Company assumed coverage on U.S. Bancorp in a report on Wednesday, August 9th. They issued a “market perform” rating and a $56.00 target price for the company. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of U.S. Bancorp in a report on Wednesday, July 19th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $59.00 target price on shares of U.S. Bancorp in a report on Friday, August 11th. Finally, Argus upgraded U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research note on Thursday, July 20th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the stock. U.S. Bancorp has a consensus 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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