Covington Capital Management Lowers Position in U.S. Bancorp (USB)

Covington Capital Management lowered its stake in shares of U.S. Bancorp (NYSE:USB) by 5.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,885 shares of the financial services provider’s stock after selling 954 shares during the quarter. Covington Capital Management’s holdings in U.S. Bancorp were worth $870,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. SRS Capital Advisors Inc. boosted its holdings in U.S. Bancorp by 17.0% in the 1st quarter. SRS Capital Advisors Inc. now owns 2,547 shares of the financial services provider’s stock valued at $131,000 after purchasing an additional 371 shares in the last quarter. Signature Estate & Investment Advisors LLC purchased a new stake in U.S. Bancorp in the 1st quarter valued at approximately $155,000. Tradewinds Capital Management LLC boosted its holdings in U.S. Bancorp by 87.4% in the 1st quarter. Tradewinds Capital Management LLC now owns 3,663 shares of the financial services provider’s stock valued at $189,000 after purchasing an additional 1,708 shares in the last quarter. Hudock Capital Group LLC boosted its holdings in U.S. Bancorp by 0.4% in the 1st quarter. Hudock Capital Group LLC now owns 3,787 shares of the financial services provider’s stock valued at $195,000 after purchasing an additional 16 shares in the last quarter. Finally, Mechanics Bank Trust Department purchased a new stake in U.S. Bancorp in the 1st quarter valued at approximately $201,000. 74.21% of the stock is currently owned by hedge funds and other institutional investors.

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A number of equities research analysts have weighed in on USB shares. Argus raised U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Thursday, July 20th. BidaskClub raised U.S. Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Wells Fargo & Company started coverage on U.S. Bancorp in a report on Wednesday, August 9th. They issued a “market perform” rating and a $56.00 price objective on the stock. Jefferies Group LLC reaffirmed a “buy” rating and issued a $59.00 price objective on shares of U.S. Bancorp in a report on Friday, June 9th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of U.S. Bancorp in a report on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company’s stock. U.S. Bancorp currently has a consensus rating of “Hold” and a consensus target price of $52.50.

Shares of U.S. Bancorp (USB) traded up 1.99% on Tuesday, hitting $51.89. The company had a trading volume of 1,970,875 shares. The company has a 50-day moving average of $52.14 and a 200 day moving average of $52.23. U.S. Bancorp has a 12 month low of $42.17 and a 12 month high of $56.61. The stock has a market cap of $86.80 billion, a PE ratio of 15.68 and a beta of 0.87.

U.S. Bancorp (NYSE:USB) last issued 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 firm had revenue of $5.49 billion during 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%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the firm posted $0.82 earnings per share. Analysts anticipate that U.S. Bancorp will post $3.44 EPS for the current fiscal year.

U.S. Bancorp announced that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $2.60 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

U.S. Bancorp Company 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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