Macguire Cheswick & Tuttle Investment Counsel LLC trimmed its position in U.S. Bancorp (NYSE:USB) by 0.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,052 shares of the financial services provider’s stock after selling 575 shares during the quarter. Macguire Cheswick & Tuttle Investment Counsel LLC’s holdings in U.S. Bancorp were worth $3,429,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Abbrea Capital LLC raised its stake in shares of U.S. Bancorp by 13.7% in the second quarter. Abbrea Capital LLC now owns 10,510 shares of the financial services provider’s stock valued at $549,000 after purchasing an additional 1,263 shares in the last quarter. CCM Investment Advisers LLC raised its stake in U.S. Bancorp by 0.8% during the second quarter. CCM Investment Advisers LLC now owns 188,578 shares of the financial services provider’s stock worth $9,790,000 after acquiring an additional 1,411 shares in the last quarter. Wedbush Securities Inc. raised its stake in U.S. Bancorp by 20.0% during the second quarter. Wedbush Securities Inc. now owns 40,785 shares of the financial services provider’s stock worth $2,118,000 after acquiring an additional 6,802 shares in the last quarter. IFC Holdings Incorporated FL raised its stake in U.S. Bancorp by 26.9% during the second quarter. IFC Holdings Incorporated FL now owns 8,107 shares of the financial services provider’s stock worth $422,000 after acquiring an additional 1,716 shares in the last quarter. Finally, BTC Capital Management Inc. raised its stake in U.S. Bancorp by 3.9% during the second quarter. BTC Capital Management Inc. now owns 72,241 shares of the financial services provider’s stock worth $3,752,000 after acquiring an additional 2,701 shares in the last quarter. Institutional investors and hedge funds own 73.97% of the company’s stock.
Several research analysts have issued reports on the company. Jefferies Group LLC reiterated a “buy” rating and set a $59.00 price objective on shares of U.S. Bancorp in a research note on Friday, August 11th. Zacks Investment Research upgraded U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Bank of America Corporation lowered U.S. Bancorp from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $56.00 to $54.00 in a research note on Monday, October 2nd. Nomura lowered U.S. Bancorp from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $57.00 to $55.00 in a research note on Thursday, September 28th. Finally, BidaskClub lowered U.S. Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $53.38.
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Shares of U.S. Bancorp (NYSE USB) opened at 54.23 on Wednesday. The stock’s 50 day moving average price is $52.46 and its 200 day moving average price is $52.01. The company has a market cap of $90.71 billion, a PE ratio of 16.38 and a beta of 0.87. U.S. Bancorp has a one year low of $42.37 and a one year high of $56.61.
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, beating the Thomson Reuters’ 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 return on equity of 13.85% and a net margin of 25.60%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.82 EPS. Equities analysts predict that U.S. Bancorp will post $3.42 earnings per share for the current fiscal year.
U.S. Bancorp declared that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to buyback $2.60 billion in shares. This buyback authorization allows the financial services provider to buy up to 3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.30 per share. The ex-dividend date is Thursday, September 28th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.21%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.28. U.S. Bancorp’s payout ratio is 36.04%.
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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