Public Employees Retirement Association of Colorado lessened its stake in U.S. Bancorp (NYSE:USB) by 1.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 274,616 shares of the financial services provider’s stock after selling 4,611 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in U.S. Bancorp were worth $14,390,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Daily Journal Corp raised its position in U.S. Bancorp by 9,900.0% during the second quarter. Daily Journal Corp now owns 14,000,000 shares of the financial services provider’s stock worth $7,336,000 after acquiring an additional 13,860,000 shares in the last quarter. Confluence Investment Management LLC bought a new position in shares of U.S. Bancorp in the first quarter valued at about $81,175,000. Alecta Pensionsforsakring Omsesidigt raised its position in shares of U.S. Bancorp by 31.4% in the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 5,440,000 shares of the financial services provider’s stock valued at $262,045,000 after purchasing an additional 1,300,000 shares during the period. Geode Capital Management LLC raised its position in shares of U.S. Bancorp by 7.5% in the fourth quarter. Geode Capital Management LLC now owns 18,322,754 shares of the financial services provider’s stock valued at $835,766,000 after purchasing an additional 1,285,265 shares during the period. Finally, Hexavest Inc. bought a new position in shares of U.S. Bancorp in the second quarter valued at about $53,342,000. Institutional investors and hedge funds own 75.55% of the company’s stock.
Several equities analysts have recently weighed in on USB shares. Wedbush increased their price objective on shares of U.S. Bancorp from $46.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. raised shares of U.S. Bancorp from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $52.50 to $57.00 in a research report on Wednesday, July 31st. Deutsche Bank set a $59.00 price objective on shares of U.S. Bancorp and gave the company a “hold” rating in a research report on Friday, July 26th. Morgan Stanley increased their price objective on shares of U.S. Bancorp from $55.00 to $56.00 and gave the company an “underweight” rating in a research report on Thursday, July 18th. Finally, Bank of America raised shares of U.S. Bancorp from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $49.00 to $55.00 in a research report on Thursday, July 18th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $56.92.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.02. U.S. Bancorp had a net margin of 26.70% and a return on equity of 15.45%. The business had revenue of $5.58 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period last year, the firm earned $1.02 earnings per share. U.S. Bancorp’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, analysts anticipate that U.S. Bancorp will post 4.31 EPS for the current fiscal year.
U.S. Bancorp announced that its Board of Directors has initiated a share repurchase program on Thursday, June 27th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 3.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
In other U.S. Bancorp news, EVP Mark G. Runkel sold 10,986 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $57.32, for a total transaction of $629,717.52. Following the sale, the executive vice president now directly owns 45,213 shares in the company, valued at $2,591,609.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $57.33, for a total transaction of $1,146,600.00. Following the sale, the insider now owns 65,959 shares in the company, valued at $3,781,429.47. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,414 shares of company stock worth $2,297,215. 0.24% of the stock is owned by insiders.
U.S. Bancorp Profile
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.
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