Profund Advisors LLC boosted its stake in shares of U.S. Bancorp (NYSE:USB) by 21.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 51,313 shares of the financial services provider’s stock after buying an additional 9,127 shares during the period. Profund Advisors LLC’s holdings in U.S. Bancorp were worth $2,689,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Scotia Capital Inc. raised its position in U.S. Bancorp by 66.5% in the second quarter. Scotia Capital Inc. now owns 22,249 shares of the financial services provider’s stock valued at $1,166,000 after purchasing an additional 8,885 shares during the period. APG Asset Management N.V. raised its position in U.S. Bancorp by 115.2% in the second quarter. APG Asset Management N.V. now owns 3,824,226 shares of the financial services provider’s stock valued at $175,965,000 after purchasing an additional 2,046,900 shares during the period. BSW Wealth Partners purchased a new stake in U.S. Bancorp in the second quarter valued at $222,000. Captrust Financial Advisors raised its position in U.S. Bancorp by 9.0% in the second quarter. Captrust Financial Advisors now owns 127,834 shares of the financial services provider’s stock valued at $6,746,000 after purchasing an additional 10,594 shares during the period. Finally, Highland Private Wealth Management purchased a new stake in U.S. Bancorp in the second quarter valued at $272,000. 75.67% of the stock is currently owned by institutional investors.
Shares of USB stock traded up $0.46 on Friday, hitting $56.19. The stock had a trading volume of 224,221 shares, compared to its average volume of 4,626,385. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a market capitalization of $88.67 billion, a P/E ratio of 13.72, a P/E/G ratio of 1.85 and a beta of 1.10. U.S. Bancorp has a 1 year low of $43.14 and a 1 year high of $57.81. The company’s 50 day moving average price is $53.54 and its 200-day moving average price is $52.14.
U.S. Bancorp announced that its Board of Directors has authorized a stock buyback program on Thursday, June 27th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 3.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In other U.S. Bancorp news, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $55.25, for a total transaction of $520,897.00. Following the sale, the insider now owns 94,658 shares in the company, valued at approximately $5,229,854.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $57.33, for a total value of $1,146,600.00. Following the sale, the insider now owns 65,959 shares in the company, valued at approximately $3,781,429.47. The disclosure for this sale can be found here. Insiders sold a total of 40,414 shares of company stock worth $2,297,215 in the last quarter. Company insiders own 0.24% of the company’s stock.
A number of equities research analysts have commented on USB shares. Credit Suisse Group restated a “hold” rating and issued a $55.00 target price on shares of U.S. Bancorp in a research report on Thursday. JPMorgan Chase & Co. upgraded U.S. Bancorp from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $52.50 to $57.00 in a research report on Wednesday, July 31st. Deutsche Bank set a $59.00 target price on U.S. Bancorp and gave the company a “hold” rating in a research report on Friday, July 26th. Wedbush lifted their target price on U.S. Bancorp from $46.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Finally, Macquarie downgraded U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 target price on the stock. in a research report on Thursday, August 1st. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $56.79.
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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