Harbour Capital Advisors LLC lifted its position in shares of U.S. Bancorp (NYSE:USB) by 5,092.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 70,144 shares of the financial services provider’s stock after acquiring an additional 68,793 shares during the quarter. Harbour Capital Advisors LLC’s holdings in U.S. Bancorp were worth $1,351,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of the company. State Street Corp boosted its stake in shares of U.S. Bancorp by 1.2% during the 1st quarter. State Street Corp now owns 75,509,050 shares of the financial services provider’s stock worth $3,888,995,000 after acquiring an additional 903,504 shares in the last quarter. New England Asset Management Inc. boosted its stake in shares of U.S. Bancorp by 52.5% during the 1st 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 acquiring an additional 9,150,126 shares in the last quarter. US Bancorp DE boosted its stake in shares of U.S. Bancorp by 1.9% during the 2nd quarter. US Bancorp DE now owns 14,157,826 shares of the financial services provider’s stock worth $735,074,000 after acquiring an additional 259,093 shares in the last quarter. First Eagle Investment Management LLC boosted its stake in shares of U.S. Bancorp by 1.3% during the 1st quarter. First Eagle Investment Management LLC now owns 11,507,504 shares of the financial services provider’s stock worth $592,636,000 after acquiring an additional 152,202 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of U.S. Bancorp by 2.9% during the 1st quarter. Legal & General Group Plc now owns 8,251,609 shares of the financial services provider’s stock worth $424,985,000 after acquiring an additional 231,478 shares in the last quarter. 74.21% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently issued reports on USB. Jefferies Group LLC reissued a “buy” rating and set a $59.00 target price on shares of U.S. Bancorp in a research note on Friday, August 11th. Robert W. Baird restated a “hold” rating and set a $48.00 price target on shares of U.S. Bancorp in a research report on Tuesday, September 5th. BidaskClub downgraded shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, August 24th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of U.S. Bancorp in a research report on Wednesday, July 19th. Finally, Wells Fargo & Company began coverage on shares of U.S. Bancorp in a research report on Wednesday, August 9th. They set a “market perform” rating and a $56.00 price target for the company. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. U.S. Bancorp presently has a consensus rating of “Hold” and an average target price of $52.50.
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Shares of U.S. Bancorp (USB) opened at 51.57 on Wednesday. The firm has a market cap of $86.26 billion, a P/E ratio of 15.58 and a beta of 0.87. The firm has a 50-day moving average of $52.11 and a 200-day moving average of $52.22. U.S. Bancorp has a 12-month low of $42.17 and a 12-month high of $56.61.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.01. The firm had revenue of $5.49 billion for the quarter, compared to the consensus estimate 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 was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.82 earnings per share. On average, equities analysts forecast that U.S. Bancorp will post $3.44 earnings per share for the current fiscal year.
U.S. Bancorp announced that its Board of Directors has initiated a stock repurchase 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 shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
U.S. Bancorp 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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