Watch Point Trust Co grew its stake in U.S. Bancorp (NYSE:USB) by 11.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,793 shares of the financial services provider’s stock after acquiring an additional 7,800 shares during the period. U.S. Bancorp accounts for approximately 2.2% of Watch Point Trust Co’s holdings, making the stock its 16th largest position. Watch Point Trust Co’s holdings in U.S. Bancorp were worth $3,971,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Investment Management of Virginia LLC grew its holdings in U.S. Bancorp by 0.9% during the first quarter. Investment Management of Virginia LLC now owns 40,597 shares of the financial services provider’s stock worth $1,956,000 after purchasing an additional 357 shares during the period. BTIM Corp. grew its holdings in U.S. Bancorp by 3.8% during the first quarter. BTIM Corp. now owns 1,605,781 shares of the financial services provider’s stock worth $77,383,000 after purchasing an additional 58,254 shares during the period. Rehmann Capital Advisory Group grew its holdings in U.S. Bancorp by 1.4% during the first quarter. Rehmann Capital Advisory Group now owns 27,436 shares of the financial services provider’s stock worth $1,322,000 after purchasing an additional 373 shares during the period. O Shaughnessy Asset Management LLC grew its holdings in U.S. Bancorp by 2.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 9,826 shares of the financial services provider’s stock worth $474,000 after purchasing an additional 227 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its holdings in U.S. Bancorp by 0.6% during the second quarter. Oregon Public Employees Retirement Fund now owns 160,241 shares of the financial services provider’s stock worth $8,397,000 after purchasing an additional 936 shares during the period. Institutional investors own 75.55% of the company’s stock.
USB stock traded up $0.44 during mid-day trading on Thursday, hitting $51.34. 218,200 shares of the company were exchanged, compared to its average volume of 6,377,645. The business has a 50 day simple moving average of $54.11. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.86. The firm has a market cap of $82.31 billion, a PE ratio of 12.50, a PEG ratio of 1.73 and a beta of 1.06. U.S. Bancorp has a 1-year low of $43.14 and a 1-year high of $57.81.
U.S. Bancorp (NYSE:USB) last issued its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.02. The firm had revenue of $5.58 billion during the quarter, compared to the consensus estimate of $5.73 billion. U.S. Bancorp had a net margin of 26.70% and a return on equity of 15.45%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the business posted $1.02 earnings per share. Sell-side analysts predict that U.S. Bancorp will post 4.31 earnings per share for the current year.
U.S. Bancorp announced that its board has authorized a share repurchase plan on Thursday, June 27th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
In other U.S. Bancorp news, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $55.25, for a total transaction of $520,897.00. Following the completion of the sale, the insider now directly owns 94,658 shares in the company, valued at $5,229,854.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark G. Runkel sold 10,986 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $57.32, for a total transaction of $629,717.52. Following the sale, the executive vice president now owns 45,213 shares of the company’s stock, valued at $2,591,609.16. The disclosure for this sale can be found here. Insiders have sold 40,414 shares of company stock valued at $2,297,215 over the last 90 days. Company insiders own 0.24% of the company’s stock.
USB has been the subject of a number of research analyst reports. Deutsche Bank set a $59.00 price target on U.S. Bancorp and gave the stock a “hold” rating in a report on Friday, July 26th. Wedbush lifted their price target on U.S. Bancorp from $46.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Bank of America upgraded U.S. Bancorp from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $49.00 to $55.00 in a report on Thursday, July 18th. JPMorgan Chase & Co. upgraded U.S. Bancorp from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $52.50 to $57.00 in a report on Wednesday, July 31st. Finally, Macquarie cut U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 price target for the company. in a report on Thursday, August 1st. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $56.92.
About U.S. Bancorp
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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