Tarbox Family Office Inc. continued to hold its position in U.S. Bancorp (NYSE:USB) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 54,397 shares of the financial services provider’s stock at the end of the second quarter. U.S. Bancorp accounts for about 1.4% of Tarbox Family Office Inc.’s investment portfolio, making the stock its 11th largest position. Tarbox Family Office Inc.’s holdings in U.S. Bancorp were worth $2,824,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp raised its position in U.S. Bancorp by 1.2% in the first quarter. State Street Corp now owns 75,509,050 shares of the financial services provider’s stock valued at $3,888,995,000 after buying an additional 903,504 shares during the period. New England Asset Management Inc. raised its position in U.S. Bancorp by 52.5% in the first quarter. New England Asset Management Inc. now owns 26,571,846 shares of the financial services provider’s stock valued at $1,368,451,000 after buying an additional 9,150,126 shares during the period. Norges Bank acquired a new position in U.S. Bancorp during the fourth quarter valued at about $736,819,000. First Eagle Investment Management LLC raised its position in U.S. Bancorp by 1.3% in the first quarter. First Eagle Investment Management LLC now owns 11,507,504 shares of the financial services provider’s stock valued at $592,636,000 after buying an additional 152,202 shares during the period. Finally, Legal & General Group Plc raised its position in U.S. Bancorp by 2.9% in the first quarter. Legal & General Group Plc now owns 8,251,609 shares of the financial services provider’s stock valued at $424,985,000 after buying an additional 231,478 shares during the period. 75.85% of the stock is owned by hedge funds and other institutional investors.
U.S. Bancorp (NYSE USB) traded up 0.713% during mid-day trading on Monday, hitting $52.945. 1,054,354 shares of the stock traded hands. The stock has a market capitalization of $88.89 billion, a PE ratio of 15.995 and a beta of 0.86. The company has a 50 day moving average price of $52.20 and a 200-day moving average price of $52.43. U.S. Bancorp has a one year low of $41.13 and a one year high of $56.61.
U.S. Bancorp (NYSE:USB) last issued its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 EPS for the quarter, beating the consensus estimate of $0.84 by $0.01. The company had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.46 billion. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.82 EPS. Equities analysts anticipate that U.S. Bancorp will post $3.44 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend was Wednesday, June 28th. U.S. Bancorp’s payout ratio is presently 33.63%.
U.S. Bancorp declared that its board has initiated a share buyback program on Wednesday, June 28th that authorizes the company to buyback $2.60 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 3% 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.
Several research analysts recently issued reports on USB shares. Wells Fargo & Company lowered shares of U.S. Bancorp from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $38.48 to $52.31 in a research report on Thursday, May 4th. They noted that the move was a valuation call. Royal Bank Of Canada reissued a “buy” rating and issued a $55.00 price target on shares of U.S. Bancorp in a research report on Tuesday, April 4th. BidaskClub raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Jefferies Group LLC reissued a “buy” rating and issued a $59.00 price target on shares of U.S. Bancorp in a research report on Friday, June 9th. Finally, Argus raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research report on Thursday, July 20th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the stock. U.S. Bancorp has a consensus rating of “Hold” and a consensus price target of $52.56.
In related news, Vice Chairman Leslie V. Godridge sold 14,192 shares of the company’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $52.18, for a total transaction of $740,538.56. Following the completion of the transaction, the insider now directly owns 62,303 shares in the company, valued at approximately $3,250,970.54. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman P.W. Parker sold 29,449 shares of the company’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $51.94, for a total transaction of $1,529,581.06. Following the transaction, the insider now owns 307,698 shares of the company’s stock, valued at $15,981,834.12. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by insiders.
U.S. Bancorp Company 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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