Cohen Lawrence B lowered its stake in U.S. Bancorp (NYSE:USB) by 13.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 97,563 shares of the financial services provider’s stock after selling 15,525 shares during the period. U.S. Bancorp accounts for about 3.2% of Cohen Lawrence B’s investment portfolio, making the stock its 9th largest position. Cohen Lawrence B’s holdings in U.S. Bancorp were worth $5,065,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in 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 last quarter. 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 last quarter. US Bancorp DE raised its position in U.S. Bancorp by 1.9% in the second quarter. US Bancorp DE now owns 14,157,826 shares of the financial services provider’s stock valued at $735,074,000 after buying an additional 259,093 shares during the last quarter. 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 last quarter. 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 last quarter. Hedge funds and other institutional investors own 76.25% of the company’s stock.
Shares of U.S. Bancorp (USB) traded down 0.08% during mid-day trading on Friday, reaching $51.68. 5,299,712 shares of the company’s stock were exchanged. U.S. Bancorp has a one year low of $42.17 and a one year high of $56.61. The stock has a 50-day moving average of $52.47 and a 200 day moving average of $52.54. The firm has a market capitalization of $86.45 billion, a P/E ratio of 15.61 and a beta of 0.86.
U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.01. The business had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.46 billion. U.S. Bancorp had a return on equity of 13.85% and a net margin of 25.60%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.82 earnings per share. On average, analysts forecast that U.S. Bancorp will post $3.44 EPS for the current fiscal year.
U.S. Bancorp declared that its board has initiated a share repurchase program on Wednesday, June 28th that permits the company to repurchase $2.60 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
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Several research analysts have issued reports on USB shares. Wells Fargo & Company lowered shares of U.S. Bancorp from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $38.48 to $52.31 in a report on Thursday, May 4th. They noted that the move was a valuation call. BidaskClub upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Jefferies Group LLC restated a “buy” rating and set a $59.00 price target on shares of U.S. Bancorp in a report on Friday, June 9th. Argus upgraded 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 report on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the stock. U.S. Bancorp currently has a consensus rating of “Hold” and a consensus price target of $52.85.
About U.S. Bancorp
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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