Atlantic Trust Group LLC reduced its position in shares of U.S. Bancorp (NYSE:USB) by 0.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,719,199 shares of the financial services provider’s stock after selling 6,667 shares during the period. Atlantic Trust Group LLC’s holdings in U.S. Bancorp were worth $140,039,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently made changes to their positions in USB. Alecta Pensionsforsakring Omsesidigt increased its stake in shares of U.S. Bancorp by 1,130.0% in the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,460,000 shares of the financial services provider’s stock worth $126,690,000 after buying an additional 2,260,000 shares in the last quarter. First Trust Advisors LP increased its stake in shares of U.S. Bancorp by 276.0% in the first quarter. First Trust Advisors LP now owns 2,137,659 shares of the financial services provider’s stock worth $110,089,000 after buying an additional 1,569,154 shares in the last quarter. Karp Capital Management Corp purchased a new stake in shares of U.S. Bancorp during the first quarter worth $60,650,000. Canada Pension Plan Investment Board increased its stake in shares of U.S. Bancorp by 209.7% in the first quarter. Canada Pension Plan Investment Board now owns 1,452,520 shares of the financial services provider’s stock worth $74,805,000 after buying an additional 983,500 shares in the last quarter. Finally, Quantitative Investment Management LLC purchased a new stake in shares of U.S. Bancorp during the first quarter worth $36,261,000. Institutional investors and hedge funds own 76.25% of the company’s stock.
Shares of U.S. Bancorp (NYSE:USB) traded up 0.08% during trading on Wednesday, hitting $51.98. 1,443,708 shares of the stock traded hands. U.S. Bancorp has a 52 week low of $42.17 and a 52 week high of $56.61. The firm has a market cap of $86.95 billion, a P/E ratio of 15.70 and a beta of 0.86. The company has a 50-day moving average of $52.46 and a 200-day moving average of $52.52. U.S. Bancorp also was the recipient of unusually large options trading on Monday. Traders acquired 5,868 call options on the stock. This represents an increase of approximately 205% compared to the typical volume of 1,927 call options.
U.S. Bancorp (NYSE:USB) last posted its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.01. U.S. Bancorp had a return on equity of 13.85% and a net margin of 25.60%. The firm had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.46 billion. During the same quarter in the previous year, the business earned $0.82 earnings per share. The company’s revenue was up .7% on a year-over-year basis. 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 authorized a stock buyback program on Wednesday, June 28th that allows the company to repurchase $2.60 billion in shares. This repurchase authorization allows the financial services provider to buy up to 3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
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A number of analysts recently weighed in on USB shares. Argus upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Thursday, July 20th. Wells Fargo & Company downgraded shares of U.S. Bancorp from an “outperform” rating to a “market perform” rating and increased their price target for the company from $38.48 to $52.31 in a research 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 research report on Thursday, July 6th. Jefferies Group LLC reiterated 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, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of U.S. Bancorp in a research report on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company’s stock. U.S. Bancorp has an average rating of “Hold” and an average target price 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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