Perigon Wealth Management LLC boosted its position in shares of U.S. Bancorp (NYSE:USB) by 0.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,876 shares of the financial services provider’s stock after buying an additional 93 shares during the period. Perigon Wealth Management LLC’s holdings in U.S. Bancorp were worth $822,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in USB. Piedmont Investment Advisors LLC raised its position in shares of U.S. Bancorp by 0.9% in the first quarter. Piedmont Investment Advisors LLC now owns 348,386 shares of the financial services provider’s stock worth $17,942,000 after buying an additional 2,969 shares in the last quarter. Ballentine Partners LLC raised its position in shares of U.S. Bancorp by 65.8% in the first quarter. Ballentine Partners LLC now owns 18,462 shares of the financial services provider’s stock worth $953,000 after buying an additional 7,329 shares in the last quarter. HM Payson & Co. raised its position in shares of U.S. Bancorp by 2.4% in the first quarter. HM Payson & Co. now owns 6,273 shares of the financial services provider’s stock worth $323,000 after buying an additional 149 shares in the last quarter. Pointe Capital Management LLC purchased a new position in shares of U.S. Bancorp during the first quarter worth $473,000. Finally, Stonebridge Capital Advisors LLC raised its position in shares of U.S. Bancorp by 2.1% in the first quarter. Stonebridge Capital Advisors LLC now owns 90,241 shares of the financial services provider’s stock worth $4,648,000 after buying an additional 1,831 shares in the last quarter. 76.25% of the stock is currently owned by institutional investors and hedge funds.
Shares of U.S. Bancorp (NYSE:USB) traded up 0.17% during mid-day trading on Friday, hitting $51.81. The stock had a trading volume of 2,131,750 shares. The firm has a 50 day moving average price of $52.47 and a 200 day moving average price of $52.55. The firm has a market cap of $86.67 billion, a PE ratio of 15.65 and a beta of 0.86. U.S. Bancorp has a 52-week low of $42.17 and a 52-week high of $56.61.
U.S. Bancorp (NYSE:USB) last issued its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.01. The firm had revenue of $5.49 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.82 EPS. Equities analysts predict that U.S. Bancorp will post $3.44 EPS for the current year.
U.S. Bancorp announced that its Board of Directors has authorized a share buyback 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 reacquire up to 3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
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A number of research analysts have recently weighed in on the company. Jefferies Group LLC reissued a “buy” rating and issued a $59.00 price objective on shares of U.S. Bancorp in a report on Friday, August 11th. Wells Fargo & Company assumed coverage on U.S. Bancorp in a report on Wednesday, August 9th. They issued a “market perform” rating and a $56.00 price objective on the stock. BidaskClub lowered U.S. Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Argus raised U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of U.S. Bancorp in a report on Wednesday, July 19th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the stock. U.S. Bancorp presently has a consensus rating of “Hold” and an average 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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