Pinnacle Associates Ltd. grew its position in shares of U.S. Bancorp (NYSE:USB) by 0.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,133 shares of the financial services provider’s stock after buying an additional 180 shares during the period. Pinnacle Associates Ltd.’s holdings in U.S. Bancorp were worth $1,097,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. lifted its holdings in U.S. Bancorp by 19.7% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 36,705 shares of the financial services provider’s stock worth $1,905,000 after buying an additional 6,048 shares during the last quarter. Providence First Trust Co bought a new position in U.S. Bancorp during the 2nd quarter worth approximately $995,000. Artemis Investment Management LLP lifted its holdings in U.S. Bancorp by 1,340.2% during the 2nd quarter. Artemis Investment Management LLP now owns 184,873 shares of the financial services provider’s stock worth $9,601,000 after buying an additional 172,036 shares during the last quarter. Budros Ruhlin & Roe Inc. lifted its holdings in U.S. Bancorp by 0.5% during the 2nd quarter. Budros Ruhlin & Roe Inc. now owns 7,492 shares of the financial services provider’s stock worth $389,000 after buying an additional 39 shares during the last quarter. Finally, ARGI Investment Services LLC lifted its holdings in U.S. Bancorp by 13.2% during the 2nd quarter. ARGI Investment Services LLC now owns 26,844 shares of the financial services provider’s stock worth $1,367,000 after buying an additional 3,130 shares during the last quarter. 74.20% of the stock is currently owned by institutional investors.
USB has been the topic of several recent research reports. Argus raised U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a report on Thursday, July 20th. BidaskClub raised U.S. Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Instinet downgraded U.S. Bancorp from a “buy” rating to a “neutral” rating and cut their price target for the stock from $57.00 to $55.00 in a report on Thursday, September 28th. Robert W. Baird reissued a “hold” rating and issued a $48.00 price target on shares of U.S. Bancorp in a report on Friday, October 6th. Finally, Bank of America Corporation downgraded U.S. Bancorp from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $56.00 to $54.00 in a report on Monday, October 2nd. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $53.82.
U.S. Bancorp (NYSE:USB) last issued its earnings results on Wednesday, October 18th. The financial services provider reported $0.88 EPS for the quarter, meeting the consensus estimate of $0.88. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.60 billion. U.S. Bancorp had a net margin of 25.46% and a return on equity of 13.91%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 EPS.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were given a dividend of $0.30 per share. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.20 annualized dividend and a dividend yield of 2.19%. U.S. Bancorp’s payout ratio is presently 35.61%.
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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