Sumitomo Life Insurance Co. increased its stake in U.S. Bancorp (NYSE:USB) by 4.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,110 shares of the financial services provider’s stock after purchasing an additional 2,022 shares during the period. Sumitomo Life Insurance Co.’s holdings in U.S. Bancorp were worth $2,626,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the stock. Edge Capital Group LLC bought a new position in shares of U.S. Bancorp in the second quarter worth approximately $213,000. First Fiduciary Investment Counsel Inc. increased its position in shares of U.S. Bancorp by 1.5% in the second quarter. First Fiduciary Investment Counsel Inc. now owns 203,936 shares of the financial services provider’s stock worth $10,686,000 after purchasing an additional 2,995 shares during the last quarter. Atlas Capital Advisors LLC increased its position in shares of U.S. Bancorp by 327.2% in the second quarter. Atlas Capital Advisors LLC now owns 5,353 shares of the financial services provider’s stock worth $281,000 after purchasing an additional 4,100 shares during the last quarter. Ballentine Partners LLC increased its position in shares of U.S. Bancorp by 4.5% in the second quarter. Ballentine Partners LLC now owns 16,009 shares of the financial services provider’s stock worth $839,000 after purchasing an additional 686 shares during the last quarter. Finally, Polaris Greystone Financial Group LLC bought a new position in shares of U.S. Bancorp in the second quarter worth approximately $253,000. Institutional investors own 74.63% of the company’s stock.
In related news, EVP Mark G. Runkel sold 10,986 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $57.32, for a total value of $629,717.52. Following the completion of the sale, the executive vice president now owns 45,213 shares of the company’s stock, valued at $2,591,609.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $57.33, for a total value of $1,146,600.00. Following the completion of the sale, the insider now directly owns 65,959 shares of the company’s stock, valued at approximately $3,781,429.47. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,414 shares of company stock valued at $2,297,215. Insiders own 0.24% of the company’s stock.
USB traded up $0.07 during midday trading on Tuesday, hitting $53.12. The stock had a trading volume of 348,507 shares, compared to its average volume of 6,065,279. The stock has a market capitalization of $84.02 billion, a P/E ratio of 12.96, a P/E/G ratio of 1.84 and a beta of 1.06. U.S. Bancorp has a 1 year low of $43.14 and a 1 year high of $57.81. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.83 and a current ratio of 0.84. The company’s fifty day moving average is $54.04.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.02. The firm had revenue of $5.58 billion during the quarter, compared to analyst estimates of $5.73 billion. U.S. Bancorp had a return on equity of 15.45% and a net margin of 26.70%. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.02 earnings per share. On average, research analysts expect that U.S. Bancorp will post 4.31 EPS for the current year.
U.S. Bancorp announced that its Board of Directors has approved a share repurchase program on Thursday, June 27th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 3.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date was Thursday, June 27th. U.S. Bancorp’s dividend payout ratio (DPR) is presently 36.10%.
About U.S. Bancorp
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.
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