Trustcore Financial Services LLC boosted its holdings in U.S. Bancorp (NYSE:USB) by 344.1% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,540 shares of the financial services provider’s stock after acquiring an additional 1,968 shares during the quarter. Trustcore Financial Services LLC’s holdings in U.S. Bancorp were worth $133,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Northern Trust Corp increased its stake in U.S. Bancorp by 0.9% in the 1st quarter. Northern Trust Corp now owns 20,320,154 shares of the financial services provider’s stock worth $979,228,000 after acquiring an additional 190,324 shares during the last quarter. Geode Capital Management LLC increased its position in shares of U.S. Bancorp by 7.5% during the 4th quarter. Geode Capital Management LLC now owns 18,322,754 shares of the financial services provider’s stock valued at $835,766,000 after purchasing an additional 1,285,265 shares during the last quarter. Daily Journal Corp increased its position in shares of U.S. Bancorp by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 14,000,000 shares of the financial services provider’s stock valued at $7,336,000 after purchasing an additional 13,860,000 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of U.S. Bancorp by 3.7% during the 1st quarter. Janus Henderson Group PLC now owns 13,071,712 shares of the financial services provider’s stock valued at $629,921,000 after purchasing an additional 470,496 shares during the last quarter. Finally, Clearbridge Investments LLC increased its position in shares of U.S. Bancorp by 1.8% during the 1st quarter. Clearbridge Investments LLC now owns 11,207,103 shares of the financial services provider’s stock valued at $540,070,000 after purchasing an additional 195,579 shares during the last quarter. Institutional investors and hedge funds own 74.63% of the company’s stock.
In other U.S. Bancorp news, EVP Mark G. Runkel sold 10,986 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $2,591,609.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $55.25, for a total value of $520,897.00. Following the completion of the sale, the insider now owns 94,658 shares of the company’s stock, valued at approximately $5,229,854.50. The disclosure for this sale can be found here. Insiders have sold a total of 40,414 shares of company stock valued at $2,297,215 over the last 90 days. 0.24% of the stock is currently owned by company insiders.
U.S. Bancorp (NYSE:USB) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.02. The company had revenue of $5.58 billion during the quarter, compared to analysts’ expectations of $5.73 billion. U.S. Bancorp had a return on equity of 15.45% and a net margin of 26.70%. U.S. Bancorp’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.02 EPS. As a group, equities analysts predict that U.S. Bancorp will post 4.31 earnings per share for the current fiscal year.
U.S. Bancorp announced that its board has authorized a stock 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 reacquire up to 3.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 2.80%. The ex-dividend date of this dividend was Thursday, June 27th. U.S. Bancorp’s dividend payout ratio is presently 36.10%.
Several equities analysts have recently commented on USB shares. Zacks Investment Research lowered U.S. Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, April 15th. Wedbush increased their price objective on U.S. Bancorp from $46.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Macquarie lowered U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 price objective on the stock. in a research report on Thursday, August 1st. Bank of America upgraded U.S. Bancorp from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $49.00 to $55.00 in a research report on Thursday, July 18th. Finally, Morgan Stanley increased their price objective on U.S. Bancorp from $55.00 to $56.00 and gave the company an “underweight” rating in a research report on Thursday, July 18th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the stock. U.S. Bancorp currently has an average rating of “Hold” and a consensus price target of $56.92.
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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