Parsons Capital Management Inc. RI Decreases Stock Holdings in U.S. Bancorp (NYSE:USB)

Parsons Capital Management Inc. RI decreased its holdings in shares of U.S. Bancorp (NYSE:USB) by 1.6% during the second quarter, HoldingsChannel reports. The institutional investor owned 66,368 shares of the financial services provider’s stock after selling 1,060 shares during the period. Parsons Capital Management Inc. RI’s holdings in U.S. Bancorp were worth $3,478,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in USB. Daily Journal Corp lifted 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 buying an additional 13,860,000 shares in the last quarter. Confluence Investment Management LLC purchased a new position in shares of U.S. Bancorp during the 1st quarter valued at approximately $81,175,000. Alecta Pensionsforsakring Omsesidigt lifted its position in shares of U.S. Bancorp by 31.4% during the 1st quarter. Alecta Pensionsforsakring Omsesidigt now owns 5,440,000 shares of the financial services provider’s stock valued at $262,045,000 after buying an additional 1,300,000 shares in the last quarter. Geode Capital Management LLC lifted 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 buying an additional 1,285,265 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its position in shares of U.S. Bancorp by 40.2% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 3,974,817 shares of the financial services provider’s stock valued at $208,279,000 after buying an additional 1,140,289 shares in the last quarter. Hedge funds and other institutional investors own 75.55% of the company’s stock.

In other news, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of U.S. Bancorp stock in a transaction on Monday, July 29th. The stock was sold at an average price of $57.33, for a total transaction of $1,146,600.00. Following the transaction, the insider now owns 65,959 shares in the company, valued at approximately $3,781,429.47. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of U.S. Bancorp stock in a transaction 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 transaction, the insider now owns 94,658 shares in the company, valued at approximately $5,229,854.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 40,414 shares of company stock worth $2,297,215. Insiders own 0.24% of the company’s stock.

USB stock traded up $0.33 during midday trading on Thursday, reaching $51.23. The stock had a trading volume of 262,950 shares, compared to its average volume of 6,377,645. The firm has a fifty day moving average price of $54.11. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.86. The stock has a market cap of $82.31 billion, a P/E ratio of 12.49, a price-to-earnings-growth ratio of 1.73 and a beta of 1.06. U.S. Bancorp has a 52-week low of $43.14 and a 52-week high of $57.81.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $1.09 EPS for the quarter, topping the consensus estimate of $1.07 by $0.02. U.S. Bancorp had a return on equity of 15.45% and a net margin of 26.70%. The business had revenue of $5.58 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the firm earned $1.02 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, analysts predict that U.S. Bancorp will post 4.31 EPS for the current fiscal year.

U.S. Bancorp declared that its board has approved a stock repurchase program on Thursday, June 27th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 3.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

A number of brokerages have weighed in on USB. Deutsche Bank set a $59.00 price objective on U.S. Bancorp and gave the company a “hold” rating in a report on Friday, July 26th. Wedbush raised their price objective on U.S. Bancorp from $46.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Morgan Stanley raised their price objective on U.S. Bancorp from $55.00 to $56.00 and gave the company an “underweight” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. upgraded U.S. Bancorp from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $52.50 to $57.00 in a report on Wednesday, July 31st. Finally, Bank of America upgraded U.S. Bancorp from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $49.00 to $55.00 in a report on Thursday, July 18th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $56.92.

U.S. Bancorp Company Profile

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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Institutional Ownership by Quarter for U.S. Bancorp (NYSE:USB)

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