Valley Brook Capital Group bought a new stake in U.S. Bancorp (NYSE:USB) during the 4th quarter, HoldingsChannel reports. The firm bought 800 shares of the financial services provider’s stock, valued at approximately $37,000.
Several other hedge funds also recently added to or reduced their stakes in USB. Norges Bank purchased a new position in shares of U.S. Bancorp during the 4th quarter worth $673,915,000. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of U.S. Bancorp by 1,964.0% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,862,914 shares of the financial services provider’s stock worth $86,793,000 after buying an additional 1,772,656 shares during the last quarter. Coho Partners Ltd. raised its position in shares of U.S. Bancorp by 36.5% during the 4th quarter. Coho Partners Ltd. now owns 5,273,903 shares of the financial services provider’s stock valued at $245,711,000 after buying an additional 1,410,994 shares during the period. Brandywine Global Investment Management LLC raised its position in shares of U.S. Bancorp by 518.8% during the 4th quarter. Brandywine Global Investment Management LLC now owns 1,617,721 shares of the financial services provider’s stock valued at $75,370,000 after buying an additional 1,356,292 shares during the period. Finally, Maj Invest Holding A S lifted its holdings in U.S. Bancorp by 34.3% in the fourth quarter. Maj Invest Holding A S now owns 5,016,236 shares of the financial services provider’s stock valued at $233,705,000 after acquiring an additional 1,280,113 shares during the last quarter. 71.73% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have recently commented on USB shares. Morgan Stanley upped their price target on U.S. Bancorp from $57.00 to $58.00 and gave the company an “equal weight” rating in a research note on Monday, March 8th. Royal Bank of Canada increased their target price on shares of U.S. Bancorp from $42.00 to $52.00 in a research note on Thursday, December 10th. Stephens boosted their price target on shares of U.S. Bancorp from $52.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, March 30th. Citigroup raised shares of U.S. Bancorp from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $53.00 to $55.00 in a research report on Friday, January 22nd. Finally, Barclays boosted their target price on U.S. Bancorp from $61.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $53.28.
U.S. Bancorp (NYSE:USB) last issued its earnings results on Tuesday, January 19th. The financial services provider reported $0.95 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.95. U.S. Bancorp had a net margin of 18.68% and a return on equity of 10.99%. The firm had revenue of $5.75 billion for the quarter, compared to analysts’ expectations of $5.80 billion. During the same quarter last year, the company earned $0.90 earnings per share. The firm’s revenue was up 1.5% compared to the same quarter last year. Analysts predict that U.S. Bancorp will post 3.06 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 15th. Stockholders of record on Wednesday, March 31st will be issued a $0.42 dividend. The ex-dividend date is Tuesday, March 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.96%. U.S. Bancorp’s payout ratio is 38.71%.
U.S. Bancorp declared that its board has approved a stock repurchase plan on Tuesday, December 22nd that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
About U.S. Bancorp
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support segments. The company offers depository services, including checking accounts, savings accounts, and time certificate contracts; lending services, such as traditional credit products; and credit card services, lease financing and import/export trade, asset-backed lending, agricultural finance, and other products.
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