Rockshelter Capital Management LLC lowered its position in shares of U.S. Bancorp (NYSE:USB) by 2.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 82,749 shares of the financial services provider’s stock after selling 1,800 shares during the period. U.S. Bancorp comprises about 1.5% of Rockshelter Capital Management LLC’s portfolio, making the stock its 26th biggest position. Rockshelter Capital Management LLC’s holdings in U.S. Bancorp were worth $4,336,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of USB. Daily Journal Corp grew its position in 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 worth $7,336,000 after acquiring an additional 13,860,000 shares during the last quarter. APG Asset Management N.V. lifted its holdings in U.S. Bancorp by 115.2% during the 2nd quarter. APG Asset Management N.V. now owns 3,824,226 shares of the financial services provider’s stock worth $175,965,000 after buying an additional 2,046,900 shares during the period. Geode Capital Management LLC lifted its holdings in 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 worth $835,766,000 after buying an additional 1,285,265 shares during the period. Acadian Asset Management LLC lifted its holdings in U.S. Bancorp by 140.8% during the 2nd quarter. Acadian Asset Management LLC now owns 2,005,750 shares of the financial services provider’s stock worth $105,104,000 after buying an additional 1,172,955 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its holdings in 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 worth $208,279,000 after buying an additional 1,140,289 shares during the period. Institutional investors and hedge funds own 75.49% of the company’s stock.
In other news, EVP Mark G. Runkel sold 10,986 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $57.32, for a total value of $629,717.52. Following the transaction, the executive vice president now directly owns 45,213 shares of the company’s stock, valued at approximately $2,591,609.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $57.33, for a total value of $1,146,600.00. Following the completion of the transaction, the insider now directly owns 65,959 shares in the company, valued at $3,781,429.47. The disclosure for this sale can be found here. Insiders sold a total of 40,414 shares of company stock worth $2,297,215 over the last three months. 0.24% of the stock is owned by company insiders.
Shares of NYSE:USB traded down $0.23 during midday trading on Monday, reaching $55.85. The company’s stock had a trading volume of 231,129 shares, compared to its average volume of 4,457,915. The firm has a market capitalization of $87.82 billion, a price-to-earnings ratio of 13.62, a PEG ratio of 1.85 and a beta of 1.10. 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 firm has a 50 day moving average price of $53.53 and a two-hundred day moving average price of $52.16. U.S. Bancorp has a fifty-two week low of $43.14 and a fifty-two week high of $57.81.
U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.02. The company had revenue of $5.58 billion for the quarter, compared to the consensus estimate of $5.73 billion. U.S. Bancorp had a return on equity of 15.45% and a net margin of 26.70%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.02 EPS. As a group, research analysts anticipate that U.S. Bancorp will post 4.31 earnings per share for the current year.
U.S. Bancorp declared that its board has authorized a share repurchase program on Thursday, June 27th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 3.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.
Several brokerages have commented on USB. Bank of America raised U.S. Bancorp from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $49.00 to $55.00 in a report on Thursday, July 18th. Morgan Stanley lifted their target price on U.S. Bancorp from $55.00 to $56.00 and gave the stock an “underweight” rating in a report on Thursday, July 18th. Deutsche Bank set a $59.00 target price on U.S. Bancorp and gave the stock a “hold” rating in a report on Friday, July 26th. Wedbush lifted their target price on U.S. Bancorp from $46.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Finally, Credit Suisse Group reaffirmed a “hold” rating and set a $55.00 target price on shares of U.S. Bancorp in a report on Thursday. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $56.93.
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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