Pinnacle Associates Ltd. Has $966,000 Stock Position in U.S. Bancorp (NYSE:USB)

Pinnacle Associates Ltd. increased its position in shares of U.S. Bancorp (NYSE:USB) by 1.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 18,426 shares of the financial services provider’s stock after buying an additional 272 shares during the quarter. Pinnacle Associates Ltd.’s holdings in U.S. Bancorp were worth $966,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. GWM Advisors LLC raised its stake in U.S. Bancorp by 1.2% during the 2nd quarter. GWM Advisors LLC now owns 27,156 shares of the financial services provider’s stock worth $1,423,000 after buying an additional 329 shares during the period. Meeder Asset Management Inc. purchased a new stake in shares of U.S. Bancorp in the second quarter worth approximately $3,648,000. FLC Capital Advisors raised its stake in shares of U.S. Bancorp by 3.3% in the second quarter. FLC Capital Advisors now owns 11,677 shares of the financial services provider’s stock worth $620,000 after purchasing an additional 370 shares during the last quarter. Freestone Capital Holdings LLC raised its stake in shares of U.S. Bancorp by 9.9% in the second quarter. Freestone Capital Holdings LLC now owns 38,161 shares of the financial services provider’s stock worth $2,000,000 after purchasing an additional 3,430 shares during the last quarter. Finally, Buckingham Asset Management LLC raised its stake in shares of U.S. Bancorp by 10.4% in the second quarter. Buckingham Asset Management LLC now owns 68,005 shares of the financial services provider’s stock worth $3,563,000 after purchasing an additional 6,385 shares during the last quarter. 75.50% of the stock is currently owned by institutional investors and hedge funds.

In related news, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 65,959 shares of the company’s stock, valued at $3,781,429.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $55.25, for a total value of $520,897.00. Following the sale, the insider now directly owns 94,658 shares of the company’s stock, valued at $5,229,854.50. The disclosure for this sale can be found here. Insiders have sold 40,414 shares of company stock valued at $2,297,215 over the last ninety days. 0.24% of the stock is currently owned by company insiders.

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

Shares of USB opened at $51.98 on Friday. 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 company has a market capitalization of $81.91 billion, a price-to-earnings ratio of 12.68, a PEG ratio of 1.71 and a beta of 1.06. The stock has a 50 day moving average of $54.05 and a 200 day moving average of $51.97. U.S. Bancorp has a 12 month low of $43.14 and a 12 month high of $57.81.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $1.09 EPS for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.02. The company had revenue of $5.58 billion during 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%. U.S. Bancorp’s revenue was down 1.1% on a year-over-year basis. During the same period last year, the business posted $1.02 earnings per share. As a group, equities research analysts predict that U.S. Bancorp will post 4.31 earnings per share for the current year.

U.S. Bancorp declared that its Board of Directors has authorized a stock repurchase plan on Thursday, June 27th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 3.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

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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