Fulton Bank N.A. boosted its holdings in shares of U.S. Bancorp (NYSE:USB) by 382.3% in the 1st quarter, Holdings Channel reports. The fund owned 22,098 shares of the financial services provider’s stock after acquiring an additional 17,516 shares during the quarter. Fulton Bank N.A.’s holdings in U.S. Bancorp were worth $1,222,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. Vantage Consulting Group Inc purchased a new position in U.S. Bancorp during the fourth quarter worth approximately $27,000. Field & Main Bank purchased a new stake in shares of U.S. Bancorp in the 4th quarter valued at approximately $27,000. Diversified LLC acquired a new position in U.S. Bancorp in the fourth quarter valued at approximately $28,000. Salem Investment Counselors Inc. grew its position in U.S. Bancorp by 92.3% in the fourth quarter. Salem Investment Counselors Inc. now owns 600 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 288 shares during the period. Finally, Jeppson Wealth Management LLC purchased a new position in shares of U.S. Bancorp during the 3rd quarter worth $31,000. Institutional investors and hedge funds own 71.73% of the company’s stock.
A number of analysts have issued reports on USB shares. Robert W. Baird reissued a “neutral” rating and issued a $55.00 target price on shares of U.S. Bancorp in a research report on Thursday, March 25th. JPMorgan Chase & Co. upgraded U.S. Bancorp from a “neutral” rating to an “overweight” rating and set a $60.00 price objective on the stock in a report on Thursday. Zacks Investment Research upgraded U.S. Bancorp from a “hold” rating to a “strong-buy” rating and set a $52.00 target price for the company in a report on Thursday, December 17th. Morgan Stanley boosted their price target on shares of U.S. Bancorp from $57.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Monday, March 8th. Finally, Citigroup raised shares of U.S. Bancorp from a “neutral” rating to a “buy” rating and raised their price objective for the company from $53.00 to $55.00 in a research note on Friday, January 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $53.28.
U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Tuesday, January 19th. The financial services provider reported $0.95 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.95. U.S. Bancorp had a return on equity of 10.99% and a net margin of 18.68%. The company had revenue of $5.75 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the previous year, the company earned $0.90 EPS. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, equities analysts predict that U.S. Bancorp will post 3.06 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, April 15th. Investors 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 yield of 2.98%. U.S. Bancorp’s payout ratio is 38.71%.
U.S. Bancorp declared that its Board of Directors has authorized a share buyback plan on Tuesday, December 22nd that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are 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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