Parallel Advisors LLC raised its stake in U.S. Bancorp (NYSE:USB) by 31.3% during the second quarter, HoldingsChannel.com reports. The fund owned 11,692 shares of the financial services provider’s stock after purchasing an additional 2,784 shares during the quarter. Parallel Advisors LLC’s holdings in U.S. Bancorp were worth $613,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Trustcore Financial Services LLC purchased a new position in shares of U.S. Bancorp in the 1st quarter worth $28,000. Manchester Financial Inc. purchased a new position in shares of U.S. Bancorp in the 2nd quarter worth $30,000. Catamount Wealth Management grew its stake in shares of U.S. Bancorp by 525.0% in the 1st quarter. Catamount Wealth Management now owns 750 shares of the financial services provider’s stock worth $36,000 after buying an additional 630 shares in the last quarter. New Potomac Partners LLC purchased a new position in shares of U.S. Bancorp in the 1st quarter worth $37,000. Finally, Hillsdale Investment Management Inc. purchased a new position in shares of U.S. Bancorp in the 2nd quarter worth $37,000. Institutional investors own 75.50% of the company’s stock.
In other news, 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 sale, the insider now owns 65,959 shares in the company, valued at approximately $3,781,429.47. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $55.25, for a total transaction of $520,897.00. Following the completion of the sale, the insider now owns 94,658 shares of the company’s stock, valued at approximately $5,229,854.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 40,414 shares of company stock valued at $2,297,215. Company insiders own 0.24% of the company’s stock.
U.S. Bancorp stock traded up $0.17 during trading hours on Thursday, hitting $52.03. The company had a trading volume of 27,910 shares, compared to its average volume of 6,151,187. The firm has a market cap of $83.00 billion, a P/E ratio of 12.69, a P/E/G ratio of 1.75 and a beta of 1.06. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.83 and a current ratio of 0.84. U.S. Bancorp has a 1 year low of $43.14 and a 1 year high of $57.81. The company has a 50-day moving average price of $54.07 and a two-hundred day moving average price of $51.97.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.02. U.S. Bancorp had a net margin of 26.70% and a return on equity of 15.45%. The company had revenue of $5.58 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the previous year, the company earned $1.02 EPS. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, equities research analysts anticipate that U.S. Bancorp will post 4.31 EPS for the current year.
U.S. Bancorp announced that its board has approved a stock repurchase plan on Thursday, June 27th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
A number of equities analysts recently commented on USB shares. Morgan Stanley lifted their price target on shares of U.S. Bancorp from $55.00 to $56.00 and gave the stock an “underweight” rating in a research note on Thursday, July 18th. Deutsche Bank set a $59.00 price target on shares of U.S. Bancorp and gave the stock a “hold” rating in a research note on Friday, July 26th. Macquarie cut shares of U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 price target for the company. in a research note on Thursday, August 1st. Wedbush lifted their price target on shares of 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, JPMorgan Chase & Co. raised shares of U.S. Bancorp from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $52.50 to $57.00 in a research note on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $56.92.
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.
Featured Article: Strike Price
Want to see what other hedge funds are holding USB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for U.S. Bancorp (NYSE:USB).
Receive News & Ratings for U.S. Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for U.S. Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.