Smith Asset Management Group LP Purchases 20,958 Shares of U.S. Bancorp (USB)

Smith Asset Management Group LP boosted its position in U.S. Bancorp (NYSE:USB) by 4.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 448,670 shares of the financial services provider’s stock after acquiring an additional 20,958 shares during the period. Smith Asset Management Group LP’s holdings in U.S. Bancorp were worth $23,294,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in USB. New England Asset Management Inc. boosted its holdings in U.S. Bancorp by 52.5% in the first quarter. New England Asset Management Inc. now owns 26,571,846 shares of the financial services provider’s stock worth $1,368,451,000 after acquiring an additional 9,150,126 shares in the last quarter. Alecta Pensionsforsakring Omsesidigt raised its stake in shares of U.S. Bancorp by 1,130.0% in the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,460,000 shares of the financial services provider’s stock worth $126,690,000 after purchasing an additional 2,260,000 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of U.S. Bancorp by 54.2% in the first quarter. AQR Capital Management LLC now owns 4,698,271 shares of the financial services provider’s stock worth $241,961,000 after purchasing an additional 1,652,219 shares during the last quarter. First Trust Advisors LP raised its stake in shares of U.S. Bancorp by 276.0% in the first quarter. First Trust Advisors LP now owns 2,137,659 shares of the financial services provider’s stock worth $110,089,000 after purchasing an additional 1,569,154 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in shares of U.S. Bancorp by 85.6% in the second quarter. Canada Pension Plan Investment Board now owns 2,695,720 shares of the financial services provider’s stock worth $139,962,000 after purchasing an additional 1,243,200 shares during the last quarter. Institutional investors and hedge funds own 73.97% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: This article was first reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this article on another site, it was illegally stolen and reposted in violation of U.S. and international copyright legislation. The original version of this article can be viewed at https://ledgergazette.com/2017/10/10/smith-asset-management-group-lp-purchases-20958-shares-of-u-s-bancorp-usb.html.

Several analysts have recently commented on the company. Instinet downgraded U.S. Bancorp from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $57.00 to $55.00 in a research note on Thursday, September 28th. Zacks Investment Research raised U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Robert W. Baird reissued a “hold” rating and issued a $48.00 price objective on shares of U.S. Bancorp in a research note on Friday. BidaskClub downgraded U.S. Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Finally, Wells Fargo & Company assumed coverage on U.S. Bancorp in a research note on Wednesday, August 9th. They issued a “market perform” rating and a $56.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $53.38.

Shares of U.S. Bancorp (NYSE USB) opened at 53.85 on Tuesday. The stock has a market capitalization of $90.08 billion, a P/E ratio of 16.27 and a beta of 0.87. U.S. Bancorp has a 12 month low of $42.37 and a 12 month high of $56.61. The company’s 50 day moving average price is $52.39 and its 200-day moving average price is $52.00.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.01. The business had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.46 billion. U.S. Bancorp had a return on equity of 13.85% and a net margin of 25.60%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.82 EPS. Equities analysts predict that U.S. Bancorp will post $3.42 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investor

A number of other large investors have also recently made changes to their positions in USB. New England Asset Management Inc. boosted its holdings in U.S. Bancorp by 52.5% in the first quarter. New England Asset Management Inc. now owns 26,571,846 shares of the financial services provider’s stock worth $1,368,451,000 after acquiring an additional 9,150,126 shares in the last quarter. Alecta Pensionsforsakring Omsesidigt raised its stake in shares of U.S. Bancorp by 1,130.0% in the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,460,000 shares of the financial services provider’s stock worth $126,690,000 after purchasing an additional 2,260,000 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of U.S. Bancorp by 54.2% in the first quarter. AQR Capital Management LLC now owns 4,698,271 shares of the financial services provider’s stock worth $241,961,000 after purchasing an additional 1,652,219 shares during the last quarter. First Trust Advisors LP raised its stake in shares of U.S. Bancorp by 276.0% in the first quarter. First Trust Advisors LP now owns 2,137,659 shares of the financial services provider’s stock worth $110,089,000 after purchasing an additional 1,569,154 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in shares of U.S. Bancorp by 85.6% in the second quarter. Canada Pension Plan Investment Board now owns 2,695,720 shares of the financial services provider’s stock worth $139,962,000 after purchasing an additional 1,243,200 shares during the last quarter. Institutional investors and hedge funds own 73.97% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: This article was first reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this article on another site, it was illegally stolen and reposted in violation of U.S. and international copyright legislation. The original version of this article can be viewed at https://ledgergazette.com/2017/10/10/smith-asset-management-group-lp-purchases-20958-shares-of-u-s-bancorp-usb.html.

Several analysts have recently commented on the company. Instinet downgraded U.S. Bancorp from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $57.00 to $55.00 in a research note on Thursday, September 28th. Zacks Investment Research raised U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Robert W. Baird reissued a “hold” rating and issued a $48.00 price objective on shares of U.S. Bancorp in a research note on Friday. BidaskClub downgraded U.S. Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Finally, Wells Fargo & Company assumed coverage on U.S. Bancorp in a research note on Wednesday, August 9th. They issued a “market perform” rating and a $56.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $53.38.

Shares of U.S. Bancorp (NYSE USB) opened at 53.85 on Tuesday. The stock has a market capitalization of $90.08 billion, a P/E ratio of 16.27 and a beta of 0.87. U.S. Bancorp has a 12 month low of $42.37 and a 12 month high of $56.61. The company’s 50 day moving average price is $52.39 and its 200-day moving average price is $52.00.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.01. The business had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.46 billion. U.S. Bancorp had a return on equity of 13.85% and a net margin of 25.60%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.82 EPS. Equities analysts predict that U.S. Bancorp will post $3.42 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be given a $0.30 dividend. The ex-dividend date is Thursday, September 28th. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a yield of 2.23%. U.S. Bancorp’s dividend payout ratio is 36.04%.

U.S. Bancorp declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $2.60 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

About U.S. Bancorp

U.S. Bancorp is a multi-state financial services holding company. The Company provides a full range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and automated teller machine (ATM) processing, mortgage banking, insurance, brokerage and leasing.

Institutional Ownership by Quarter 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.

Leave a Reply