Retirement Systems of Alabama Reduces Stake in U.S. Bancorp (USB)
Retirement Systems of Alabama cut its position in shares of U.S. Bancorp (NYSE:USB) by 1.6% during the third quarter, Holdings Channel reports. The firm owned 813,706 shares of the financial services provider’s stock after selling 13,626 shares during the period. Retirement Systems of Alabama’s holdings in U.S. Bancorp were worth $34,900,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. NN Investment Partners Holdings N.V. increased its stake in shares of U.S. Bancorp by 12.8% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,440,460 shares of the financial services provider’s stock worth $58,092,000 after buying an additional 163,847 shares in the last quarter. Ngam Advisors L.P. increased its stake in shares of U.S. Bancorp by 19.3% in the second quarter. Ngam Advisors L.P. now owns 337,251 shares of the financial services provider’s stock worth $13,602,000 after buying an additional 54,547 shares in the last quarter. PGGM Investments increased its stake in shares of U.S. Bancorp by 2.4% in the second quarter. PGGM Investments now owns 2,218,126 shares of the financial services provider’s stock worth $89,457,000 after buying an additional 52,569 shares in the last quarter. Mar Vista Investment Partners LLC increased its stake in shares of U.S. Bancorp by 1.0% in the second quarter. Mar Vista Investment Partners LLC now owns 502,234 shares of the financial services provider’s stock worth $20,255,000 after buying an additional 4,813 shares in the last quarter. Finally, HL Financial Services LLC increased its stake in shares of U.S. Bancorp by 2.5% in the second quarter. HL Financial Services LLC now owns 2,314,834 shares of the financial services provider’s stock worth $93,357,000 after buying an additional 55,890 shares in the last quarter. 72.38% of the stock is currently owned by hedge funds and other institutional investors.
Shares of U.S. Bancorp (NYSE:USB) traded up 0.98% during midday trading on Wednesday, hitting $49.58. The company had a trading volume of 1,092,366 shares. U.S. Bancorp has a one year low of $37.07 and a one year high of $49.77. The stock has a market capitalization of $84.27 billion, a price-to-earnings ratio of 15.35 and a beta of 0.80. The stock’s 50-day moving average price is $45.64 and its 200-day moving average price is $43.10.
U.S. Bancorp (NYSE:USB) last released its earnings results on Wednesday, October 19th. The financial services provider reported $0.84 earnings per share for the quarter, hitting the consensus estimate of $0.84. U.S. Bancorp had a return on equity of 13.92% and a net margin of 26.24%. The firm earned $5.39 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same period in the prior year, the company earned $0.81 earnings per share. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Analysts predict that U.S. Bancorp will post $3.24 EPS for the current year.
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A number of analysts have commented on USB shares. Jefferies Group reiterated a “hold” rating and issued a $44.00 price objective on shares of U.S. Bancorp in a research report on Wednesday, August 10th. Portales Partners upgraded U.S. Bancorp from a “sector perform” rating to an “outperform” rating in a research report on Thursday, August 25th. Wells Fargo & Co. restated a “buy” rating on shares of U.S. Bancorp in a research report on Friday, September 16th. Oppenheimer Holdings Inc. restated a “hold” rating on shares of U.S. Bancorp in a research report on Saturday, September 17th. Finally, Zacks Investment Research downgraded U.S. Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, September 19th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have issued a buy rating to the stock. U.S. Bancorp has a consensus rating of “Hold” and a consensus price target of $45.68.
In other U.S. Bancorp news, Director Arthur D. Collins, Jr. sold 35,845 shares of the company’s stock in a transaction on Thursday, October 20th. The stock was sold at an average price of $44.01, for a total transaction of $1,577,538.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Terrance R. Dolan sold 55,205 shares of the company’s stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $47.67, for a total value of $2,631,622.35. Following the sale, the insider now owns 90,188 shares of the company’s stock, valued at $4,299,261.96. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.
U.S. Bancorp Company Profile
U.S. Bancorp is a multi-state financial services holding company. The Company’s banking subsidiary, U.S. Bank National Association, is engaged in the general banking business in domestic markets. It provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services.
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