Procyon Advisors LLC Acquires 6,945 Shares of U.S. Bancorp (NYSE:USB)

Procyon Advisors LLC raised its stake in shares of U.S. Bancorp (NYSE:USB - Free Report) by 34.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,214 shares of the financial services provider's stock after buying an additional 6,945 shares during the period. Procyon Advisors LLC's holdings in U.S. Bancorp were worth $1,056,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in shares of U.S. Bancorp in the 4th quarter valued at approximately $777,524,000. Invesco Ltd. boosted its holdings in U.S. Bancorp by 48.1% in the fourth quarter. Invesco Ltd. now owns 16,787,513 shares of the financial services provider's stock worth $802,947,000 after purchasing an additional 5,449,949 shares in the last quarter. Marshall Wace LLP increased its position in U.S. Bancorp by 414.1% during the fourth quarter. Marshall Wace LLP now owns 5,789,565 shares of the financial services provider's stock worth $276,915,000 after buying an additional 4,663,518 shares during the last quarter. Raymond James Financial Inc. bought a new position in U.S. Bancorp during the fourth quarter valued at about $184,733,000. Finally, FMR LLC raised its holdings in U.S. Bancorp by 5.0% during the fourth quarter. FMR LLC now owns 67,125,746 shares of the financial services provider's stock valued at $3,210,624,000 after buying an additional 3,211,815 shares in the last quarter. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on USB. TD Cowen began coverage on U.S. Bancorp in a report on Thursday, May 15th. They set a "buy" rating and a $60.00 price objective on the stock. Morgan Stanley decreased their price objective on shares of U.S. Bancorp from $51.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Bank of America cut their target price on shares of U.S. Bancorp from $50.00 to $49.00 and set a "buy" rating for the company in a research report on Monday, March 17th. Oppenheimer upped their price target on shares of U.S. Bancorp from $57.00 to $59.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods lowered their price target on U.S. Bancorp from $54.00 to $49.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $50.72.

U.S. Bancorp Price Performance

Shares of USB stock traded down $1.04 during mid-day trading on Wednesday, reaching $44.20. The company's stock had a trading volume of 9,850,898 shares, compared to its average volume of 9,045,701. The firm's 50-day moving average is $41.31 and its two-hundred day moving average is $45.27. The company has a market cap of $68.87 billion, a P/E ratio of 11.66, a PEG ratio of 1.73 and a beta of 0.99. U.S. Bancorp has a 1-year low of $35.18 and a 1-year high of $53.98. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.81.

U.S. Bancorp (NYSE:USB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.97 by $0.06. U.S. Bancorp had a net margin of 14.75% and a return on equity of 12.94%. The firm had revenue of $6.96 billion during the quarter, compared to analysts' expectations of $6.92 billion. During the same quarter last year, the company earned $0.78 earnings per share. On average, research analysts predict that U.S. Bancorp will post 4.38 earnings per share for the current year.

Insider Activity at U.S. Bancorp

In other news, Director Aleem Gillani purchased 5,000 shares of the business's stock in a transaction that occurred on Monday, April 21st. The stock was purchased at an average cost of $37.32 per share, with a total value of $186,600.00. Following the acquisition, the director now directly owns 15,000 shares of the company's stock, valued at approximately $559,800. This trade represents a 50.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.23% of the stock is owned by insiders.

U.S. Bancorp Profile

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.