Summit Capital Management Lowers stake in U.S. Bancorp (USB)

U.S. Bancorp (USB) : Summit Capital Management reduced its stake in U.S. Bancorp by 0.02% during the most recent quarter end. The investment management company now holds a total of 150,550 shares of U.S. Bancorp which is valued at $6.2 Million after selling 33 shares in U.S. Bancorp , the firm said in a disclosure report filed with the SEC on May 11, 2016.U.S. Bancorp makes up approximately 2.82% of Summit Capital Management’s portfolio.

Other Hedge Funds, Including , Canandaigua National Bank Trust Co boosted its stake in USB in the latest quarter, The investment management firm added 2,007 additional shares and now holds a total of 10,411 shares of U.S. Bancorp which is valued at $431,328. U.S. Bancorp makes up approx 0.13% of Canandaigua National Bank Trust Co’s portfolio. Kalos Management sold out all of its stake in USB during the most recent quarter. The investment firm sold 1,819 shares of USB which is valued $75,998.Shamrock Asset Management reduced its stake in USB by selling 20,400 shares or 68.68% in the most recent quarter. The Hedge Fund company now holds 9,301 shares of USB which is valued at $388,596. U.S. Bancorp makes up approx 0.23% of Shamrock Asset Management’s portfolio.Van Hulzen Asset Management boosted its stake in USB in the latest quarter, The investment management firm added 3,604 additional shares and now holds a total of 48,548 shares of U.S. Bancorp which is valued at $2.1 Million. U.S. Bancorp makes up approx 1.18% of Van Hulzen Asset Management’s portfolio.

U.S. Bancorp opened for trading at $41.24 and hit $41.96 on the upside on Monday, eventually ending the session at $41.69, with a gain of 0.63% or 0.26 points. The heightened volatility saw the trading volume jump to 1,64,92,402 shares. Company has a market cap of $71,974 M.

On the company’s financial health, U.S. Bancorp reported $0.76 EPS for the quarter, based on the information available during the earnings call on Apr 20, 2016. Analyst had a consensus estimate of $0.76. The company had revenue of $5037.00 million for the quarter, compared to analysts expectations of $5071.11 million. The company’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.76 EPS.

Many Wall Street Analysts have commented on U.S. Bancorp. Shares were Reiterated by Compass Point on Apr 21, 2016 to “Neutral” and Lowered the Price Target to $ 46 from a previous price target of $48 .Shares were Downgraded by Robert W. Baird on Apr 21, 2016 to ” Neutral” and Lowered the Price Target to $ 42 from a previous price target of $45 .U.S. Bancorp was Downgraded by Guggenheim to ” Neutral” on Apr 6, 2016.

U.S. Bancorp is a multi-state financial services holding company. The Company operates through its banking subsidiary U.S. Bank National Association is engaged in the general banking business in domestic markets. The Company provides a 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 machines (ATM) processing mortgage banking insurance brokerage and leasing. U.S. Bank National Association provides a range of products and services to individuals businesses institutional organizations governmental entities and other financial institutions. Its commercial and consumer lending services are offered to customers within the Company’s domestic markets to domestic customers with foreign operations and to large national customers operating in specific industries targeted by the Company.

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