FARMERS & MERCHANTS TRUST Co OF LONG BEACH lowered its stake in U.S. Bancorp (NYSE:USB) by 6.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,739 shares of the financial services provider’s stock after selling 1,645 shares during the quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in U.S. Bancorp were worth $1,348,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Brookmont Capital Management boosted its position in U.S. Bancorp by 0.5% during the second quarter. Brookmont Capital Management now owns 36,674 shares of the financial services provider’s stock worth $1,922,000 after purchasing an additional 195 shares during the period. EagleClaw Capital Managment LLC raised its stake in U.S. Bancorp by 3.0% during the first quarter. EagleClaw Capital Managment LLC now owns 6,883 shares of the financial services provider’s stock worth $332,000 after acquiring an additional 200 shares in the last quarter. Sky Investment Group LLC raised its stake in U.S. Bancorp by 1.8% during the second quarter. Sky Investment Group LLC now owns 11,250 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 200 shares in the last quarter. SeaCrest Wealth Management LLC grew its holdings in shares of U.S. Bancorp by 0.7% during the second quarter. SeaCrest Wealth Management LLC now owns 28,512 shares of the financial services provider’s stock worth $1,494,000 after purchasing an additional 207 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of U.S. Bancorp by 4.3% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,144 shares of the financial services provider’s stock worth $248,000 after purchasing an additional 212 shares during the last quarter. 74.64% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE USB opened at $55.69 on Friday. The firm’s fifty day moving average price is $53.87. U.S. Bancorp has a 1-year low of $43.14 and a 1-year high of $57.81. The company has a market capitalization of $90.97 billion, a price-to-earnings ratio of 13.58, a price-to-earnings-growth ratio of 1.90 and a beta of 1.06. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.86.
U.S. Bancorp announced that its Board of Directors has approved a share repurchase program on Thursday, June 27th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $1.48 dividend on an annualized basis and a yield of 2.66%. U.S. Bancorp’s payout ratio is 36.10%.
In related news, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $55.25, for a total transaction of $520,897.00. Following the transaction, the insider now owns 94,658 shares in the company, valued at approximately $5,229,854.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of U.S. Bancorp stock in a transaction that occurred on 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 sale, the insider now directly owns 65,959 shares in the company, valued at $3,781,429.47. The disclosure for this sale can be found here. Insiders have sold 40,414 shares of company stock worth $2,297,215 in the last 90 days. Company insiders own 0.24% of the company’s stock.
USB has been the topic of several recent research reports. Bank of America upgraded U.S. Bancorp from an “underperform” rating to a “neutral” rating and raised their price target for the company from $49.00 to $55.00 in a report on Thursday, July 18th. Deutsche Bank set a $59.00 price target on U.S. Bancorp and gave the stock a “hold” rating in a research report on Friday, July 26th. Morgan Stanley lifted their target price on U.S. Bancorp from $55.00 to $56.00 and gave the company an “underweight” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. raised U.S. Bancorp from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $52.50 to $57.00 in a research report on Wednesday. Finally, Macquarie downgraded 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. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the stock. U.S. Bancorp has an average rating of “Hold” and a consensus target price 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.
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