Polaris Greystone Financial Group LLC bought a new position in U.S. Bancorp (NYSE:USB) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 4,770 shares of the financial services provider’s stock, valued at approximately $253,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Trustcore Financial Services LLC bought a new stake in shares of U.S. Bancorp in the 1st quarter worth approximately $28,000. Manchester Financial Inc. bought a new stake in shares of U.S. Bancorp in the 2nd quarter worth approximately $30,000. Catamount Wealth Management lifted its holdings in shares of U.S. Bancorp by 525.0% in the 1st quarter. Catamount Wealth Management now owns 750 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 630 shares during the last quarter. New Potomac Partners LLC bought a new stake in shares of U.S. Bancorp in the 1st quarter worth approximately $37,000. Finally, CNB Bank lifted its holdings in shares of U.S. Bancorp by 161.0% in the 1st quarter. CNB Bank now owns 783 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 483 shares during the last quarter. Institutional investors own 74.63% of the company’s stock.
In other news, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $57.33, for a total value of $1,146,600.00. Following the sale, the insider now owns 65,959 shares of the company’s stock, valued at approximately $3,781,429.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark G. Runkel sold 10,986 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $57.32, for a total value of $629,717.52. Following the completion of the sale, the executive vice president now directly owns 45,213 shares in the company, valued at approximately $2,591,609.16. The disclosure for this sale can be found here. Insiders sold a total of 40,414 shares of company stock worth $2,297,215 in the last three months. Company insiders own 0.24% of the company’s stock.
U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $1.09 EPS for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.02. U.S. Bancorp had a return on equity of 15.45% and a net margin of 26.70%. The company had revenue of $5.58 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the previous year, the business earned $1.02 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. Sell-side analysts forecast that U.S. Bancorp will post 4.31 earnings per share for the current year.
U.S. Bancorp announced that its board has approved a share buyback program on Thursday, June 27th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 3.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date was Thursday, June 27th. U.S. Bancorp’s dividend payout ratio is presently 36.10%.
USB has been the topic of several recent research reports. Macquarie downgraded U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 price target on the stock. in a report on Thursday, August 1st. Zacks Investment Research downgraded U.S. Bancorp from a “hold” rating to a “sell” rating in a report on Monday, April 15th. 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 note 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 note on Wednesday, July 31st. Finally, Wedbush lifted their target price on U.S. Bancorp from $46.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target 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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