Telos Capital Management Inc. reduced its stake in U.S. Bancorp (NYSE:USB) by 7.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,427 shares of the financial services provider’s stock after selling 788 shares during the quarter. Telos Capital Management Inc.’s holdings in U.S. Bancorp were worth $546,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Trustcore Financial Services LLC bought a new stake in shares of U.S. Bancorp during the first quarter valued at approximately $28,000. Catamount Wealth Management increased its holdings in shares of U.S. Bancorp by 525.0% during the first quarter. Catamount Wealth Management now owns 750 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 630 shares in the last quarter. New Potomac Partners LLC bought a new stake in shares of U.S. Bancorp during the first quarter valued at approximately $37,000. CNB Bank increased its holdings in shares of U.S. Bancorp by 161.0% during the first quarter. CNB Bank now owns 783 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 483 shares in the last quarter. Finally, Knuff & Co LLC increased its holdings in shares of U.S. Bancorp by 562.5% during the first quarter. Knuff & Co LLC now owns 795 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 675 shares in the last quarter. 74.64% of the stock is currently owned by institutional investors.
U.S. Bancorp stock traded up $0.03 during trading on Wednesday, hitting $57.17. 4,012,218 shares of the company were exchanged, compared to its average volume of 5,044,059. The firm has a 50 day simple moving average of $53.72. U.S. Bancorp has a 52 week low of $43.14 and a 52 week high of $57.67. The company has a market capitalization of $91.35 billion, a P/E ratio of 13.94, a P/E/G ratio of 1.90 and a beta of 1.06. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.84 and a quick ratio of 0.83.
U.S. Bancorp declared that its board has authorized a stock buyback program on Thursday, June 27th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 3.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a dividend of $0.37 per share. The ex-dividend date was Thursday, June 27th. This represents a $1.48 annualized dividend and a yield of 2.59%. U.S. Bancorp’s dividend payout ratio (DPR) is currently 36.10%.
In other U.S. Bancorp news, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $55.25, for a total value of $520,897.00. Following the transaction, the insider now owns 94,658 shares of the company’s stock, valued at $5,229,854.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 transaction, 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. In the last three months, insiders sold 40,414 shares of company stock worth $2,297,215. Insiders own 0.24% of the company’s stock.
Several equities research analysts have recently commented on USB shares. Deutsche Bank set a $59.00 price objective on U.S. Bancorp and gave the company a “hold” rating in a report on Friday, July 26th. Wedbush boosted their price objective on U.S. Bancorp from $46.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. upgraded U.S. Bancorp from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $52.50 to $57.00 in a report on Wednesday. Bank of America upgraded U.S. Bancorp from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $49.00 to $55.00 in a report on Thursday, July 18th. Finally, Zacks Investment Research downgraded U.S. Bancorp from a “hold” rating to a “sell” rating in a report on Monday, April 15th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. U.S. Bancorp currently has a consensus rating of “Hold” and an average price target of $57.15.
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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