Grimes & Company Inc. Reduces Position in U.S. Bancorp (USB)
Grimes & Company Inc. cut its position in shares of U.S. Bancorp (NYSE:USB) by 2.2% during the second quarter, Holdings Channel reports. The firm owned 28,984 shares of the financial services provider’s stock after selling 650 shares during the period. Grimes & Company Inc.’s holdings in U.S. Bancorp were worth $1,169,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. James Investment Research Inc. raised its stake in U.S. Bancorp by 1.4% in the second quarter. James Investment Research Inc. now owns 4,055 shares of the financial services provider’s stock valued at $164,000 after buying an additional 55 shares during the last quarter. Trust Department MB Financial Bank N A raised its stake in U.S. Bancorp by 7.8% in the second quarter. Trust Department MB Financial Bank N A now owns 4,786 shares of the financial services provider’s stock valued at $208,000 after buying an additional 345 shares during the last quarter. JFS Wealth Advisors LLC raised its stake in U.S. Bancorp by 16,150.0% in the second quarter. JFS Wealth Advisors LLC now owns 5,200 shares of the financial services provider’s stock valued at $210,000 after buying an additional 5,168 shares during the last quarter. Howland Capital Management LLC raised its stake in U.S. Bancorp by 1.2% in the second quarter. Howland Capital Management LLC now owns 5,367 shares of the financial services provider’s stock valued at $216,000 after buying an additional 65 shares during the last quarter. Finally, Joel Isaacson & Co. LLC raised its stake in U.S. Bancorp by 10.9% in the second quarter. Joel Isaacson & Co. LLC now owns 5,578 shares of the financial services provider’s stock valued at $225,000 after buying an additional 550 shares during the last quarter. Institutional investors own 72.58% of the company’s stock.
Shares of U.S. Bancorp (NYSE:USB) traded down 0.21% during midday trading on Thursday, reaching $43.17. The company had a trading volume of 4,788,200 shares. The company has a 50 day moving average price of $43.27 and a 200-day moving average price of $41.84. U.S. Bancorp has a one year low of $37.07 and a one year high of $44.58. The firm has a market capitalization of $73.89 billion, a P/E ratio of 13.53 and a beta of 0.72.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Friday, July 15th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.03. The business earned $5.45 billion during the quarter. U.S. Bancorp had a return on equity of 14.05% and a net margin of 26.56%. U.S. Bancorp’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.80 EPS. On average, analysts anticipate that U.S. Bancorp will post $3.25 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.28 per share. The ex-dividend date is Wednesday, September 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.59%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.26. U.S. Bancorp’s payout ratio is 31.88%.
Several research firms recently issued reports on USB. Piper Jaffray Cos. reiterated an “overweight” rating and set a $46.00 target price (down previously from $47.00) on shares of U.S. Bancorp in a report on Monday. Zacks Investment Research lowered U.S. Bancorp from a “hold” rating to a “sell” rating in a report on Monday. Oppenheimer Holdings Inc. reiterated a “hold” rating on shares of U.S. Bancorp in a report on Saturday, September 17th. Wells Fargo & Co. reiterated a “buy” rating on shares of U.S. Bancorp in a report on Friday, September 16th. Finally, Portales Partners upgraded U.S. Bancorp from a “sector perform” rating to an “outperform” rating in a report on Thursday, August 25th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $45.18.
In other U.S. Bancorp news, Vice Chairman Gillern Jeffry H. Von sold 102,961 shares of U.S. Bancorp stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $42.00, for a total transaction of $4,324,362.00. Following the completion of the transaction, the insider now owns 178,422 shares in the company, valued at approximately $7,493,724. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Craig E. Gifford sold 2,500 shares of U.S. Bancorp stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $41.87, for a total value of $104,675.00. Following the transaction, the executive vice president now owns 49,881 shares of the company’s stock, valued at approximately $2,088,517.47. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.
About U.S. Bancorp
U.S. Bancorp is a multi-state financial services holding company. The Company’s banking subsidiary, U.S. Bank National Association, is engaged in the general banking business in domestic markets. It provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services.
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