Reynders McVeigh Capital Management LLC trimmed its position in U.S. Bancorp (NYSE:USB) by 11.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,055 shares of the financial services provider’s stock after selling 2,308 shares during the period. Reynders McVeigh Capital Management LLC’s holdings in U.S. Bancorp were worth $894,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Adams Diversified Equity Fund Inc. lifted its holdings in shares of U.S. Bancorp by 8.1% in the second quarter. Adams Diversified Equity Fund Inc. now owns 483,000 shares of the financial services provider’s stock valued at $25,309,000 after purchasing an additional 36,000 shares in the last quarter. Investment Management of Virginia LLC raised its holdings in U.S. Bancorp by 0.9% during the first quarter. Investment Management of Virginia LLC now owns 40,597 shares of the financial services provider’s stock worth $1,956,000 after acquiring an additional 357 shares in the last quarter. Rehmann Capital Advisory Group raised its holdings in U.S. Bancorp by 1.4% during the first quarter. Rehmann Capital Advisory Group now owns 27,436 shares of the financial services provider’s stock worth $1,322,000 after acquiring an additional 373 shares in the last quarter. O Shaughnessy Asset Management LLC raised its holdings in U.S. Bancorp by 2.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 9,826 shares of the financial services provider’s stock worth $474,000 after acquiring an additional 227 shares in the last quarter. Finally, FTB Advisors Inc. raised its holdings in U.S. Bancorp by 34.8% during the second quarter. FTB Advisors Inc. now owns 5,251 shares of the financial services provider’s stock worth $274,000 after acquiring an additional 1,356 shares in the last quarter. Institutional investors own 75.50% of the company’s stock.
In other U.S. Bancorp news, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $3,781,429.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $55.25, for a total value of $520,897.00. Following the completion of the sale, the insider now owns 94,658 shares in the company, valued at approximately $5,229,854.50. The disclosure for this sale can be found here. Insiders sold 40,414 shares of company stock worth $2,297,215 in the last 90 days. Corporate insiders own 0.24% of the company’s stock.
NYSE:USB traded down $1.10 on Friday, hitting $50.95. The company’s stock had a trading volume of 4,746,827 shares, compared to its average volume of 5,764,473. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.86. The stock has a fifty day moving average of $54.01 and a two-hundred day moving average of $51.97. The firm has a market capitalization of $81.72 billion, a P/E ratio of 12.43, a price-to-earnings-growth ratio of 1.72 and a beta of 1.06. U.S. Bancorp has a one year low of $43.14 and a one year high of $57.81.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.02. The firm had revenue of $5.58 billion for the quarter, compared to analyst estimates of $5.73 billion. U.S. Bancorp had a return on equity of 15.45% and a net margin of 26.70%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.02 earnings per share. As a group, sell-side analysts anticipate that U.S. Bancorp will post 4.31 EPS for the current year.
U.S. Bancorp declared that its board has approved a stock repurchase plan 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 buy up to 3.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
Several research firms recently issued reports on USB. Bank of America upgraded U.S. Bancorp from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $49.00 to $55.00 in a report on Thursday, July 18th. Macquarie lowered U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 target price on the stock. in a report on Thursday, August 1st. JPMorgan Chase & Co. upgraded U.S. Bancorp from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $52.50 to $57.00 in a report on Wednesday, July 31st. Morgan Stanley upped their target price on U.S. Bancorp from $55.00 to $56.00 and gave the stock an “underweight” rating in a report on Thursday, July 18th. Finally, Deutsche Bank set a $59.00 target price on U.S. Bancorp and gave the stock a “hold” rating in a report on Friday, July 26th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company. The company currently has a consensus 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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