Meridian Wealth Management LLC decreased its holdings in shares of U.S. Bancorp (NYSE:USB) by 44.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,363 shares of the financial services provider’s stock after selling 1,094 shares during the quarter. Meridian Wealth Management LLC’s holdings in U.S. Bancorp were worth $71,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Trustcore Financial Services LLC acquired a new position in shares of U.S. Bancorp in the 1st quarter worth approximately $28,000. Catamount Wealth Management grew its position in U.S. Bancorp by 525.0% during the 1st quarter. Catamount Wealth Management now owns 750 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 630 shares during the last quarter. New Potomac Partners LLC bought a new stake in U.S. Bancorp during the 1st quarter worth approximately $37,000. CNB Bank grew its position in U.S. Bancorp by 161.0% during the 1st quarter. CNB Bank now owns 783 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 483 shares during the last quarter. Finally, Knuff & Co LLC boosted its position in U.S. Bancorp by 562.5% in the 1st quarter. Knuff & Co LLC now owns 795 shares of the financial services provider’s stock valued at $38,000 after buying an additional 675 shares during the last quarter. Hedge funds and other institutional investors own 75.55% of the company’s stock.
A number of research analysts have commented on USB shares. Wedbush increased their price objective on U.S. Bancorp from $46.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Bank of America upgraded U.S. Bancorp from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $49.00 to $55.00 in a research report on Thursday, July 18th. Deutsche Bank set a $59.00 price objective on U.S. Bancorp and gave the stock a “hold” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. raised U.S. Bancorp from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $52.50 to $57.00 in a research note on Wednesday, July 31st. Finally, Macquarie downgraded U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 price objective on the stock. in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $56.92.
U.S. Bancorp (NYSE:USB) last posted its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $1.09 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $5.58 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter last year, the company posted $1.02 earnings per share. U.S. Bancorp’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, equities analysts predict that U.S. Bancorp will post 4.31 earnings per share for the current fiscal year.
U.S. Bancorp declared that its Board of Directors has initiated a stock repurchase program on Thursday, June 27th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 3.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
In other U.S. Bancorp news, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $57.33, for a total transaction of $1,146,600.00. Following the completion of the transaction, the insider now directly owns 65,959 shares in the company, valued at $3,781,429.47. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the business’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 transaction 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,414 shares of company stock valued at $2,297,215. Corporate insiders own 0.24% of the company’s stock.
U.S. Bancorp Profile
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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