Concorde Asset Management LLC Cuts Stock Holdings in U.S. Bancorp (NYSE:USB)

Concorde Asset Management LLC reduced its position in U.S. Bancorp (NYSE:USB) by 26.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,670 shares of the financial services provider’s stock after selling 2,817 shares during the period. Concorde Asset Management LLC’s holdings in U.S. Bancorp were worth $304,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Redwood Wealth Management Group LLC bought a new position in U.S. Bancorp during the 2nd quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. bought a new stake in U.S. Bancorp in the 1st quarter worth approximately $30,000. LRI Investments LLC purchased a new stake in U.S. Bancorp during the 1st quarter valued at $31,000. Eagle Bay Advisors LLC lifted its holdings in shares of U.S. Bancorp by 93.2% during the 1st quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock valued at $31,000 after buying an additional 331 shares during the period. Finally, 1620 Investment Advisors Inc. bought a new position in shares of U.S. Bancorp during the 2nd quarter valued at $30,000. 77.60% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Aleem Gillani purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were bought at an average cost of $44.99 per share, for a total transaction of $449,900.00. Following the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $449,900. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on USB shares. Wells Fargo & Company upped their price objective on U.S. Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Evercore ISI upped their price target on shares of U.S. Bancorp from $45.00 to $48.00 and gave the company an “in-line” rating in a research report on Tuesday, June 25th. Citigroup boosted their target price on shares of U.S. Bancorp from $45.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. cut shares of U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 target price for the company. in a report on Thursday, June 27th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $48.00 price target on shares of U.S. Bancorp in a research note on Friday, September 13th. Thirteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $48.18.

U.S. Bancorp Trading Up 1.1 %

Shares of USB opened at $45.19 on Thursday. U.S. Bancorp has a fifty-two week low of $30.47 and a fifty-two week high of $47.31. The stock has a market capitalization of $70.52 billion, a PE ratio of 14.96, a P/E/G ratio of 4.36 and a beta of 1.04. The company’s fifty day moving average is $44.22 and its 200 day moving average is $42.27. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.81.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.04. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. The company had revenue of $6.87 billion for the quarter, compared to analysts’ expectations of $6.81 billion. During the same period in the previous year, the firm posted $1.12 earnings per share. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. Sell-side analysts expect that U.S. Bancorp will post 3.87 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.43%. The ex-dividend date of this dividend is Monday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio is presently 66.23%.

U.S. Bancorp Profile

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.