U.S. Bancorp (NYSE:USB) Stake Lowered by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC reduced its stake in shares of U.S. Bancorp (NYSE:USB) by 55.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,593 shares of the financial services provider’s stock after selling 16,873 shares during the period. Axxcess Wealth Management LLC’s holdings in U.S. Bancorp were worth $540,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of USB. Redwood Wealth Management Group LLC purchased a new position in shares of U.S. Bancorp during the 2nd quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. bought a new stake in U.S. Bancorp in the first quarter worth $30,000. 1620 Investment Advisors Inc. bought a new stake in U.S. Bancorp in the second quarter worth $30,000. Eagle Bay Advisors LLC boosted its holdings in U.S. Bancorp by 93.2% in the first quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 331 shares in the last quarter. Finally, LRI Investments LLC bought a new stake in U.S. Bancorp in the first quarter worth $31,000. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

USB has been the subject of a number of recent research reports. Morgan Stanley upped their price objective on shares of U.S. Bancorp from $47.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. UBS Group upped their price objective on shares of U.S. Bancorp from $43.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. DA Davidson upped their price objective on shares of U.S. Bancorp from $44.00 to $49.00 and gave the stock a “neutral” rating in a 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 price objective for the company. in a report on Thursday, June 27th. Finally, Citigroup upped their price target on shares of U.S. Bancorp from $45.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Thirteen equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $48.18.

U.S. Bancorp Stock Down 1.0 %

NYSE USB opened at $46.01 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.81. The firm has a 50-day simple moving average of $44.39 and a 200 day simple moving average of $42.32. U.S. Bancorp has a twelve month low of $30.47 and a twelve month high of $47.31. The stock has a market cap of $71.80 billion, a PE ratio of 15.24, a PEG ratio of 4.36 and a beta of 1.04.

U.S. Bancorp (NYSE:USB) last released its earnings results on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.04. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. The business had revenue of $6.87 billion during the quarter, compared to analysts’ expectations of $6.81 billion. During the same quarter last year, the company earned $1.12 earnings per share. The firm’s revenue was down 4.3% on a year-over-year basis. On average, research analysts forecast that U.S. Bancorp will post 3.87 EPS for the current year.

U.S. Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.35%. The ex-dividend date is Monday, September 30th. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio (DPR) is presently 66.23%.

U.S. Bancorp declared that its Board of Directors has approved a share repurchase program on Thursday, September 12th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other U.S. Bancorp news, Director Aleem Gillani purchased 10,000 shares of the business’s stock in a transaction on Thursday, July 18th. The stock was purchased at an average price of $44.99 per share, for a total transaction of $449,900.00. Following the completion of the purchase, the director now directly owns 10,000 shares in the company, valued at $449,900. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.

U.S. Bancorp Company 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.