Reliance Trust Co. of Delaware Sells 1,394 Shares of U.S. Bancorp (USB)
Reliance Trust Co. of Delaware trimmed its stake in U.S. Bancorp (NYSE:USB) by 4.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 31,835 shares of the financial services provider’s stock after selling 1,394 shares during the quarter. Reliance Trust Co. of Delaware’s holdings in U.S. Bancorp were worth $1,653,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Park Avenue Securities LLC acquired a new position in shares of U.S. Bancorp in the 2nd quarter worth $311,000. First National Bank of Hutchinson grew its holdings in shares of U.S. Bancorp by 0.3% in the 2nd quarter. First National Bank of Hutchinson now owns 10,838 shares of the financial services provider’s stock worth $576,000 after acquiring an additional 32 shares during the last quarter. FineMark National Bank & Trust grew its holdings in shares of U.S. Bancorp by 5.6% in the 2nd quarter. FineMark National Bank & Trust now owns 42,901 shares of the financial services provider’s stock worth $2,227,000 after acquiring an additional 2,294 shares during the last quarter. Shell Asset Management Co. grew its holdings in shares of U.S. Bancorp by 1.5% in the 2nd quarter. Shell Asset Management Co. now owns 374,550 shares of the financial services provider’s stock worth $19,447,000 after acquiring an additional 5,429 shares during the last quarter. Finally, Meridian Wealth Management LLC grew its holdings in shares of U.S. Bancorp by 11.5% in the 2nd quarter. Meridian Wealth Management LLC now owns 8,006 shares of the financial services provider’s stock worth $416,000 after acquiring an additional 828 shares during the last quarter. Institutional investors and hedge funds own 74.21% of the company’s stock.
U.S. Bancorp (NYSE USB) opened at 49.98 on Friday. The firm has a 50-day moving average price of $52.14 and a 200-day moving average price of $52.30. The stock has a market cap of $83.61 billion, a P/E ratio of 15.10 and a beta of 0.87. U.S. Bancorp has a 52 week low of $42.17 and a 52 week high of $56.61.
U.S. Bancorp (NYSE:USB) last released its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.01. The firm had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.46 billion. U.S. Bancorp had a return on equity of 13.85% and a net margin of 25.60%. The company’s revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 EPS. On average, equities research analysts predict that U.S. Bancorp will post $3.44 EPS for the current year.
U.S. Bancorp declared that its board has initiated a share buyback program on Wednesday, June 28th that permits the company to buyback $2.60 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
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A number of brokerages recently issued reports on USB. BidaskClub cut U.S. Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, August 24th. Robert W. Baird reiterated a “hold” rating and set a $48.00 price target on shares of U.S. Bancorp in a report on Tuesday, September 5th. Jefferies Group LLC reiterated a “buy” rating and set a $59.00 price target on shares of U.S. Bancorp in a report on Friday, August 11th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of U.S. Bancorp in a report on Wednesday, July 19th. Finally, Wells Fargo & Company began coverage on U.S. Bancorp in a report on Wednesday, August 9th. They set a “market perform” rating and a $56.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $52.50.
U.S. Bancorp Profile
U.S. Bancorp is a multi-state financial services holding company. The Company provides a full range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and automated teller machine (ATM) processing, mortgage banking, insurance, brokerage and leasing.
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