Chevy Chase Trust Holdings Inc. Sells 104,560 Shares of U.S. Bancorp (USB)
Chevy Chase Trust Holdings Inc. reduced its position in U.S. Bancorp (NYSE:USB) by 6.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,538,650 shares of the financial services provider’s stock after selling 104,560 shares during the quarter. Chevy Chase Trust Holdings Inc. owned approximately 0.09% of U.S. Bancorp worth $79,886,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in USB. SRS Capital Advisors Inc. boosted its holdings in shares of U.S. Bancorp by 17.0% in the first quarter. SRS Capital Advisors Inc. now owns 2,547 shares of the financial services provider’s stock worth $131,000 after acquiring an additional 371 shares during the period. Signature Estate & Investment Advisors LLC bought a new stake in U.S. Bancorp during the first quarter valued at $155,000. Tradewinds Capital Management LLC boosted its stake in U.S. Bancorp by 87.4% during the first quarter. Tradewinds Capital Management LLC now owns 3,663 shares of the financial services provider’s stock valued at $189,000 after buying an additional 1,708 shares during the period. Sunbelt Securities Inc. boosted its stake in U.S. Bancorp by 41.7% during the first quarter. Sunbelt Securities Inc. now owns 3,912 shares of the financial services provider’s stock valued at $201,000 after buying an additional 1,151 shares during the period. Finally, BSW Wealth Partners boosted its stake in U.S. Bancorp by 0.6% during the first quarter. BSW Wealth Partners now owns 3,973 shares of the financial services provider’s stock valued at $205,000 after buying an additional 23 shares during the period. 73.97% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently issued reports on USB shares. BidaskClub lowered U.S. Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, August 24th. Jefferies Group LLC reissued a “buy” rating and set a $59.00 price objective on shares of U.S. Bancorp in a research note on Friday, June 9th. Argus raised U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Thursday, July 20th. Nomura lowered U.S. Bancorp from a “buy” rating to a “neutral” rating in a research note on Thursday. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have assigned a buy rating to the company’s stock. U.S. Bancorp currently has a consensus rating of “Hold” and an average target price of $53.08.
Shares of U.S. Bancorp (NYSE:USB) traded down 1.30% on Thursday, reaching $53.15. The company had a trading volume of 3,686,137 shares. The firm has a market capitalization of $88.91 billion, a price-to-earnings ratio of 16.06 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. The stock’s 50 day moving average is $52.00 and its 200 day moving average is $52.08.
U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.01. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. The company had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.46 billion. During the same period in the prior year, the company posted $0.82 EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts anticipate that U.S. Bancorp will post $3.43 EPS for the current year.
U.S. Bancorp announced that its board has authorized a share buyback program on Wednesday, June 28th that permits the company to repurchase $2.60 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be given a $0.30 dividend. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.28. This represents a $1.20 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Thursday, September 28th. U.S. Bancorp’s dividend payout ratio is 33.63%.
About U.S. Bancorp
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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