ZWJ Investment Counsel Inc. lowered its position in shares of U.S. Bancorp (NYSE:USB) by 0.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 285,885 shares of the financial services provider’s stock after selling 1,925 shares during the period. ZWJ Investment Counsel Inc.’s holdings in U.S. Bancorp were worth $14,980,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Trustcore Financial Services LLC purchased a new position in shares of U.S. Bancorp in the first quarter worth about $28,000. Manchester Financial Inc. purchased a new position in shares of U.S. Bancorp in the second quarter worth about $30,000. Catamount Wealth Management increased its holdings in shares of U.S. Bancorp by 525.0% in the first quarter. Catamount Wealth Management now owns 750 shares of the financial services provider’s stock worth $36,000 after buying an additional 630 shares during the period. New Potomac Partners LLC purchased a new position in shares of U.S. Bancorp in the first quarter worth about $37,000. Finally, CNB Bank increased its holdings in shares of U.S. Bancorp by 161.0% in the first quarter. CNB Bank now owns 783 shares of the financial services provider’s stock worth $38,000 after buying an additional 483 shares during the period. 74.64% of the stock is owned by hedge funds and other institutional investors.

In related news, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was 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 in the company, valued at approximately $5,229,854.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $57.33, for a total value of $1,146,600.00. Following the transaction, the insider now owns 65,959 shares in the company, valued at approximately $3,781,429.47. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,414 shares of company stock worth $2,297,215. 0.24% of the stock is owned by company insiders.

Several research firms have recently commented on USB. Deutsche Bank set a $59.00 price objective on U.S. Bancorp and gave the stock a “hold” rating in a report on Friday, July 26th. Bank of America upgraded U.S. Bancorp from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $49.00 to $55.00 in a report on Thursday, July 18th. 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 report on Thursday. Morgan Stanley lifted their price objective on U.S. Bancorp from $55.00 to $56.00 and gave the stock an “underweight” rating in a report on Thursday, July 18th. Finally, Wedbush lifted their price objective on U.S. Bancorp from $46.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $56.92.

NYSE:USB traded down $0.26 during mid-day trading on Friday, reaching $55.43. 7,249,435 shares of the company’s stock traded hands, compared to its average volume of 5,862,572. U.S. Bancorp has a 12-month low of $43.14 and a 12-month high of $57.81. The firm has a market cap of $88.66 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 1.85 and a beta of 1.06. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.84 and a quick ratio of 0.83. The firm’s 50 day moving average is $53.92.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.58 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the previous year, the business earned $1.02 EPS. U.S. Bancorp’s revenue was down 1.1% compared to the same quarter last year. On average, research analysts expect 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 share repurchase plan on Thursday, June 27th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 3.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a dividend of $0.37 per share. The ex-dividend date was Thursday, June 27th. This represents a $1.48 dividend on an annualized basis and a yield of 2.67%. U.S. Bancorp’s dividend payout ratio is presently 36.10%.

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.

Read More: How is diluted EPS different from basic EPS?

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Institutional Ownership by Quarter for U.S. Bancorp (NYSE:USB)

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