Independence Bank of Kentucky Acquires 1,275 Shares of U.S. Bancorp (NYSE:USB)
Independence Bank of Kentucky raised its holdings in U.S. Bancorp (NYSE:USB) by 2.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 52,442 shares of the financial services provider’s stock after purchasing an additional 1,275 shares during the quarter. U.S. Bancorp accounts for approximately 2.1% of Independence Bank of Kentucky’s investment portfolio, making the stock its 10th biggest position. Independence Bank of Kentucky’s holdings in U.S. Bancorp were worth $2,748,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the business. Brookmont Capital Management lifted its holdings in U.S. Bancorp by 0.5% during the 2nd quarter. Brookmont Capital Management now owns 36,674 shares of the financial services provider’s stock worth $1,922,000 after buying an additional 195 shares during the period. EagleClaw Capital Managment LLC raised its position in shares of U.S. Bancorp by 3.0% in the 1st quarter. EagleClaw Capital Managment LLC now owns 6,883 shares of the financial services provider’s stock worth $332,000 after acquiring an additional 200 shares in the last quarter. Sky Investment Group LLC raised its position in shares of U.S. Bancorp by 1.8% in the 2nd quarter. Sky Investment Group LLC now owns 11,250 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 200 shares in the last quarter. Belpointe Asset Management LLC raised its position in shares of U.S. Bancorp by 4.3% in the 4th quarter. Belpointe Asset Management LLC now owns 4,955 shares of the financial services provider’s stock worth $226,000 after acquiring an additional 206 shares in the last quarter. Finally, SeaCrest Wealth Management LLC raised its position in shares of U.S. Bancorp by 0.7% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 28,512 shares of the financial services provider’s stock worth $1,494,000 after acquiring an additional 207 shares in the last quarter. 74.64% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have recently weighed in on USB shares. Morgan Stanley lifted their price objective on Yum! Brands from $97.00 to $106.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 18th. Deutsche Bank set a $129.00 price objective on Proofpoint and gave the stock a “hold” rating in a research report on Friday. Wedbush started coverage on Millendo Therapeutics in a research report on Thursday, July 18th. They issued an “outperform” rating and a $24.00 price objective for the company. Zacks Investment Research raised GreenTree Hospitality Group from a “sell” rating to a “hold” rating in a research report on Monday, April 15th. Finally, JPMorgan Chase & Co. started coverage on Pinduoduo in a research report on Tuesday, July 9th. They issued an “underweight” rating and a $20.48 price objective for the company. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $56.81.
U.S. Bancorp (NYSE:USB) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $1.09 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 business had revenue of $5.58 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same period in the previous year, the company posted $1.02 EPS. The firm’s revenue was down 1.1% compared to the same quarter last year. On average, equities analysts expect that U.S. Bancorp will post 4.3 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date was Thursday, June 27th. U.S. Bancorp’s payout ratio is 36.10%.
U.S. Bancorp declared that its board has initiated a share repurchase plan on Thursday, June 27th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 3.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.
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 value of $520,897.00. Following the completion of the sale, the insider now directly owns 94,658 shares of the company’s stock, valued at approximately $5,229,854.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Gillern Jeffry H. Von sold 4,669 shares of U.S. Bancorp stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $53.14, for a total value of $248,110.66. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.
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.
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