Integrated Wealth Concepts LLC Sells 39,888 Shares of U.S. Bancorp $USB

Key Points

• Integrated Wealth Concepts LLC cut its U.S. Bancorp stake by 35.5% in the second quarter, selling 39,888 shares and retaining 72,377 shares valued at approximately $4.37 million. Institutional investors collectively own 77.6% of the company.
• Analysts remain broadly positive, with U.S. Bancorp receiving a consensus “Moderate Buy” rating and an average price target of $67.06. Recent targets range from $69 to $77, while the company exceeded quarterly earnings and revenue expectations.
• U.S. Bancorp increased its quarterly dividend from $0.52 to $0.54 per share, equivalent to an annualized $2.16 dividend and a 3.4% yield.

Integrated Wealth Concepts LLC reduced its position in shares of U.S. Bancorp (NYSE:USB - Free Report) by 35.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 72,377 shares of the financial services provider's stock after selling 39,888 shares during the period. Integrated Wealth Concepts LLC's holdings in U.S. Bancorp were worth $4,372,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Arizona State Retirement System boosted its position in U.S. Bancorp by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 430,720 shares of the financial services provider's stock worth $26,015,000 after acquiring an additional 4,833 shares during the last quarter. Waverly Advisors LLC raised its holdings in shares of U.S. Bancorp by 2.6% in the second quarter. Waverly Advisors LLC now owns 84,243 shares of the financial services provider's stock valued at $5,088,000 after purchasing an additional 2,128 shares during the last quarter. Murphy Pohlad Asset Management LLC acquired a new stake in shares of U.S. Bancorp in the second quarter valued at approximately $214,000. Lipe & Dalton bought a new stake in shares of U.S. Bancorp in the second quarter worth $198,000. Finally, Empirical Finance LLC lifted its position in shares of U.S. Bancorp by 3.8% in the second quarter. Empirical Finance LLC now owns 50,957 shares of the financial services provider's stock worth $3,078,000 after purchasing an additional 1,854 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Gunjan Kedia sold 27,267 shares of U.S. Bancorp stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $62.37, for a total transaction of $1,700,642.79. Following the completion of the transaction, the chief executive officer owned 426,262 shares in the company, valued at approximately $26,585,960.94. This trade represents a 6.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Stephen L. Philipson sold 36,906 shares of the business's stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $63.08, for a total value of $2,328,030.48. Following the transaction, the insider directly owned 74,969 shares in the company, valued at approximately $4,729,044.52. This trade represents a 32.99% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.21% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Evercore raised shares of U.S. Bancorp from an "in-line" rating to an "outperform" rating and set a $72.00 target price for the company in a research report on Monday, July 20th. JPMorgan Chase & Co. boosted their price target on shares of U.S. Bancorp from $67.50 to $69.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. Raymond James Financial assumed coverage on shares of U.S. Bancorp in a research note on Wednesday, July 8th. They set a "strong-buy" rating and a $72.00 price objective for the company. Oppenheimer raised their price objective on U.S. Bancorp from $73.00 to $77.00 and gave the company an "outperform" rating in a report on Friday, July 17th. Finally, Citigroup reaffirmed a "buy" rating on shares of U.S. Bancorp in a research report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $67.06.

U.S. Bancorp Price Performance

Shares of USB opened at $62.86 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.96. The company's fifty day simple moving average is $63.20 and its 200 day simple moving average is $58.02. U.S. Bancorp has a 1-year low of $45.02 and a 1-year high of $66.07. The company has a market cap of $97.94 billion, a price-to-earnings ratio of 12.55, a PEG ratio of 1.12 and a beta of 0.95.

U.S. Bancorp (NYSE:USB - Get Free Report) last announced its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.35 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.07. U.S. Bancorp had a net margin of 18.49% and a return on equity of 13.69%. The firm had revenue of $7.69 billion during the quarter, compared to analysts' expectations of $7.58 billion. During the same quarter last year, the company posted $1.11 earnings per share. On average, research analysts forecast that U.S. Bancorp will post 5.22 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a $0.54 dividend. This is an increase from U.S. Bancorp's previous quarterly dividend of $0.52. The ex-dividend date is Wednesday, September 30th. This represents a $2.16 annualized dividend and a yield of 3.4%. U.S. Bancorp's dividend payout ratio (DPR) is 41.52%.

U.S. Bancorp Company Profile

U.S. Bancorp NYSE: USB is a financial services holding company and the parent organization of U.S. Bank, a full-service commercial bank. The company provides deposit accounts, consumer and business loans, mortgages, credit and debit cards, payment services, and other banking products to individuals, businesses, institutions and government entities.

Through its wealth, corporate and commercial banking operations, U.S. Bancorp also offers investment management, trust and custody services, treasury management, capital markets support, equipment finance and other specialized financial solutions.

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