Wesbanco Bank Inc. Sells 51,319 Shares of U.S. Bancorp (NYSE:USB)

Wesbanco Bank Inc. lowered its position in shares of U.S. Bancorp (NYSE:USB) by 17.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 241,939 shares of the financial services provider’s stock after selling 51,319 shares during the period. Wesbanco Bank Inc.’s holdings in U.S. Bancorp were worth $11,064,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Redwood Wealth Management Group LLC bought a new position in U.S. Bancorp during the 2nd quarter worth $25,000. Financial Synergies Wealth Advisors Inc. bought a new position in U.S. Bancorp during the first quarter worth about $30,000. 1620 Investment Advisors Inc. acquired a new stake in U.S. Bancorp in the 2nd quarter worth about $30,000. Eagle Bay Advisors LLC boosted its holdings in U.S. Bancorp by 93.2% in the 1st quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 331 shares during the period. Finally, LRI Investments LLC acquired a new position in shares of U.S. Bancorp during the 1st quarter worth approximately $31,000. 77.60% of the stock is owned by institutional investors and hedge funds.

U.S. Bancorp Stock Performance

Shares of U.S. Bancorp stock opened at $47.16 on Tuesday. The company’s 50 day moving average price is $44.67 and its two-hundred day moving average price is $42.51. The firm has a market capitalization of $73.59 billion, a P/E ratio of 15.62, a P/E/G ratio of 3.32 and a beta of 1.03. U.S. Bancorp has a fifty-two week low of $30.47 and a fifty-two week high of $47.31. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.81 and a quick ratio of 0.80.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.04. The company had revenue of $6.87 billion for the quarter, compared to the consensus estimate of $6.81 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. U.S. Bancorp’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter last year, the business posted $1.12 EPS. On average, equities analysts forecast that U.S. Bancorp will post 3.86 earnings per share for the current fiscal year.

U.S. Bancorp declared that its Board of Directors has approved a share repurchase program on Thursday, September 12th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.50 per share. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a dividend yield of 4.24%. The ex-dividend date is Monday, September 30th. U.S. Bancorp’s payout ratio is 66.23%.

Insider Activity

In other U.S. Bancorp news, Director Aleem Gillani bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were acquired at an average cost of $44.99 per share, for a total transaction of $449,900.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $449,900. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

USB has been the subject of a number of analyst reports. Citigroup lifted their price target on shares of U.S. Bancorp from $45.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $48.00 price objective on shares of U.S. Bancorp in a report on Friday, September 13th. StockNews.com raised U.S. Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. DA Davidson raised their price target on U.S. Bancorp from $44.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Finally, Jefferies Financial Group cut their price objective on shares of U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating for the company in a research report on Wednesday, July 3rd. Twelve research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $49.14.

U.S. Bancorp Profile

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.