In addition, U.S. Bancorp offers investment and insurance products to its customers principally within its markets, as well as fund administration services to a range of mutual and other funds. The company also provides corporate and purchasing card and corporate trust services, and merchant processing services, as well as cash and investment management, ATM processing, mortgage banking and brokerage and leasing services.
U.S. Bancorp stock comes with a 4.32% dividend. Wells Fargo has a $60 price objective. The consensus target is $57.70, and shares closed on Thursday at $48.99.
Verizon
This top telecommunications stock offers tremendous value at current levels, and Berkshire Hathaway owns 158.8 million shares. Verizon Communications Inc. (NYSE: VZ) is one of the largest U.S. telecom companies. It provides wireless and wireline service to retail, enterprise and wholesale customers.
The company’s wireless network serves approximately 120 million mobile connections with 115 million postpaid subscribers. Its wireline business has undergone a period of secular decline due to wireless substitution and cable competition.
Verizon also provides converged communications, information and entertainment services over America’s most advanced fiber-optic network, and it delivers integrated business solutions to customers worldwide.
Verizon posted disappointing second-quarter results and the stock was hammered. In addition, the news of Buffett selling put even more pressure on the shares. Patient investors can buy shares now and collect the massive dividend while management sorts out the current issues.
Investors receive a 5.80% dividend. The $64 Cowen target price compares with a $60.64 consensus target. Verizon Communications stock closed on Thursday at $44.13.
Berkshire Hathaway is up modestly for the year, which is a huge achievement in what has been quite a bad year for stocks. However, almost three-quarters of the stocks in the portfolio are down, and Berkshire posted a stunning $40 billion loss for the quarter. The fact that Buffett would give up on these stocks is a little surprising. Patient investors who like dividends may do well with these fallen Buffett angels.
Originally posted at 24/7 Wall St.
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