I bought more USB @ 34.18/sh in my personal account but I may lose some JPM soon because I'm short call options with a 50 strike price.
I believe the banks-WFC and USB will be trading at new highs above 40 later this year due to the recovery in housing and the rest of our economy.
"U.S. Bancorp, the nation’s largest regional lender, said it will increase its repurchase of shares and ask its board to raise its second-quarter dividend 18 percent.
U.S. Bancorp said it will request a dividend of 23 cents and increase its stock buyback plan by $370 million to $2.25 billion, the Minneapolis-based firm said today in a statement.
Following last year’s stress tests, U.S. Bancorp increased its quarterly dividend by 56 percent to 20 cents a share, and the board approved a plan for the company to repurchase as many as 100 million shares, the lender said at the time."
sold JPM and Citi today- locked in some gains, and will look for a better re-entry point. Also sold some AAUKY, and took losses , took gains on EWM, MSFT. will look for better re-entry on EWM and MSFT. still want to up my cash position.
I have too much cash but I'm limiting my buys to only 1% of the asset value of the respective accounts. So IRA #1 increased my USB holdings by 30% but it was only an additional 1% of the total assets of the account.
In this same account I collected 40% of that 1% through selling put options today against a handful of other stocks like WFC and LO.
Bought more USB in IRA #1, increasing my position by 50%--it now makes up 2% of the assets in this account. The stock was purchased via option premiums I took in this month which was greatly aided by selling call optoins against LO today.