Independence Bank of Kentucky Lowers Position in U.S. Bancorp (NYSE:USB)

Independence Bank of Kentucky lessened its holdings in U.S. Bancorp (NYSE:USB) by 3.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 58,932 shares of the financial services provider’s stock after selling 2,025 shares during the period. Independence Bank of Kentucky’s holdings in U.S. Bancorp were worth $1,947,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in USB. Moneta Group Investment Advisors LLC increased its stake in U.S. Bancorp by 130,768.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 60,273,882 shares of the financial services provider’s stock valued at $2,628,544,000 after acquiring an additional 60,227,825 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in U.S. Bancorp by 912.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,756,814 shares of the financial services provider’s stock valued at $1,428,525,000 after acquiring an additional 29,521,176 shares during the last quarter. FMR LLC increased its stake in U.S. Bancorp by 61.3% in the first quarter. FMR LLC now owns 39,195,702 shares of the financial services provider’s stock valued at $1,413,005,000 after acquiring an additional 14,892,212 shares during the last quarter. Norges Bank bought a new position in U.S. Bancorp in the fourth quarter valued at $644,436,000. Finally, CIBC Private Wealth Group LLC increased its stake in U.S. Bancorp by 101.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 11,361,450 shares of the financial services provider’s stock valued at $492,609,000 after acquiring an additional 5,716,555 shares during the last quarter. Hedge funds and other institutional investors own 75.40% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. HSBC assumed coverage on U.S. Bancorp in a research note on Thursday, September 7th. They issued a “hold” rating and a $30.00 target price on the stock. Stephens reissued an “overweight” rating and issued a $47.00 target price on shares of U.S. Bancorp in a research note on Monday, July 24th. Credit Suisse Group reaffirmed a “neutral” rating and set a $44.00 price objective on shares of U.S. Bancorp in a research note on Thursday, July 20th. Raymond James raised U.S. Bancorp from an “underperform” rating to a “market perform” rating in a research note on Thursday, July 20th. Finally, The Goldman Sachs Group raised their price objective on U.S. Bancorp from $34.00 to $39.00 and gave the company a “neutral” rating in a research note on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, U.S. Bancorp currently has an average rating of “Hold” and an average target price of $46.71.

Insider Activity at U.S. Bancorp

In other U.S. Bancorp news, CFO Terrance R. Dolan sold 26,000 shares of U.S. Bancorp stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $39.75, for a total value of $1,033,500.00. Following the completion of the sale, the chief financial officer now owns 166,992 shares of the company’s stock, valued at approximately $6,637,932. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Timothy A. Welsh sold 13,816 shares of U.S. Bancorp stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $39.79, for a total transaction of $549,738.64. Following the transaction, the insider now owns 119,058 shares in the company, valued at approximately $4,737,317.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Terrance R. Dolan sold 26,000 shares of U.S. Bancorp stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $39.75, for a total transaction of $1,033,500.00. Following the transaction, the chief financial officer now owns 166,992 shares in the company, valued at approximately $6,637,932. The disclosure for this sale can be found here. 0.24% of the stock is owned by insiders.

U.S. Bancorp Stock Performance

Shares of USB opened at $35.49 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.80 and a quick ratio of 0.80. U.S. Bancorp has a one year low of $27.27 and a one year high of $49.95. The company has a 50-day simple moving average of $37.18 and a two-hundred day simple moving average of $35.34. The firm has a market capitalization of $54.40 billion, a PE ratio of 9.89, a price-to-earnings-growth ratio of 1.58 and a beta of 0.98.

U.S. Bancorp (NYSE:USB) last released its earnings results on Wednesday, July 19th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.01). U.S. Bancorp had a net margin of 16.59% and a return on equity of 16.53%. The business had revenue of $7.17 billion for the quarter, compared to analysts’ expectations of $7.17 billion. During the same quarter in the previous year, the business posted $1.09 earnings per share. U.S. Bancorp’s revenue for the quarter was up 19.7% on a year-over-year basis. On average, analysts anticipate that U.S. Bancorp will post 4.44 EPS for the current fiscal year.

U.S. Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 5.41%. The ex-dividend date of this dividend is Thursday, September 28th. U.S. Bancorp’s dividend payout ratio (DPR) is currently 53.19%.

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 in Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support segments.