Bank of New York Mellon Corp Decreases Holdings in U.S. Bancorp $USB

Key Points

• Bank of New York Mellon trimmed its U.S. Bancorp stake by 2.3% in the fourth quarter, but still held 9.22 million shares valued at about $492.1 million.
• U.S. Bancorp reported strong quarterly results, with EPS of $1.18 beating estimates and revenue of $7.32 billion slightly above expectations, while revenue rose 4.7% year over year.
• The bank continued to reward shareholders with a quarterly dividend of $0.52 per share, equal to an annualized yield of about 3.9%; analysts currently rate the stock a Moderate Buy with a consensus target of $61.20.

Bank of New York Mellon Corp trimmed its stake in shares of U.S. Bancorp (NYSE:USB - Free Report) by 2.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,221,918 shares of the financial services provider's stock after selling 212,299 shares during the period. Bank of New York Mellon Corp owned 0.59% of U.S. Bancorp worth $492,082,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in USB. Westpac Banking Corp lifted its stake in shares of U.S. Bancorp by 971.1% in the fourth quarter. Westpac Banking Corp now owns 85,396 shares of the financial services provider's stock worth $4,557,000 after buying an additional 77,423 shares in the last quarter. Peak Retirement Planning Inc. grew its position in shares of U.S. Bancorp by 4.4% in the fourth quarter. Peak Retirement Planning Inc. now owns 38,008 shares of the financial services provider's stock valued at $2,028,000 after purchasing an additional 1,603 shares in the last quarter. Calton & Associates Inc. purchased a new stake in shares of U.S. Bancorp in the fourth quarter valued at approximately $251,000. Natixis Advisors LLC increased its holdings in shares of U.S. Bancorp by 190.5% in the fourth quarter. Natixis Advisors LLC now owns 1,334,203 shares of the financial services provider's stock valued at $71,193,000 after purchasing an additional 874,936 shares during the last quarter. Finally, Heritage Trust Co lifted its position in U.S. Bancorp by 1.3% during the fourth quarter. Heritage Trust Co now owns 95,563 shares of the financial services provider's stock worth $5,099,000 after buying an additional 1,246 shares in the last quarter. 77.60% of the stock is owned by hedge funds and other institutional investors.

U.S. Bancorp Price Performance

Shares of USB opened at $53.18 on Thursday. The firm has a 50-day simple moving average of $54.57 and a two-hundred day simple moving average of $54.09. The stock has a market cap of $82.49 billion, a PE ratio of 11.15, a P/E/G ratio of 0.98 and a beta of 0.97. U.S. Bancorp has a 1-year low of $42.55 and a 1-year high of $61.19. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.81 and a quick ratio of 0.81.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its quarterly earnings data on Thursday, April 16th. The financial services provider reported $1.18 earnings per share for the quarter, topping analysts' consensus estimates of $1.14 by $0.04. U.S. Bancorp had a net margin of 18.01% and a return on equity of 13.55%. The firm had revenue of $7.32 billion during the quarter, compared to analysts' expectations of $7.27 billion. During the same quarter last year, the company posted $1.03 EPS. The firm's quarterly revenue was up 4.7% on a year-over-year basis. As a group, analysts forecast that U.S. Bancorp will post 5.09 EPS for the current year.

U.S. Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.9%. The ex-dividend date was Tuesday, March 31st. U.S. Bancorp's dividend payout ratio (DPR) is 43.61%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on USB shares. UBS Group reiterated a "neutral" rating and set a $60.00 price target on shares of U.S. Bancorp in a report on Wednesday, February 4th. Jefferies Financial Group restated a "hold" rating and set a $60.00 price objective on shares of U.S. Bancorp in a research report on Thursday, April 16th. Royal Bank Of Canada lifted their target price on shares of U.S. Bancorp from $59.00 to $61.00 and gave the stock an "outperform" rating in a research note on Friday, April 17th. Morgan Stanley set a $64.00 target price on shares of U.S. Bancorp in a report on Friday, April 17th. Finally, Evercore increased their price target on shares of U.S. Bancorp from $60.00 to $65.00 and gave the company an "in-line" rating in a research note on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $61.20.

Insider Activity at U.S. Bancorp

In related news, insider Jodi L. Richard sold 40,000 shares of U.S. Bancorp stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $57.00, for a total value of $2,280,000.00. Following the completion of the sale, the insider owned 207,251 shares in the company, valued at approximately $11,813,307. This trade represents a 16.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Venkatachari Dilip sold 34,522 shares of U.S. Bancorp stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $55.52, for a total transaction of $1,916,661.44. Following the completion of the transaction, the executive vice president owned 51,292 shares of the company's stock, valued at $2,847,731.84. This trade represents a 40.23% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by company insiders.

U.S. Bancorp Company Profile

U.S. Bancorp NYSE: USB is a bank holding company and the parent of U.S. Bank, a national commercial bank that provides a wide range of banking, investment, mortgage, trust and payment services. The company operates through consumer and business banking, commercial banking, payment services, and wealth management segments. Its product set includes deposit accounts, consumer and commercial lending, mortgage origination and servicing, credit and debit card services, treasury and cash management, merchant processing, and institutional and trust services.

Headquartered in Minneapolis, Minnesota, U.S.

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