Bank of New York Mellon Corp Takes $536.46 Million Position in U.S. Bancorp $USB

Key Points

• Bank of New York Mellon acquired 8.88 million U.S. Bancorp shares worth approximately $536.5 million, representing a 0.57% stake. Institutional investors collectively own 77.6% of the company.
• Analysts maintain a positive outlook, with U.S. Bancorp receiving a consensus “Moderate Buy” rating and an average price target of $67.06; several firms recently raised their targets.
• U.S. Bancorp exceeded quarterly earnings expectations, reporting $1.35 in adjusted EPS and $7.69 billion in revenue. The company also pays a quarterly dividend of $0.52 per share, yielding about 3.3% annually.

Bank of New York Mellon Corp bought a new position in shares of U.S. Bancorp (NYSE:USB - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 8,881,737 shares of the financial services provider's stock, valued at approximately $536,457,000. Bank of New York Mellon Corp owned 0.57% of U.S. Bancorp at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Financial Life Planners bought a new position in shares of U.S. Bancorp during the 1st quarter worth about $27,000. Main Street Group LTD bought a new stake in U.S. Bancorp in the 1st quarter valued at about $28,000. JPL Wealth Management LLC bought a new stake in U.S. Bancorp in the 3rd quarter valued at about $28,000. Binnacle Investments Inc raised its stake in U.S. Bancorp by 77.8% during the 3rd quarter. Binnacle Investments Inc now owns 624 shares of the financial services provider's stock worth $30,000 after buying an additional 273 shares during the period. Finally, NFSG Corp acquired a new position in U.S. Bancorp during the 1st quarter worth approximately $31,000. 77.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

USB has been the topic of a number of recent research reports. Royal Bank Of Canada increased their target price on U.S. Bancorp from $61.00 to $68.00 and gave the stock an "outperform" rating in a report on Friday, July 17th. Robert W. Baird upped their price objective on shares of U.S. Bancorp from $64.00 to $68.00 and gave the stock a "neutral" rating in a report on Friday, July 17th. Wall Street Zen raised shares of U.S. Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, July 6th. Barclays boosted their target price on shares of U.S. Bancorp from $67.00 to $75.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Finally, UBS Group upped their target price on shares of U.S. Bancorp from $58.00 to $66.00 and gave the stock a "neutral" rating in a report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, U.S. Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $67.06.

Insider Transactions at U.S. Bancorp

In other news, insider Stephen L. Philipson sold 36,906 shares of the company's stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $63.08, for a total value of $2,328,030.48. Following the completion of the transaction, the insider directly owned 74,969 shares in the company, valued at approximately $4,729,044.52. This represents a 32.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.21% of the stock is currently owned by company insiders.

U.S. Bancorp Stock Performance

Shares of USB opened at $62.09 on Friday. U.S. Bancorp has a 52-week low of $45.02 and a 52-week high of $66.07. The stock's 50-day simple moving average is $62.40 and its 200 day simple moving average is $57.63. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a market capitalization of $96.74 billion, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 1.01 and a beta of 0.96.

U.S. Bancorp (NYSE:USB - Get Free Report) last announced its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.07. The firm had revenue of $7.69 billion for the quarter, compared to analysts' expectations of $7.58 billion. U.S. Bancorp had a return on equity of 13.69% and a net margin of 18.49%.During the same period in the prior year, the business posted $1.11 earnings per share. Research analysts forecast that U.S. Bancorp will post 5.22 EPS for the current fiscal year.

U.S. Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.52 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.08 dividend on an annualized basis and a yield of 3.3%. U.S. Bancorp's dividend payout ratio (DPR) is presently 41.52%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source