Chemung Canal Trust Co. Cuts Stock Holdings in U.S. Bancorp (NYSE:USB)

Chemung Canal Trust Co. decreased its position in shares of U.S. Bancorp (NYSE:USB - Free Report) by 70.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,279 shares of the financial services provider's stock after selling 55,941 shares during the quarter. Chemung Canal Trust Co.'s holdings in U.S. Bancorp were worth $983,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in shares of U.S. Bancorp during the 4th quarter worth $777,524,000. Invesco Ltd. raised its holdings in U.S. Bancorp by 48.1% in the 4th quarter. Invesco Ltd. now owns 16,787,513 shares of the financial services provider's stock valued at $802,947,000 after buying an additional 5,449,949 shares during the period. Marshall Wace LLP lifted its position in U.S. Bancorp by 414.1% in the fourth quarter. Marshall Wace LLP now owns 5,789,565 shares of the financial services provider's stock valued at $276,915,000 after buying an additional 4,663,518 shares during the last quarter. FMR LLC increased its position in shares of U.S. Bancorp by 5.0% during the fourth quarter. FMR LLC now owns 67,125,746 shares of the financial services provider's stock valued at $3,210,624,000 after acquiring an additional 3,211,815 shares during the last quarter. Finally, Madison Investment Advisors LLC purchased a new stake in shares of U.S. Bancorp in the 4th quarter valued at approximately $96,560,000. Hedge funds and other institutional investors own 77.60% of the company's stock.

U.S. Bancorp Trading Down 0.9%

USB stock traded down $0.44 during trading on Friday, hitting $47.13. The company had a trading volume of 11,510,101 shares, compared to its average volume of 9,408,247. The firm has a 50-day moving average price of $44.27 and a 200-day moving average price of $44.40. The stock has a market cap of $73.43 billion, a price-to-earnings ratio of 11.67, a PEG ratio of 1.78 and a beta of 0.99. U.S. Bancorp has a 12 month low of $35.18 and a 12 month high of $53.98. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.11.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its earnings results on Wednesday, April 16th. The financial services provider reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.06. The firm had revenue of $6.96 billion for the quarter, compared to analyst estimates of $6.92 billion. U.S. Bancorp had a return on equity of 13.02% and a net margin of 15.70%. During the same period in the previous year, the company posted $0.78 earnings per share. As a group, analysts predict that U.S. Bancorp will post 4.38 earnings per share for the current year.

U.S. Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.24%. U.S. Bancorp's payout ratio is presently 49.50%.

Insider Buying and Selling at U.S. Bancorp

In other U.S. Bancorp news, Director Aleem Gillani purchased 5,000 shares of the firm's stock in a transaction dated Monday, April 21st. The shares were bought at an average price of $37.32 per share, for a total transaction of $186,600.00. Following the purchase, the director owned 15,000 shares in the company, valued at approximately $559,800. This trade represents a 50.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.23% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Raymond James Financial upgraded U.S. Bancorp from an "outperform" rating to a "strong-buy" rating and raised their target price for the company from $51.00 to $57.00 in a report on Monday. Cowen initiated coverage on shares of U.S. Bancorp in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Wells Fargo & Company reduced their price objective on shares of U.S. Bancorp from $56.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Oppenheimer lifted their price target on U.S. Bancorp from $57.00 to $59.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of U.S. Bancorp from $54.00 to $49.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $51.70.

U.S. Bancorp Company 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 through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.