First County Bank CT Sells 2,973 Shares of U.S. Bancorp (NYSE:USB)

First County Bank CT trimmed its position in shares of U.S. Bancorp (NYSE:USB) by 11.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,666 shares of the financial services provider’s stock after selling 2,973 shares during the period. First County Bank CT’s holdings in U.S. Bancorp were worth $900,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Gilbert & Cook Inc. increased its stake in shares of U.S. Bancorp by 4.0% during the fourth quarter. Gilbert & Cook Inc. now owns 15,483 shares of the financial services provider’s stock valued at $670,000 after buying an additional 593 shares during the period. Aveo Capital Partners LLC increased its position in U.S. Bancorp by 5.6% during the 4th quarter. Aveo Capital Partners LLC now owns 11,167 shares of the financial services provider’s stock valued at $483,000 after purchasing an additional 592 shares during the period. TD Asset Management Inc raised its holdings in U.S. Bancorp by 3.2% in the 4th quarter. TD Asset Management Inc now owns 977,242 shares of the financial services provider’s stock worth $42,295,000 after purchasing an additional 30,753 shares in the last quarter. Boston Family Office LLC lifted its position in shares of U.S. Bancorp by 7.8% in the 4th quarter. Boston Family Office LLC now owns 6,816 shares of the financial services provider’s stock worth $295,000 after purchasing an additional 493 shares during the period. Finally, Catalytic Wealth RIA LLC bought a new stake in shares of U.S. Bancorp during the 4th quarter valued at about $227,000. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Morgan Stanley raised their price objective on shares of U.S. Bancorp from $47.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Citigroup increased their target price on U.S. Bancorp from $45.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. UBS Group raised their price target on U.S. Bancorp from $43.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. The Goldman Sachs Group cut their price objective on shares of U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 11th. Finally, DA Davidson upped their target price on shares of U.S. Bancorp from $44.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Thirteen equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $48.18.

Insiders Place Their Bets

In other news, Director Aleem Gillani bought 10,000 shares of the stock in a transaction dated Thursday, July 18th. The stock was purchased at an average cost of $44.99 per share, for a total transaction of $449,900.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at $449,900. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.23% of the company’s stock.

U.S. Bancorp Stock Performance

USB opened at $45.30 on Friday. The firm has a market cap of $70.69 billion, a P/E ratio of 15.00, a PEG ratio of 3.06 and a beta of 1.04. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.81 and a quick ratio of 0.80. The company has a 50 day simple moving average of $44.52 and a two-hundred day simple moving average of $42.38. U.S. Bancorp has a 1-year low of $30.47 and a 1-year high of $47.31.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.04. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. The firm had revenue of $6.87 billion for the quarter, compared to analysts’ expectations of $6.81 billion. During the same quarter last year, the business posted $1.12 earnings per share. The company’s revenue for the quarter was down 4.3% compared to the same quarter last year. Equities analysts forecast that U.S. Bancorp will post 3.86 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.42%. The ex-dividend date is Monday, September 30th. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio (DPR) is currently 66.23%.

U.S. Bancorp announced that its Board of Directors has initiated a share repurchase plan on Thursday, September 12th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

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