First Community Trust NA Trims Holdings in U.S. Bancorp (NYSE:USB)

First Community Trust NA reduced its position in shares of U.S. Bancorp (NYSE:USB) by 1.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,289 shares of the financial services provider’s stock after selling 436 shares during the period. U.S. Bancorp accounts for about 1.1% of First Community Trust NA’s investment portfolio, making the stock its 22nd largest position. First Community Trust NA’s holdings in U.S. Bancorp were worth $1,339,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of USB. Marshall Wace LLP lifted its position in U.S. Bancorp by 1,438.4% during the second quarter. Marshall Wace LLP now owns 2,263,296 shares of the financial services provider’s stock worth $89,853,000 after buying an additional 2,116,175 shares during the period. Confluence Investment Management LLC purchased a new position in shares of U.S. Bancorp during the 1st quarter worth about $92,192,000. National Bank of Canada FI boosted its position in shares of U.S. Bancorp by 313.8% in the second quarter. National Bank of Canada FI now owns 2,698,642 shares of the financial services provider’s stock worth $105,903,000 after acquiring an additional 2,046,522 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in U.S. Bancorp by 88.9% in the first quarter. BNP Paribas Financial Markets now owns 2,331,050 shares of the financial services provider’s stock valued at $104,198,000 after purchasing an additional 1,097,179 shares during the period. Finally, Clearbridge Investments LLC increased its position in U.S. Bancorp by 16.2% during the first quarter. Clearbridge Investments LLC now owns 6,941,466 shares of the financial services provider’s stock worth $310,284,000 after purchasing an additional 967,143 shares during the last quarter. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

U.S. Bancorp Stock Performance

U.S. Bancorp stock opened at $44.25 on Thursday. U.S. Bancorp has a 52 week low of $30.47 and a 52 week high of $47.31. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 1.05. The stock has a market cap of $69.05 billion, a P/E ratio of 14.65, a price-to-earnings-growth ratio of 3.06 and a beta of 1.04. The stock has a 50 day moving average of $44.51 and a 200-day moving average of $42.43.

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

U.S. Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.50 per share. The ex-dividend date is Monday, September 30th. This represents a $2.00 annualized dividend and a yield of 4.52%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio is presently 66.23%.

U.S. Bancorp announced that its board has authorized a stock repurchase program on Thursday, September 12th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Aleem Gillani purchased 10,000 shares of the stock in a transaction dated Thursday, July 18th. The stock was acquired at an average cost of $44.99 per share, for a total transaction of $449,900.00. Following the acquisition, the director now owns 10,000 shares of the company’s stock, valued at $449,900. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.23% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on USB shares. UBS Group boosted their price objective on shares of U.S. Bancorp from $43.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. StockNews.com upgraded U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Oppenheimer lifted their price objective on U.S. Bancorp from $54.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday. DA Davidson increased 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 report on Thursday, July 18th. Finally, JPMorgan Chase & Co. cut shares of U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 price target on the stock. in a research report on Thursday, June 27th. Twelve research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, U.S. Bancorp has an average rating of “Hold” and an average price target of $48.65.

About U.S. Bancorp

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.