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

Bank of New York Mellon Corp lowered its position in U.S. Bancorp (NYSE:USB) by 2.3% in the fourth quarter, Holdings Channel reports. The fund 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’s holdings in U.S. Bancorp were worth $492,082,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of U.S. Bancorp by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 146,376,783 shares of the financial services provider’s stock worth $7,810,665,000 after buying an additional 1,828,404 shares during the last quarter. State Street Corp lifted its position in shares of U.S. Bancorp by 0.9% during the 3rd quarter. State Street Corp now owns 69,179,530 shares of the financial services provider’s stock worth $3,378,808,000 after buying an additional 648,943 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of U.S. Bancorp by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 37,679,617 shares of the financial services provider’s stock worth $2,002,518,000 after buying an additional 443,646 shares during the last quarter. Norges Bank purchased a new stake in shares of U.S. Bancorp during the 4th quarter worth approximately $1,887,497,000. Finally, Davis Selected Advisers lifted its position in shares of U.S. Bancorp by 13.4% during the 4th quarter. Davis Selected Advisers now owns 22,041,759 shares of the financial services provider’s stock worth $1,176,148,000 after buying an additional 2,610,197 shares during the last quarter. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Venkatachari Dilip sold 34,522 shares of the company’s stock in a transaction 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 transaction, the executive vice president directly owned 51,292 shares of the company’s stock, valued at $2,847,731.84. This represents a 40.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jodi L. Richard sold 40,000 shares of the company’s stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $57.00, for a total transaction of $2,280,000.00. Following the transaction, the insider directly owned 207,251 shares in the company, valued at approximately $11,813,307. This trade represents a 16.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.21% of the company’s stock.

U.S. Bancorp Stock Performance

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

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Thursday, April 16th. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $7.32 billion for the quarter, compared to analysts’ expectations of $7.27 billion. During the same period in the previous year, the company posted $1.03 EPS. U.S. Bancorp’s revenue was up 4.7% compared to the same quarter last year. On average, sell-side analysts predict that U.S. Bancorp will post 5.09 earnings per share for the current year.

U.S. Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.9%. U.S. Bancorp’s dividend payout ratio is 43.61%.

Analyst Ratings Changes

USB has been the subject of several recent analyst reports. Evercore boosted their price objective on shares of U.S. Bancorp from $60.00 to $65.00 and gave the stock an “in-line” rating in a research report on Thursday, February 5th. Oppenheimer upped their price target on shares of U.S. Bancorp from $73.00 to $74.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Weiss Ratings upgraded shares of U.S. Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Morgan Stanley set a $64.00 price target on shares of U.S. Bancorp in a research report on Friday, April 17th. Finally, Barclays upped their price target on shares of U.S. Bancorp from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.20.

About U.S. Bancorp

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.