First County Bank CT Reduces Stock Position in U.S. Bancorp (NYSE:USB)

First County Bank CT lessened its holdings in shares of U.S. Bancorp (NYSE:USB) by 17.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,655 shares of the financial services provider’s stock after selling 4,011 shares during the period. First County Bank CT’s holdings in U.S. Bancorp were worth $853,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Redwood Wealth Management Group LLC purchased a new stake in U.S. Bancorp in the second quarter worth $25,000. Frazier Financial Advisors LLC lifted its position in shares of U.S. Bancorp by 222.7% in the 3rd quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 441 shares during the period. 1620 Investment Advisors Inc. bought a new stake in shares of U.S. Bancorp during the 2nd quarter valued at about $30,000. LRI Investments LLC purchased a new position in shares of U.S. Bancorp during the first quarter valued at about $31,000. Finally, Y.D. More Investments Ltd bought a new position in U.S. Bancorp in the second quarter worth about $33,000. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Insider Activity at U.S. Bancorp

In related news, insider Jodi L. Richard sold 25,000 shares of the stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the completion of the sale, the insider now owns 129,790 shares in the company, valued at approximately $6,363,603.70. This trade represents a 16.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is owned by corporate insiders.

U.S. Bancorp Stock Performance

Shares of NYSE USB opened at $51.39 on Friday. U.S. Bancorp has a 12-month low of $36.49 and a 12-month high of $52.08. The firm has a market capitalization of $80.17 billion, a price-to-earnings ratio of 15.72, a price-to-earnings-growth ratio of 2.97 and a beta of 1.02. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04. The firm has a 50 day moving average of $47.48 and a 200 day moving average of $43.96.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, topping the consensus estimate of $0.99 by $0.04. The firm had revenue of $6.86 billion for the quarter, compared to the consensus estimate of $6.90 billion. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.05 earnings per share. On average, research analysts anticipate that U.S. Bancorp will post 3.93 earnings per share for the current year.

U.S. Bancorp announced that its board has initiated a stock 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 buy 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 Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.89%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date was Monday, September 30th. U.S. Bancorp’s dividend payout ratio (DPR) is presently 61.16%.

Analysts Set New Price Targets

USB has been the topic of several recent research reports. Morgan Stanley raised U.S. Bancorp from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $54.00 to $57.00 in a research note on Monday, September 30th. Barclays increased their price target on shares of U.S. Bancorp from $52.00 to $57.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Robert W. Baird set a $54.00 price objective on shares of U.S. Bancorp in a research note on Thursday, October 17th. Stephens upped their price objective on shares of U.S. Bancorp from $49.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Finally, DA Davidson lifted their target price on shares of U.S. Bancorp from $49.00 to $54.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Thirteen equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $51.22.

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.