First Financial Bank Trust Division Lowers Position in U.S. Bancorp (NYSE:USB)
First Financial Bank Trust Division lowered its stake in shares of U.S. Bancorp (NYSE:USB) by 2.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,794 shares of the financial services provider’s stock after selling 941 shares during the quarter. First Financial Bank Trust Division’s holdings in U.S. Bancorp were worth $2,035,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in USB. Vantage Consulting Group Inc purchased a new position in U.S. Bancorp during the fourth quarter worth about $27,000. Field & Main Bank bought a new position in shares of U.S. Bancorp during the 4th quarter worth approximately $27,000. Salem Investment Counselors Inc. boosted its stake in shares of U.S. Bancorp by 92.3% in the 4th quarter. Salem Investment Counselors Inc. now owns 600 shares of the financial services provider’s stock worth $28,000 after buying an additional 288 shares during the last quarter. Diversified LLC bought a new position in shares of U.S. Bancorp in the fourth quarter valued at approximately $28,000. Finally, Valley Brook Capital Group purchased a new stake in shares of U.S. Bancorp during the fourth quarter valued at approximately $37,000. 71.73% of the stock is owned by institutional investors and hedge funds.
Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft boosted their price objective on U.S. Bancorp from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 1st. Credit Suisse Group increased their price target on shares of U.S. Bancorp from $50.00 to $56.00 and gave the company a “neutral” rating in a research report on Wednesday, March 31st. Stephens lifted their price objective on shares of U.S. Bancorp from $52.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 30th. Bank of America downgraded shares of U.S. Bancorp from a “neutral” rating to an “underperform” rating and increased their target price for the company from $44.00 to $52.00 in a research report on Thursday, January 7th. Finally, Jefferies Financial Group raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a report on Wednesday, January 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $53.28.
U.S. Bancorp (NYSE:USB) last posted its earnings results on Tuesday, January 19th. The financial services provider reported $0.95 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.95. U.S. Bancorp had a return on equity of 10.99% and a net margin of 18.68%. The business had revenue of $5.75 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the previous year, the firm earned $0.90 EPS. The company’s quarterly revenue was up 1.5% compared to the same quarter last year. As a group, equities research analysts forecast that U.S. Bancorp will post 3.06 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 15th. Investors of record on Wednesday, March 31st will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Tuesday, March 30th. This represents a $1.68 annualized dividend and a yield of 2.98%. U.S. Bancorp’s dividend payout ratio is currently 38.71%.
U.S. Bancorp declared that its Board of Directors has approved a stock buyback plan on Tuesday, December 22nd that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
About U.S. Bancorp
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support segments. The company offers depository services, including checking accounts, savings accounts, and time certificate contracts; lending services, such as traditional credit products; and credit card services, lease financing and import/export trade, asset-backed lending, agricultural finance, and other products.
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