Bank of New York Mellon Corp Takes $536.46 Million Position in U.S. Bancorp $USB

Bank of New York Mellon Corp bought a new stake in shares of U.S. Bancorp (NYSE:USB) in the 2nd quarter, Holdings Channel.com reports. The firm bought 8,881,737 shares of the financial services provider’s stock, valued at approximately $536,457,000.

A number of other large investors have also bought and sold shares of USB. Norges Bank purchased a new stake in shares of U.S. Bancorp during the fourth quarter valued at approximately $1,887,497,000. Auto Owners Insurance Co boosted its position in U.S. Bancorp by 5,236.0% during the 4th quarter. Auto Owners Insurance Co now owns 33,350,000 shares of the financial services provider’s stock valued at $1,779,556,000 after buying an additional 32,725,000 shares during the period. Capital Research Global Investors purchased a new stake in U.S. Bancorp during the 4th quarter valued at $296,377,000. Price T Rowe Associates Inc. MD grew its holdings in U.S. Bancorp by 20.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 24,919,079 shares of the financial services provider’s stock worth $1,329,683,000 after acquiring an additional 4,153,080 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in U.S. Bancorp by 63.2% in the 4th quarter. Victory Capital Management Inc. now owns 9,480,254 shares of the financial services provider’s stock worth $505,866,000 after acquiring an additional 3,672,742 shares during the last quarter. 77.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

USB has been the subject of several recent analyst reports. UBS Group upped their price objective on shares of U.S. Bancorp from $58.00 to $66.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Citigroup restated a “buy” rating on shares of U.S. Bancorp in a report on Tuesday, July 21st. Stephens upped their price target on U.S. Bancorp from $63.00 to $67.00 and gave the company an “equal weight” rating in a research report on Friday, July 17th. Robert W. Baird increased their price objective on U.S. Bancorp from $64.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, July 17th. Finally, Wells Fargo & Company boosted their target price on U.S. Bancorp from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, U.S. Bancorp currently has an average rating of “Moderate Buy” and an average target price of $67.06.

U.S. Bancorp Price Performance

USB opened at $62.09 on Friday. The stock has a 50-day moving average price of $62.40 and a 200-day moving average price of $57.63. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market cap of $96.74 billion, a PE ratio of 12.39, a P/E/G ratio of 1.01 and a beta of 0.96. U.S. Bancorp has a 1 year low of $45.02 and a 1 year high of $66.07.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.35 EPS for the quarter, beating the consensus estimate of $1.28 by $0.07. The company had revenue of $7.69 billion for the quarter, compared to the consensus estimate of $7.58 billion. U.S. Bancorp had a net margin of 18.49% and a return on equity of 13.69%. During the same period in the prior year, the firm posted $1.11 EPS. Sell-side analysts predict that U.S. Bancorp will post 5.22 earnings per share for the current fiscal year.

U.S. Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.08 annualized dividend and a dividend yield of 3.3%. U.S. Bancorp’s dividend payout ratio (DPR) is 41.52%.

Insiders Place Their Bets

In related news, insider Stephen L. Philipson sold 36,906 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $63.08, for a total value of $2,328,030.48. Following the completion of the transaction, the insider directly owned 74,969 shares in the company, valued at $4,729,044.52. The trade was a 32.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.21% of the stock is currently owned by insiders.

U.S. Bancorp Profile

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.