Independence Bank of Kentucky Trims Stock Holdings in U.S. Bancorp (NYSE:USB)

Independence Bank of Kentucky decreased its holdings in U.S. Bancorp (NYSE:USB) by 0.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 55,215 shares of the financial services provider’s stock after selling 508 shares during the period. Independence Bank of Kentucky’s holdings in U.S. Bancorp were worth $2,525,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of USB. Redwood Wealth Management Group LLC purchased a new position in shares of U.S. Bancorp in the second quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. purchased a new position in shares of U.S. Bancorp in the first quarter worth about $30,000. 1620 Investment Advisors Inc. purchased a new position in shares of U.S. Bancorp in the second quarter worth about $30,000. Eagle Bay Advisors LLC grew its stake in U.S. Bancorp by 93.2% during the first quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 331 shares in the last quarter. Finally, LRI Investments LLC purchased a new position in U.S. Bancorp during the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 77.60% of the company’s stock.

U.S. Bancorp Trading Up 2.1 %

Shares of USB traded up $0.96 during mid-day trading on Friday, reaching $45.90. The company’s stock had a trading volume of 332,772 shares, compared to its average volume of 8,198,344. The stock has a market cap of $71.63 billion, a PE ratio of 14.88, a P/E/G ratio of 3.32 and a beta of 1.03. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 1.05. U.S. Bancorp has a 52 week low of $30.47 and a 52 week high of $47.31. The company’s fifty day moving average price is $44.47 and its two-hundred day moving average price is $42.50.

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 analysts’ consensus estimates of $0.94 by $0.04. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. The firm had revenue of $6.87 billion during the quarter, compared to analyst estimates of $6.81 billion. During the same period in the previous year, the business posted $1.12 EPS. The business’s quarterly revenue was down 4.3% on a year-over-year basis. On average, analysts predict that U.S. Bancorp will post 3.86 earnings per share for the current fiscal year.

U.S. Bancorp announced that its board has approved a share buyback plan on Thursday, September 12th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.50 per share. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date of this dividend is Monday, September 30th. U.S. Bancorp’s dividend payout ratio is currently 66.23%.

Insider Activity at U.S. Bancorp

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

Wall Street Analysts Forecast Growth

USB has been the subject of several recent analyst reports. DA Davidson boosted their price objective on shares of U.S. Bancorp from $44.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $48.00 price objective on shares of U.S. Bancorp in a research note on Friday, September 13th. 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. The Goldman Sachs Group reduced their price objective on shares of U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a research note on Wednesday, September 11th. Finally, Wells Fargo & Company boosted their price target on shares of U.S. Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Twelve equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $49.14.

U.S. Bancorp Profile

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.