Independence Bank of Kentucky Acquires 2,292 Shares of U.S. Bancorp (NYSE:USB)

Independence Bank of Kentucky grew its stake in U.S. Bancorp (NYSE:USB) by 4.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,873 shares of the financial services provider’s stock after acquiring an additional 2,292 shares during the period. U.S. Bancorp accounts for approximately 0.7% of Independence Bank of Kentucky’s holdings, making the stock its 28th largest position. Independence Bank of Kentucky’s holdings in U.S. Bancorp were worth $2,408,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank acquired a new stake in U.S. Bancorp in the fourth quarter valued at $827,370,000. Aristotle Capital Management LLC lifted its stake in U.S. Bancorp by 266.6% in the 3rd quarter. Aristotle Capital Management LLC now owns 23,467,699 shares of the financial services provider’s stock valued at $775,842,000 after purchasing an additional 17,066,479 shares during the last quarter. Vanguard Group Inc. grew its holdings in U.S. Bancorp by 5.0% during the third quarter. Vanguard Group Inc. now owns 136,513,206 shares of the financial services provider’s stock worth $4,513,127,000 after purchasing an additional 6,479,642 shares during the period. Boston Partners acquired a new position in U.S. Bancorp during the fourth quarter worth approximately $154,517,000. Finally, Charles Schwab Investment Management Inc. raised its stake in U.S. Bancorp by 8.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 33,719,110 shares of the financial services provider’s stock valued at $1,459,363,000 after buying an additional 2,598,163 shares during the period. Institutional investors and hedge funds own 77.60% of the company’s stock.

U.S. Bancorp Trading Up 1.3 %

NYSE USB traded up $0.50 on Friday, hitting $39.70. The company’s stock had a trading volume of 12,212,239 shares, compared to its average volume of 8,161,955. The company’s 50-day moving average is $40.35 and its 200 day moving average is $41.69. The firm has a market cap of $61.95 billion, a PE ratio of 13.14, a PEG ratio of 3.82 and a beta of 1.04. U.S. Bancorp has a 1-year low of $30.47 and a 1-year high of $45.85. The company has a quick ratio of 0.81, a current ratio of 0.82 and a debt-to-equity ratio of 1.07.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.01. U.S. Bancorp had a return on equity of 13.93% and a net margin of 12.13%. The company had revenue of $6.72 billion for the quarter, compared to analyst estimates of $6.71 billion. During the same period in the previous year, the firm earned $1.16 earnings per share. The firm’s quarterly revenue was down 6.4% on a year-over-year basis. As a group, analysts predict that U.S. Bancorp will post 3.84 earnings per share for the current fiscal year.

U.S. Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a dividend yield of 4.94%. The ex-dividend date of this dividend is Friday, June 28th. U.S. Bancorp’s dividend payout ratio (DPR) is presently 64.90%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on USB shares. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $45.00 target price (down from $52.00) on shares of U.S. Bancorp in a report on Thursday, April 18th. Wells Fargo & Company cut their target price on shares of U.S. Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Thursday, April 18th. HSBC raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and lifted their target price for the stock from $47.00 to $53.00 in a report on Thursday, March 28th. Compass Point upgraded shares of U.S. Bancorp from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $49.00 in a research report on Friday, March 22nd. Finally, Evercore ISI boosted their price objective on U.S. Bancorp from $45.00 to $48.00 and gave the stock an “in-line” rating in a report on Tuesday. Sixteen 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 presently has a consensus rating of “Hold” and an average price target of $46.02.

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.