Mechanics Bank Trust Department Raises Holdings in U.S. Bancorp (NYSE:USB)

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Mechanics Bank Trust Department increased its position in U.S. Bancorp (NYSE:USB) by 32.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,473 shares of the financial services provider’s stock after buying an additional 2,336 shares during the quarter. Mechanics Bank Trust Department’s holdings in U.S. Bancorp were worth $524,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of USB. Brookmont Capital Management raised its position in U.S. Bancorp by 0.5% in the second quarter. Brookmont Capital Management now owns 36,674 shares of the financial services provider’s stock valued at $1,922,000 after purchasing an additional 195 shares during the period. Plancorp LLC raised its position in U.S. Bancorp by 0.4% in the second quarter. Plancorp LLC now owns 48,413 shares of the financial services provider’s stock valued at $2,537,000 after purchasing an additional 195 shares during the period. Mitchell Mcleod Pugh & Williams Inc. raised its position in U.S. Bancorp by 1.0% in the third quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 20,911 shares of the financial services provider’s stock valued at $1,157,000 after purchasing an additional 199 shares during the period. Sky Investment Group LLC raised its position in U.S. Bancorp by 1.8% in the second quarter. Sky Investment Group LLC now owns 11,250 shares of the financial services provider’s stock valued at $590,000 after purchasing an additional 200 shares during the period. Finally, Culbertson A N & Co. Inc. raised its position in U.S. Bancorp by 0.5% in the second quarter. Culbertson A N & Co. Inc. now owns 42,696 shares of the financial services provider’s stock valued at $2,237,000 after purchasing an additional 200 shares during the period. 75.50% of the stock is currently owned by institutional investors and hedge funds.

USB has been the topic of several research reports. Morgan Stanley raised their price objective on U.S. Bancorp from $55.00 to $56.00 and gave the company an “underweight” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. raised U.S. Bancorp from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $52.50 to $57.00 in a research report on Wednesday, July 31st. UBS Group lifted their target price on U.S. Bancorp from $55.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, October 3rd. Macquarie lowered U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 target price on the stock. in a research report on Thursday, August 1st. Finally, Bank of America lowered U.S. Bancorp from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $55.00 to $53.00 in a research report on Monday, September 30th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. U.S. Bancorp currently has an average rating of “Hold” and a consensus price target of $56.47.

In related news, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of U.S. Bancorp stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $57.33, for a total value of $1,146,600.00. Following the completion of the transaction, the insider now directly owns 65,959 shares in the company, valued at $3,781,429.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David B. Omaley sold 10,133 shares of U.S. Bancorp stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $55.76, for a total value of $565,016.08. Following the completion of the transaction, the director now owns 191,754 shares of the company’s stock, valued at $10,692,203.04. The disclosure for this sale can be found here. Insiders sold 41,119 shares of company stock valued at $2,341,334 over the last quarter. Insiders own 0.24% of the company’s stock.

Shares of NYSE USB opened at $55.07 on Monday. U.S. Bancorp has a 1 year low of $43.14 and a 1 year high of $57.81. The firm has a market cap of $86.21 billion, a price-to-earnings ratio of 13.43, a PEG ratio of 2.12 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.83 and a current ratio of 0.83. The stock’s 50-day simple moving average is $54.32 and its 200-day simple moving average is $52.87.

U.S. Bancorp (NYSE:USB) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.04. U.S. Bancorp had a return on equity of 15.39% and a net margin of 26.54%. The business had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.81 billion. During the same period in the previous year, the company earned $1.06 earnings per share. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, research analysts predict that U.S. Bancorp will post 4.33 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.05%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, September 27th. U.S. Bancorp’s dividend payout ratio (DPR) is 40.98%.

U.S. Bancorp declared that its board has approved a share buyback program on Thursday, June 27th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board 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 five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.

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Institutional Ownership by Quarter for U.S. Bancorp (NYSE:USB)

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