Midwest Trust Co Buys Shares of 407,569 U.S. Bancorp $USB

Midwest Trust Co purchased a new stake in shares of U.S. Bancorp (NYSE:USB) in the 2nd quarter, HoldingsChannel reports. The fund purchased 407,569 shares of the financial services provider’s stock, valued at approximately $18,442,000.

A number of other institutional investors have also modified their holdings of the company. FDx Advisors Inc. raised its stake in shares of U.S. Bancorp by 4.2% during the 2nd quarter. FDx Advisors Inc. now owns 7,659 shares of the financial services provider’s stock worth $347,000 after acquiring an additional 308 shares in the last quarter. Acadian Asset Management LLC grew its holdings in U.S. Bancorp by 1,288.0% in the second quarter. Acadian Asset Management LLC now owns 55,242 shares of the financial services provider’s stock worth $2,498,000 after purchasing an additional 51,262 shares during the last quarter. CSM Advisors LLC acquired a new position in shares of U.S. Bancorp during the second quarter worth $31,146,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of U.S. Bancorp by 7.1% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,961,069 shares of the financial services provider’s stock valued at $133,988,000 after purchasing an additional 195,303 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its position in shares of U.S. Bancorp by 19.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 25,500 shares of the financial services provider’s stock worth $1,154,000 after purchasing an additional 4,147 shares in the last quarter. 77.60% of the stock is currently owned by institutional investors.

U.S. Bancorp Price Performance

Shares of NYSE:USB opened at $47.32 on Friday. U.S. Bancorp has a twelve month low of $35.18 and a twelve month high of $53.98. The company’s 50 day moving average is $47.95 and its 200 day moving average is $45.84. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.10. The company has a market cap of $73.64 billion, a PE ratio of 10.83, a price-to-earnings-growth ratio of 1.25 and a beta of 1.10.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.22 EPS for the quarter, beating the consensus estimate of $1.11 by $0.11. The business had revenue of $7.34 billion during the quarter, compared to analysts’ expectations of $7.17 billion. U.S. Bancorp had a net margin of 16.89% and a return on equity of 13.34%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.03 EPS. On average, sell-side analysts forecast that U.S. Bancorp will post 4.38 EPS for the current year.

U.S. Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were issued a $0.52 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a yield of 4.4%. U.S. Bancorp’s dividend payout ratio is currently 47.60%.

Insider Activity

In other news, Chairman Andrew Cecere sold 140,445 shares of the company’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $46.34, for a total value of $6,508,221.30. Following the sale, the chairman owned 1,360,414 shares in the company, valued at $63,041,584.76. This represents a 9.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James L. Chosy sold 26,909 shares of the firm’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $46.86, for a total value of $1,260,955.74. Following the sale, the executive vice president directly owned 226,375 shares in the company, valued at approximately $10,607,932.50. This trade represents a 10.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.23% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on USB. Cowen reaffirmed a “buy” rating on shares of U.S. Bancorp in a research report on Monday, October 20th. Weiss Ratings restated a “buy (b-)” rating on shares of U.S. Bancorp in a report on Wednesday, October 8th. UBS Group increased their price objective on shares of U.S. Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, October 7th. Wells Fargo & Company lifted their target price on shares of U.S. Bancorp from $50.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, October 17th. Finally, Bank of America upped their price target on shares of U.S. Bancorp from $54.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $54.55.

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.