Zacks Investment Research upgraded shares of U.S. Bancorp (NYSE:USB) from a hold rating to a buy rating in a research report report published on Friday. They currently have $60.00 price objective on the financial services provider’s stock.
According to Zacks, “Shares of U.S. Bancorp have outperformed the industry over the past three months. The company possesses an impressive earnings surprise history, beating the Zacks Consensus Estimate in three out of the trailing four quarters. U.S. Bancorp's prospects will likely get support from its solid business model, core franchise, lower tax rate, rising interest rate and diverse revenue streams. Also, its organic growth remains solid and will likely benefit from the improving economic scenario. However, escalating expenses due to its ongoing investments in technology remains a key concern. Also, involvement in legal hassles is likely to increase legal expenses and provisions in the near term. Nevertheless, U.S. Bancorp remains well poised to grow through acquisitions.”
A number of other brokerages also recently issued reports on USB. ValuEngine raised shares of U.S. Bancorp from a sell rating to a hold rating in a research report on Wednesday, August 22nd. Macquarie raised shares of U.S. Bancorp from a neutral rating to an outperform rating and boosted their price objective for the company from $56.00 to $62.00 in a research report on Wednesday. Finally, Wedbush reissued a neutral rating on shares of U.S. Bancorp in a research report on Monday, July 23rd. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. U.S. Bancorp presently has an average rating of Hold and a consensus target price of $59.72.
NYSE:USB traded down $1.03 during trading hours on Friday, reaching $50.79. The company had a trading volume of 12,592,021 shares, compared to its average volume of 6,813,398. U.S. Bancorp has a 52 week low of $48.49 and a 52 week high of $58.50. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.83. The company has a market cap of $86.03 billion, a PE ratio of 14.85, a price-to-earnings-growth ratio of 1.73 and a beta of 0.98.
U.S. Bancorp (NYSE:USB) last issued its quarterly earnings data on Wednesday, July 18th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.01. U.S. Bancorp had a net margin of 26.96% and a return on equity of 14.66%. The firm had revenue of $5.64 billion during the quarter, compared to the consensus estimate of $5.64 billion. During the same quarter in the previous year, the firm posted $0.25 EPS. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. Research analysts forecast that U.S. Bancorp will post 4.07 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be paid a dividend of $0.37 per share. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.91%. U.S. Bancorp’s payout ratio is 43.27%.
In related news, Vice Chairman John R. Elmore sold 58,924 shares of U.S. Bancorp stock in a transaction on Monday, July 23rd. The shares were sold at an average price of $51.71, for a total transaction of $3,046,960.04. Following the transaction, the insider now owns 98,371 shares in the company, valued at approximately $5,086,764.41. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.43% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA grew its holdings in U.S. Bancorp by 0.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 41,034,263 shares of the financial services provider’s stock valued at $2,052,534,000 after purchasing an additional 124,650 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in U.S. Bancorp by 15.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 15,867,860 shares of the financial services provider’s stock valued at $793,710,000 after purchasing an additional 2,071,326 shares during the last quarter. Janus Henderson Group PLC grew its holdings in U.S. Bancorp by 8.5% during the 2nd quarter. Janus Henderson Group PLC now owns 12,146,468 shares of the financial services provider’s stock valued at $607,565,000 after purchasing an additional 946,517 shares during the last quarter. American Century Companies Inc. grew its holdings in U.S. Bancorp by 1.9% during the 2nd quarter. American Century Companies Inc. now owns 10,220,827 shares of the financial services provider’s stock valued at $511,246,000 after purchasing an additional 186,828 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its holdings in U.S. Bancorp by 2.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 5,861,928 shares of the financial services provider’s stock valued at $293,214,000 after purchasing an additional 132,854 shares during the last quarter. Institutional investors own 74.29% of the company’s stock.
U.S. Bancorp Company Profile
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. The company operates through 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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