U.S. Bancorp (NYSE:USB) issued its quarterly earnings results on Wednesday. The financial services provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.02, RTT News reports. The company had revenue of $5.58 billion during the quarter, compared to analysts’ expectations of $5.73 billion. U.S. Bancorp had a return on equity of 15.45% and a net margin of 26.70%. The business’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.02 earnings per share.
NYSE USB opened at $55.00 on Friday. The business’s 50 day simple moving average is $52.69. U.S. Bancorp has a one year low of $43.14 and a one year high of $55.56. The firm has a market capitalization of $87.87 billion, a PE ratio of 13.08, a P/E/G ratio of 1.85 and a beta of 1.06. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.86.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a dividend of $0.37 per share. The ex-dividend date was Thursday, June 27th. This represents a $1.48 annualized dividend and a yield of 2.69%. U.S. Bancorp’s dividend payout ratio is currently 36.10%.
Several equities research analysts have recently weighed in on USB shares. Oppenheimer set a $15.00 price target on Strongbridge Biopharma and gave the company a “buy” rating in a research note on Tuesday, March 26th. Wedbush started coverage on Millendo Therapeutics in a research note on Thursday. They issued an “outperform” rating and a $24.00 price target for the company. Morgan Stanley increased their price target on Yum! Brands from $97.00 to $106.00 and gave the company an “equal weight” rating in a research note on Thursday. Bank of America increased their price target on Micron Technology from $45.00 to $60.00 and gave the company an “average” rating in a research note on Thursday. Finally, Zacks Investment Research raised GreenTree Hospitality Group from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. U.S. Bancorp has a consensus rating of “Hold” and an average target price of $56.63.
In other U.S. Bancorp news, Vice Chairman Leslie V. Godridge sold 12,564 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $51.53, for a total value of $647,422.92. Following the transaction, the insider now owns 39,330 shares in the company, valued at $2,026,674.90. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Gillern Jeffry H. Von sold 4,669 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $53.14, for a total value of $248,110.66. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.
A number of large investors have recently made changes to their positions in USB. Geode Capital Management LLC boosted its holdings in U.S. Bancorp by 7.5% in the fourth quarter. Geode Capital Management LLC now owns 18,322,754 shares of the financial services provider’s stock worth $835,766,000 after acquiring an additional 1,285,265 shares in the last quarter. Thoroughbred Financial Services LLC bought a new position in U.S. Bancorp in the fourth quarter worth approximately $401,000. Birch Hill Investment Advisors LLC boosted its holdings in U.S. Bancorp by 0.6% in the fourth quarter. Birch Hill Investment Advisors LLC now owns 198,597 shares of the financial services provider’s stock worth $9,076,000 after acquiring an additional 1,115 shares in the last quarter. ERTS Wealth Advisors LLC bought a new position in U.S. Bancorp in the fourth quarter worth approximately $36,000. Finally, Achmea Investment Management B.V. boosted its holdings in U.S. Bancorp by 106.9% in the fourth quarter. Achmea Investment Management B.V. now owns 71,993 shares of the financial services provider’s stock worth $3,291,000 after acquiring an additional 37,195 shares in the last quarter. Institutional investors and hedge funds own 74.63% of the company’s stock.
U.S. Bancorp announced that its board has approved a stock repurchase program on Thursday, June 27th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 3.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is 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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