U.S. Bancorp (USB) Releases Earnings Results, Beats Expectations By $0.01 EPS
U.S. Bancorp (NYSE:USB) released its quarterly earnings results on Wednesday. The financial services provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. U.S. Bancorp had a net margin of 26.56% and a return on equity of 14.05%.
Shares of U.S. Bancorp (NYSE:USB) opened at 43.01 on Wednesday. U.S. Bancorp has a one year low of $37.07 and a one year high of $44.58. The firm has a market cap of $73.61 billion, a price-to-earnings ratio of 13.48 and a beta of 0.82. The stock has a 50 day moving average price of $43.27 and a 200 day moving average price of $42.16.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 17th. Stockholders of record on Friday, September 30th were issued a $0.28 dividend. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.60%. U.S. Bancorp’s dividend payout ratio is 35.00%.
In other news, EVP Craig E. Gifford sold 2,500 shares of the stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $41.87, for a total value of $104,675.00. Following the completion of the transaction, the executive vice president now directly owns 49,881 shares of the company’s stock, valued at approximately $2,088,517.47. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Gillern Jeffry H. Von sold 102,961 shares of the stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $42.00, for a total value of $4,324,362.00. Following the completion of the transaction, the insider now directly owns 178,422 shares of the company’s stock, valued at $7,493,724. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the company. Alerus Financial NA bought a new position in shares of U.S. Bancorp during the second quarter worth about $2,744,000. AXA boosted its position in shares of U.S. Bancorp by 4.8% in the second quarter. AXA now owns 1,509,356 shares of the financial services provider’s stock worth $60,872,000 after buying an additional 68,615 shares during the last quarter. Quadrature Capital Ltd bought a new position in shares of U.S. Bancorp during the second quarter worth about $6,635,000. Associated Banc Corp boosted its position in shares of U.S. Bancorp by 2.6% in the second quarter. Associated Banc Corp now owns 446,090 shares of the financial services provider’s stock worth $17,990,000 after buying an additional 11,434 shares during the last quarter. Finally, Crawford Investment Counsel Inc. boosted its position in shares of U.S. Bancorp by 7.8% in the second quarter. Crawford Investment Counsel Inc. now owns 5,316 shares of the financial services provider’s stock worth $214,000 after buying an additional 385 shares during the last quarter. 72.56% of the stock is owned by institutional investors and hedge funds.
A number of analysts have recently weighed in on USB shares. Keefe, Bruyette & Woods lowered their price target on shares of U.S. Bancorp from $45.00 to $43.00 and set a “market perform” rating on the stock in a report on Tuesday, July 5th. Piper Jaffray Cos. restated an “overweight” rating and issued a $47.00 price target (up from $46.00) on shares of U.S. Bancorp in a report on Tuesday, July 19th. Zacks Investment Research cut shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a report on Monday, September 19th. FBR & Co restated a “buy” rating on shares of U.S. Bancorp in a report on Monday, July 18th. Finally, Portales Partners upgraded shares of U.S. Bancorp from a “sector perform” rating to an “outperform” rating in a report on Thursday, August 25th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $45.22.
U.S. Bancorp Company Profile
U.S. Bancorp is a multi-state financial services holding company. The Company’s banking subsidiary, U.S. Bank National Association, is engaged in the general banking business in domestic markets. It provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services.
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