U.S. Bancorp (USB) Raised to “Buy” at BidaskClub
BidaskClub upgraded shares of U.S. Bancorp (NYSE:USB) from a hold rating to a buy rating in a research note released on Thursday, July 6th.
A number of other equities research analysts also recently issued reports on USB. Zacks Investment Research downgraded shares of U.S. Bancorp from a buy rating to a hold rating in a research note on Wednesday, March 22nd. Royal Bank Of Canada reiterated a buy rating and set a $55.00 price objective on shares of U.S. Bancorp in a research note on Tuesday, April 4th. Rafferty Capital Markets downgraded shares of U.S. Bancorp from a buy rating to a hold rating and set a $53.00 price target on the stock. in a research note on Thursday, April 20th. Wells Fargo & Company downgraded shares of U.S. Bancorp from an outperform rating to a market perform rating and raised their price target for the company from $38.48 to $52.31 in a research note on Thursday, May 4th. They noted that the move was a valuation call. Finally, Jefferies Group LLC restated a buy rating and issued a $59.00 price target on shares of U.S. Bancorp in a research note on Friday, June 9th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $52.56.
Shares of U.S. Bancorp (USB) traded up 0.84% during midday trading on Thursday, hitting $53.12. The stock had a trading volume of 5,569,794 shares. The company has a market cap of $89.19 billion, a P/E ratio of 16.05 and a beta of 0.86. U.S. Bancorp has a one year low of $41.47 and a one year high of $56.61. The firm has a 50 day moving average of $52.20 and a 200-day moving average of $52.46.
U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.01. The firm had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.46 billion. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the company posted $0.82 earnings per share. On average, analysts forecast that U.S. Bancorp will post $3.44 earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date was Wednesday, June 28th. U.S. Bancorp’s dividend payout ratio is 33.63%.
U.S. Bancorp declared that its board has initiated a share buyback program on Wednesday, June 28th that permits the company to buyback $2.60 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other U.S. Bancorp news, Vice Chairman P.W. Parker sold 29,449 shares of U.S. Bancorp stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $51.94, for a total transaction of $1,529,581.06. Following the transaction, the insider now directly owns 307,698 shares of the company’s stock, valued at approximately $15,981,834.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.39% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the company. State Street Corp increased its position in shares of U.S. Bancorp by 1.2% in the first quarter. State Street Corp now owns 75,509,050 shares of the financial services provider’s stock worth $3,888,995,000 after buying an additional 903,504 shares during the period. New England Asset Management Inc. increased its position in shares of U.S. Bancorp by 52.5% in the first quarter. New England Asset Management Inc. now owns 26,571,846 shares of the financial services provider’s stock worth $1,368,451,000 after buying an additional 9,150,126 shares during the period. Norges Bank bought a new position in shares of U.S. Bancorp during the fourth quarter worth $736,819,000. US Bancorp DE increased its position in shares of U.S. Bancorp by 1.9% in the second quarter. US Bancorp DE now owns 14,157,826 shares of the financial services provider’s stock worth $735,074,000 after buying an additional 259,093 shares during the period. Finally, First Eagle Investment Management LLC increased its position in shares of U.S. Bancorp by 1.0% in the second quarter. First Eagle Investment Management LLC now owns 11,625,567 shares of the financial services provider’s stock worth $603,599,000 after buying an additional 118,063 shares during the period. 75.85% of the stock is currently owned by institutional investors.
About U.S. Bancorp
U.S. Bancorp is a multi-state financial services holding company. The Company provides a full range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and automated teller machine (ATM) processing, mortgage banking, insurance, brokerage and leasing.
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