$5.62 Billion in Sales Expected for U.S. Bancorp (USB) This Quarter
Brokerages expect U.S. Bancorp (NYSE:USB) to announce sales of $5.62 billion for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for U.S. Bancorp’s earnings. The highest sales estimate is $5.66 billion and the lowest is $5.57 billion. U.S. Bancorp reported sales of $5.34 billion in the same quarter last year, which indicates a positive year over year growth rate of 5.2%. The firm is expected to issue its next earnings report before the market opens on Wednesday, October 18th.
On average, analysts expect that U.S. Bancorp will report full-year sales of $5.62 billion for the current financial year, with estimates ranging from $21.94 billion to $22.18 billion. For the next year, analysts forecast that the company will report sales of $23.30 billion per share, with estimates ranging from $23.11 billion to $23.65 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow U.S. Bancorp.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.01. The company had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.46 billion. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. U.S. Bancorp’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.82 EPS.
Several research firms have issued reports on USB. Wells Fargo & Company began coverage on shares of U.S. Bancorp in a research note on Wednesday, August 9th. They set a “market perform” rating and a $56.00 target price on the stock. Jefferies Group LLC restated a “buy” rating and set a $59.00 target price on shares of U.S. Bancorp in a research note on Friday, June 9th. BidaskClub cut shares of U.S. Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Argus upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research note on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of U.S. Bancorp in a research note on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. U.S. Bancorp has an average rating of “Hold” and an average price target of $52.85.
A number of large investors have recently made changes to their positions in the stock. Stelac Advisory Services LLC bought a new stake in shares of U.S. Bancorp during the second quarter worth about $103,000. Phocas Financial Corp. bought a new stake in shares of U.S. Bancorp during the second quarter worth about $109,000. SRS Capital Advisors Inc. raised its stake in shares of U.S. Bancorp by 17.0% in the first quarter. SRS Capital Advisors Inc. now owns 2,547 shares of the financial services provider’s stock worth $131,000 after buying an additional 371 shares during the period. Orrstown Financial Services Inc. raised its stake in shares of U.S. Bancorp by 30.4% in the second quarter. Orrstown Financial Services Inc. now owns 2,921 shares of the financial services provider’s stock worth $152,000 after buying an additional 681 shares during the period. Finally, Signature Estate & Investment Advisors LLC bought a new stake in shares of U.S. Bancorp during the first quarter worth about $155,000. 74.20% of the stock is owned by institutional investors and hedge funds.
U.S. Bancorp (NYSE:USB) opened at 51.59 on Thursday. U.S. Bancorp has a 1-year low of $42.17 and a 1-year high of $56.61. The firm has a market capitalization of $86.30 billion, a price-to-earnings ratio of 15.59 and a beta of 0.86. The stock’s 50 day moving average is $52.40 and its 200 day moving average is $52.49.
U.S. Bancorp announced that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $2.60 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
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U.S. Bancorp Company Profile
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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