U.S. Bancorp (USB) Lowered to “Underperform” at Bank of America Corporation
Bank of America Corporation downgraded shares of U.S. Bancorp (NYSE:USB) from a neutral rating to an underperform rating in a report published on Monday. Bank of America Corporation currently has $54.00 price target on the financial services provider’s stock, down from their previous price target of $56.00.
A number of other analysts have also recently weighed in on USB. Nomura cut shares of U.S. Bancorp from a buy rating to a neutral rating and dropped their target price for the stock from $57.00 to $55.00 in a report on Thursday, September 28th. Instinet cut U.S. Bancorp from a buy rating to a neutral rating and cut their price target for the company from $57.00 to $55.00 in a report on Thursday, September 28th. Robert W. Baird reaffirmed a hold rating and set a $48.00 target price on shares of U.S. Bancorp in a research note on Tuesday, September 5th. BidaskClub cut shares of U.S. Bancorp from a hold rating to a sell rating in a research note on Thursday, August 24th. Finally, Jefferies Group LLC restated a buy rating and set a $59.00 price target on shares of U.S. Bancorp in a research report on Friday, August 11th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the stock. U.S. Bancorp has a consensus rating of Hold and an average target price of $53.38.
U.S. Bancorp (USB) opened at 53.44 on Monday. The stock has a 50 day moving average price of $52.21 and a 200 day moving average price of $51.99. The stock has a market cap of $89.39 billion, a PE ratio of 16.15 and a beta of 0.87. U.S. Bancorp has a 52 week low of $42.37 and a 52 week high of $56.61.
U.S. Bancorp (NYSE:USB) last announced its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.01. U.S. Bancorp had a return on equity of 13.85% and a net margin of 25.60%. The company had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.46 billion. During the same period last year, the firm earned $0.82 earnings per share. The company’s revenue was up .7% on a year-over-year basis. On average, equities analysts predict that U.S. Bancorp will post $3.43 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be given a $0.30 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a dividend yield of 2.25%. U.S. Bancorp’s payout ratio is currently 36.04%.
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 shares. This buyback authorization permits the financial services provider to reacquire up to 3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
A number of institutional investors have recently made changes to their positions in USB. Stelac Advisory Services LLC acquired a new position in shares of U.S. Bancorp during the 2nd quarter worth about $103,000. Phocas Financial Corp. acquired a new stake in U.S. Bancorp in the 2nd quarter valued at about $109,000. SRS Capital Advisors Inc. lifted its stake in U.S. Bancorp by 17.0% in the 1st quarter. SRS Capital Advisors Inc. now owns 2,547 shares of the financial services provider’s stock valued at $131,000 after purchasing an additional 371 shares during the last quarter. Orrstown Financial Services Inc. lifted its stake in U.S. Bancorp by 30.4% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,921 shares of the financial services provider’s stock valued at $152,000 after purchasing an additional 681 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC bought a new position in U.S. Bancorp during the first quarter worth about $155,000. 73.97% of the stock is currently owned by institutional investors and hedge funds.
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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