U.S. Bancorp (NYSE:USB) – Equities research analysts at Piper Jaffray Companies raised their FY2019 earnings per share (EPS) estimates for U.S. Bancorp in a research note issued to investors on Wednesday, October 16th. Piper Jaffray Companies analyst K. Barker now expects that the financial services provider will post earnings of $4.35 per share for the year, up from their previous forecast of $4.32. Piper Jaffray Companies currently has a “Buy” rating and a $59.00 price target on the stock. Piper Jaffray Companies also issued estimates for U.S. Bancorp’s Q4 2019 earnings at $1.12 EPS, Q1 2020 earnings at $1.07 EPS, Q2 2020 earnings at $1.14 EPS, Q3 2020 earnings at $1.15 EPS, Q4 2020 earnings at $1.22 EPS, FY2020 earnings at $4.58 EPS, Q1 2021 earnings at $1.13 EPS, Q2 2021 earnings at $1.22 EPS, Q3 2021 earnings at $1.22 EPS and FY2021 earnings at $4.86 EPS.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.04. U.S. Bancorp had a return on equity of 15.39% and a net margin of 26.54%. The company had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.81 billion. During the same quarter in the prior year, the firm posted $1.06 earnings per share. The firm’s revenue was up 3.9% compared to the same quarter last year.
Several other research analysts also recently issued reports on USB. Morgan Stanley upped their price objective on U.S. Bancorp from $55.00 to $56.00 and gave the company an “underweight” rating in a research note on Thursday, July 18th. Credit Suisse Group reaffirmed a “hold” rating and issued a $55.00 price objective on shares of U.S. Bancorp in a research note on Thursday, September 12th. JPMorgan Chase & Co. raised U.S. Bancorp from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $52.50 to $57.00 in a research note on Wednesday, July 31st. Wedbush upped their price objective on U.S. Bancorp from $46.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Finally, Deutsche Bank set a $59.00 price objective on U.S. Bancorp and gave the company a “hold” rating in a research note on Friday, July 26th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $56.60.
U.S. Bancorp stock opened at $56.65 on Monday. The business has a 50 day moving average of $54.57 and a 200-day moving average of $53.01. U.S. Bancorp has a 1 year low of $43.14 and a 1 year high of $57.81. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market capitalization of $86.78 billion, a P/E ratio of 13.82, a P/E/G ratio of 2.12 and a beta of 1.10.
U.S. Bancorp announced that its board has approved a share repurchase program on Thursday, June 27th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 3.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.42 dividend. The ex-dividend date was Friday, September 27th. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.37. This represents a $1.68 annualized dividend and a yield of 2.97%. U.S. Bancorp’s dividend payout ratio is presently 40.98%.
In related news, EVP Mark G. Runkel sold 10,986 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $57.32, for a total value of $629,717.52. Following the sale, the executive vice president now directly owns 45,213 shares in the company, valued at $2,591,609.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David B. Omaley sold 10,133 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $55.76, for a total value of $565,016.08. Following the completion of the sale, the director now owns 191,754 shares in the company, valued at $10,692,203.04. The disclosure for this sale can be found here. Insiders sold 41,119 shares of company stock worth $2,341,334 over the last quarter. 0.24% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of USB. Buckingham Capital Management Inc. raised its holdings in shares of U.S. Bancorp by 1.9% in the 1st quarter. Buckingham Capital Management Inc. now owns 55,519 shares of the financial services provider’s stock worth $2,675,000 after purchasing an additional 1,015 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of U.S. Bancorp in the 1st quarter worth approximately $1,623,000. Bath Savings Trust Co raised its holdings in shares of U.S. Bancorp by 11.5% in the 2nd quarter. Bath Savings Trust Co now owns 12,650 shares of the financial services provider’s stock worth $663,000 after purchasing an additional 1,300 shares in the last quarter. Daily Journal Corp raised its holdings in shares of U.S. Bancorp by 9,900.0% in the 2nd quarter. Daily Journal Corp now owns 14,000,000 shares of the financial services provider’s stock worth $7,336,000 after purchasing an additional 13,860,000 shares in the last quarter. Finally, WINTON GROUP Ltd raised its holdings in shares of U.S. Bancorp by 48.4% in the 2nd quarter. WINTON GROUP Ltd now owns 485,780 shares of the financial services provider’s stock worth $25,455,000 after purchasing an additional 158,439 shares in the last quarter. Hedge funds and other institutional investors own 75.51% of the company’s stock.
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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