U.S. Bancorp (NYSE:USB) Sets New 52-Week High After Analyst Upgrade

U.S. Bancorp (NYSE:USB)’s share price hit a new 52-week high on Thursday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $60.00 price target on the stock. U.S. Bancorp traded as high as $57.63 and last traded at $56.08, with a volume of 25525 shares trading hands. The stock had previously closed at $56.81.

Several other analysts have also commented on USB. Stephens boosted their price target on U.S. Bancorp from $52.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, March 30th. Citigroup upgraded shares of U.S. Bancorp from a “neutral” rating to a “buy” rating and boosted their target price for the company from $53.00 to $55.00 in a research note on Friday, January 22nd. Royal Bank of Canada upped their target price on shares of U.S. Bancorp from $42.00 to $52.00 in a report on Thursday, December 10th. Morgan Stanley lifted their price target on shares of U.S. Bancorp from $57.00 to $58.00 and gave the company an “equal weight” rating in a report on Monday, March 8th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of U.S. Bancorp from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $53.28.

A number of institutional investors have recently bought and sold shares of the stock. Somerset Trust Co raised its holdings in U.S. Bancorp by 0.6% during the 1st quarter. Somerset Trust Co now owns 31,353 shares of the financial services provider’s stock worth $1,734,000 after purchasing an additional 181 shares during the last quarter. Everence Capital Management Inc. bought a new position in shares of U.S. Bancorp in the 1st quarter valued at about $2,473,000. TrimTabs Asset Management LLC acquired a new stake in shares of U.S. Bancorp during the 1st quarter worth approximately $1,220,000. Canandaigua National Corp raised its stake in shares of U.S. Bancorp by 2.7% during the first quarter. Canandaigua National Corp now owns 23,647 shares of the financial services provider’s stock worth $1,308,000 after buying an additional 632 shares during the last quarter. Finally, Confluence Investment Management LLC lifted its holdings in U.S. Bancorp by 1.6% in the first quarter. Confluence Investment Management LLC now owns 1,869,767 shares of the financial services provider’s stock valued at $103,417,000 after buying an additional 29,243 shares during the period. Institutional investors and hedge funds own 71.73% of the company’s stock.

The company has a current ratio of 0.82, a quick ratio of 0.80 and a debt-to-equity ratio of 0.90. The stock has a market cap of $84.82 billion, a price-to-earnings ratio of 18.81, a price-to-earnings-growth ratio of 2.26 and a beta of 1.09. The business’s fifty day simple moving average is $53.30 and its 200 day simple moving average is $45.75.

U.S. Bancorp (NYSE:USB) last released its earnings results on Tuesday, January 19th. The financial services provider reported $0.95 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.95. U.S. Bancorp had a net margin of 18.68% and a return on equity of 10.99%. The business had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, research analysts anticipate that U.S. Bancorp will post 3.06 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 15th. Shareholders of record on Wednesday, March 31st will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.98%. The ex-dividend date is Tuesday, March 30th. U.S. Bancorp’s dividend payout ratio is 38.71%.

U.S. Bancorp declared that its board has approved a stock buyback plan on Tuesday, December 22nd that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

About U.S. Bancorp (NYSE:USB)

U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support segments. The company offers depository services, including checking accounts, savings accounts, and time certificate contracts; lending services, such as traditional credit products; and credit card services, lease financing and import/export trade, asset-backed lending, agricultural finance, and other products.

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