U.S. Bancorp (NYSE:USB – Get Rating) – Equities researchers at Wedbush upped their FY2022 earnings per share estimates for shares of U.S. Bancorp in a research report issued on Tuesday, January 3rd. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will earn $4.44 per share for the year, up from their prior estimate of $4.41. Wedbush currently has a “Neutral” rating and a $47.00 target price on the stock. The consensus estimate for U.S. Bancorp’s current full-year earnings is $4.39 per share. Wedbush also issued estimates for U.S. Bancorp’s Q4 2022 earnings at $1.18 EPS, Q1 2023 earnings at $1.16 EPS, Q4 2023 earnings at $1.32 EPS and FY2024 earnings at $5.40 EPS.
U.S. Bancorp (NYSE:USB – Get Rating) last released its quarterly earnings results on Friday, October 14th. The financial services provider reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.01. The business had revenue of $6.33 billion during the quarter, compared to analysts’ expectations of $6.20 billion. U.S. Bancorp had a return on equity of 15.25% and a net margin of 26.01%. The company’s revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.30 EPS.
Several other equities analysts have also issued reports on the company. Barclays raised U.S. Bancorp from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $62.00 to $68.00 in a research note on Tuesday. Wolfe Research lowered U.S. Bancorp from an “outperform” rating to a “peer perform” rating in a research note on Thursday, December 1st. JPMorgan Chase & Co. increased their target price on U.S. Bancorp from $46.00 to $47.00 in a research note on Wednesday, November 2nd. Deutsche Bank Aktiengesellschaft reduced their price target on U.S. Bancorp from $64.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, September 12th. Finally, Piper Sandler reduced their price target on U.S. Bancorp to $45.00 in a research report on Thursday, September 29th. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $54.17.
U.S. Bancorp Price Performance
USB opened at $46.03 on Thursday. The stock’s 50-day moving average price is $43.51 and its 200 day moving average price is $44.68. U.S. Bancorp has a 12-month low of $38.39 and a 12-month high of $63.57. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.78. The firm has a market cap of $68.39 billion, a price-to-earnings ratio of 10.93, a PEG ratio of 1.33 and a beta of 0.96.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Confluence Investment Management LLC grew its stake in shares of U.S. Bancorp by 1.8% in the 4th quarter. Confluence Investment Management LLC now owns 1,980,111 shares of the financial services provider’s stock valued at $86,353,000 after purchasing an additional 35,051 shares during the last quarter. LVM Capital Management Ltd. MI purchased a new position in shares of U.S. Bancorp in the 4th quarter valued at approximately $209,000. Continental Investors Services Inc. purchased a new position in shares of U.S. Bancorp in the 3rd quarter valued at approximately $341,000. Perigon Wealth Management LLC grew its stake in shares of U.S. Bancorp by 8.2% in the 3rd quarter. Perigon Wealth Management LLC now owns 22,565 shares of the financial services provider’s stock valued at $910,000 after purchasing an additional 1,719 shares during the last quarter. Finally, MQS Management LLC grew its stake in shares of U.S. Bancorp by 23.4% in the 3rd quarter. MQS Management LLC now owns 9,199 shares of the financial services provider’s stock valued at $371,000 after purchasing an additional 1,744 shares during the last quarter. 71.83% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, CEO Andrew Cecere sold 84,948 shares of the firm’s stock in a transaction that occurred on Monday, December 12th. The stock was sold at an average price of $43.51, for a total transaction of $3,696,087.48. Following the transaction, the chief executive officer now owns 956,742 shares in the company, valued at approximately $41,627,844.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Terrance R. Dolan sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $43.34, for a total transaction of $650,100.00. Following the transaction, the chief financial officer now owns 138,051 shares in the company, valued at approximately $5,983,130.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Andrew Cecere sold 84,948 shares of U.S. Bancorp stock in a transaction that occurred on Monday, December 12th. The shares were sold at an average price of $43.51, for a total value of $3,696,087.48. Following the completion of the transaction, the chief executive officer now owns 956,742 shares in the company, valued at $41,627,844.42. The disclosure for this sale can be found here. Insiders have sold 139,249 shares of company stock worth $6,064,745 in the last quarter. 0.23% of the stock is owned by insiders.
U.S. Bancorp Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 17th. Investors of record on Friday, December 30th will be paid a dividend of $0.48 per share. The ex-dividend date is Thursday, December 29th. This represents a $1.92 dividend on an annualized basis and a yield of 4.17%. U.S. Bancorp’s dividend payout ratio is presently 45.61%.
U.S. Bancorp Company Profile
U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities and other financial institutions 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.
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