U.S. Bancorp (NYSE:USB) Price Target Raised to $62.00 at Wells Fargo & Company

U.S. Bancorp (NYSE:USB) had its price target boosted by Wells Fargo & Company from $60.00 to $62.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Other analysts have also issued research reports about the company. Evercore ISI upped their price objective on U.S. Bancorp from $51.00 to $54.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Oppenheimer increased their price target on U.S. Bancorp from $59.00 to $64.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Barclays lifted their price objective on U.S. Bancorp from $52.00 to $57.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Robert W. Baird set a $54.00 price objective on shares of U.S. Bancorp in a report on Thursday, October 17th. Finally, DA Davidson raised their target price on U.S. Bancorp from $49.00 to $54.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Thirteen analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $51.22.

U.S. Bancorp Stock Performance

Shares of NYSE USB traded down $0.41 during mid-day trading on Friday, hitting $49.90. The company had a trading volume of 13,570,863 shares, compared to its average volume of 8,373,090. The business’s 50-day simple moving average is $46.99 and its 200-day simple moving average is $43.69. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $77.85 billion, a P/E ratio of 15.26, a PEG ratio of 3.02 and a beta of 1.02. U.S. Bancorp has a 12 month low of $36.49 and a 12 month high of $51.76.

U.S. Bancorp (NYSE:USB) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, topping the consensus estimate of $0.99 by $0.04. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The business had revenue of $6.86 billion for the quarter, compared to the consensus estimate of $6.90 billion. During the same period in the previous year, the business earned $1.05 EPS. U.S. Bancorp’s revenue was down 2.4% compared to the same quarter last year. As a group, analysts predict that U.S. Bancorp will post 3.93 earnings per share for the current fiscal year.

U.S. Bancorp announced that its board has approved a stock buyback plan on Thursday, September 12th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

U.S. Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.50 per share. The ex-dividend date was Monday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a yield of 4.01%. U.S. Bancorp’s payout ratio is presently 61.16%.

Insider Buying and Selling at U.S. Bancorp

In other news, insider Jodi L. Richard sold 25,000 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $49.03, for a total value of $1,225,750.00. Following the sale, the insider now directly owns 129,790 shares in the company, valued at approximately $6,363,603.70. This trade represents a 16.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On U.S. Bancorp

A number of institutional investors have recently added to or reduced their stakes in USB. Manning & Napier Advisors LLC purchased a new position in U.S. Bancorp during the second quarter worth approximately $20,188,000. Janus Henderson Group PLC raised its stake in U.S. Bancorp by 6.4% during the first quarter. Janus Henderson Group PLC now owns 276,599 shares of the financial services provider’s stock worth $12,363,000 after acquiring an additional 16,686 shares during the period. Comerica Bank grew its stake in U.S. Bancorp by 11.2% during the 1st quarter. Comerica Bank now owns 564,443 shares of the financial services provider’s stock worth $25,231,000 after buying an additional 56,738 shares during the last quarter. M&G Plc lifted its position in U.S. Bancorp by 73.9% in the 2nd quarter. M&G Plc now owns 314,241 shares of the financial services provider’s stock valued at $12,570,000 after purchasing an additional 133,498 shares during the last quarter. Finally, UniSuper Management Pty Ltd raised its stake in shares of U.S. Bancorp by 1,140.5% during the first quarter. UniSuper Management Pty Ltd now owns 20,382 shares of the financial services provider’s stock valued at $911,000 after purchasing an additional 18,739 shares in the last quarter. Hedge funds and other institutional investors own 77.60% of the company’s stock.

About U.S. Bancorp

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 through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.