U.S. Bancorp (NYSE:USB) Given New $57.00 Price Target at Oppenheimer

U.S. Bancorp (NYSE:USB) had its price objective hoisted by investment analysts at Oppenheimer from $54.00 to $57.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s target price suggests a potential upside of 29.60% from the company’s previous close.

Several other research analysts also recently commented on the company. JPMorgan Chase & Co. downgraded U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 target price on the stock. in a report on Thursday, June 27th. DA Davidson increased their target price on U.S. Bancorp from $44.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. StockNews.com upgraded U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Jefferies Financial Group reduced their price target on shares of U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Finally, UBS Group raised their price objective on shares of U.S. Bancorp from $43.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Twelve equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, U.S. Bancorp has an average rating of “Hold” and an average target price of $48.65.

U.S. Bancorp Price Performance

Shares of USB stock opened at $43.98 on Wednesday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.81 and a quick ratio of 0.80. The stock’s fifty day simple moving average is $44.49 and its 200 day simple moving average is $42.45. U.S. Bancorp has a one year low of $30.47 and a one year high of $47.31. The firm has a market cap of $68.63 billion, a price-to-earnings ratio of 14.56, a P/E/G ratio of 3.06 and a beta of 1.03.

U.S. Bancorp (NYSE:USB) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.04. The business had revenue of $6.87 billion for the quarter, compared to analyst estimates of $6.81 billion. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.12 EPS. On average, analysts expect that U.S. Bancorp will post 3.86 earnings per share for the current fiscal year.

U.S. Bancorp announced that its Board of Directors has approved a share repurchase plan on Thursday, September 12th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at U.S. Bancorp

In other news, Director Aleem Gillani acquired 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The stock was purchased at an average price of $44.99 per share, for a total transaction of $449,900.00. Following the completion of the acquisition, the director now owns 10,000 shares in the company, valued at $449,900. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On U.S. Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Brookstone Capital Management lifted its holdings in U.S. Bancorp by 2,056.5% during the first quarter. Brookstone Capital Management now owns 218,668 shares of the financial services provider’s stock worth $9,774,000 after acquiring an additional 208,528 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in shares of U.S. Bancorp during the 2nd quarter valued at about $20,188,000. Public Employees Retirement Association of Colorado grew its position in shares of U.S. Bancorp by 2,440.9% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 227,307 shares of the financial services provider’s stock valued at $9,838,000 after purchasing an additional 218,361 shares during the period. Mission Wealth Management LP raised its holdings in U.S. Bancorp by 200.7% during the 1st quarter. Mission Wealth Management LP now owns 18,273 shares of the financial services provider’s stock worth $817,000 after buying an additional 12,197 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in U.S. Bancorp by 6.4% in the first quarter. Janus Henderson Group PLC now owns 276,599 shares of the financial services provider’s stock valued at $12,363,000 after buying an additional 16,686 shares in the last quarter. 77.60% of the stock is owned by institutional investors.

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.