U.S. Bancorp (NYSE:USB) Issues Earnings Results

by · The Markets Daily

U.S. Bancorp (NYSE:USB – Get Free Report) announced its earnings results on Wednesday. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.04, Briefing.com reports. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. The company had revenue of $6.86 billion for the quarter, compared to the consensus estimate of $6.90 billion. During the same period last year, the business posted $1.05 EPS. The company’s revenue was down 2.4% on a year-over-year basis.

U.S. Bancorp Stock Down 1.3 %

USB stock traded down $0.67 during mid-day trading on Friday, hitting $49.30. 6,196,078 shares of the company were exchanged, compared to its average volume of 8,367,856. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 1.05. U.S. Bancorp has a twelve month low of $30.47 and a twelve month high of $50.47. The firm has a fifty day simple moving average of $45.10 and a 200 day simple moving average of $42.63. The company has a market capitalization of $76.93 billion, a PE ratio of 16.33, a price-to-earnings-growth ratio of 3.32 and a beta of 1.03.

U.S. Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio (DPR) is 66.23%.

U.S. Bancorp announced that its board has initiated a stock repurchase plan on Thursday, September 12th that authorizes the company to repurchase $5.00 billion in outstanding 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 usually a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages recently commented on USB. Morgan Stanley upgraded shares of U.S. Bancorp from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $54.00 to $57.00 in a research note on Monday, September 30th. Royal Bank of Canada reissued an “outperform” rating and set a $48.00 price target on shares of U.S. Bancorp in a research note on Friday, September 13th. Stephens lifted their price objective on U.S. Bancorp from $49.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday. Wells Fargo & Company upped their target price on U.S. Bancorp from $52.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Barclays boosted their price objective on shares of U.S. Bancorp from $52.00 to $57.00 and gave the stock an “overweight” rating in a research report on Thursday. Twelve research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $50.34.

Check Out Our Latest Report on U.S. Bancorp

U.S. Bancorp Company Profile

(Get Free Report)

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.

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