U.S. Bancorp (USB) Expected to Announce Earnings of $0.89 Per Share
Brokerages expect that U.S. Bancorp (NYSE:USB) will report earnings per share (EPS) of $0.89 for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for U.S. Bancorp’s earnings, with estimates ranging from $0.87 to $0.91. U.S. Bancorp posted earnings per share of $0.84 during the same quarter last year, which would indicate a positive year over year growth rate of 6%. The company is expected to report its next quarterly earnings results on Wednesday, October 18th.
On average, analysts expect that U.S. Bancorp will report full year earnings of $3.44 per share for the current fiscal year, with EPS estimates ranging from $3.40 to $3.53. For the next fiscal year, analysts forecast that the firm will report earnings of $3.78 per share, with EPS estimates ranging from $3.65 to $4.09. Zacks’ EPS calculations are a mean average based on a survey of analysts that that provide coverage for U.S. Bancorp.
U.S. Bancorp (NYSE:USB) last posted its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.01. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. The business had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.46 billion. During the same quarter in the previous year, the firm posted $0.82 EPS. The firm’s revenue was up .7% on a year-over-year basis.
USB has been the topic of a number of research reports. Wells Fargo & Company lowered shares of U.S. Bancorp from an “outperform” rating to a “market perform” rating and increased their price objective for the stock from $38.48 to $52.31 in a research note on Thursday, May 4th. They noted that the move was a valuation call. Royal Bank Of Canada reiterated a “buy” rating and issued a $55.00 price objective on shares of U.S. Bancorp in a research note on Tuesday, April 4th. BidaskClub upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Jefferies Group LLC reiterated a “buy” rating and issued a $59.00 price objective on shares of U.S. Bancorp in a research note on Friday, June 9th. Finally, Argus upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research note on Thursday. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $52.56.
In other U.S. Bancorp news, Vice Chairman Leslie V. Godridge sold 14,192 shares of U.S. Bancorp stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $52.18, for a total transaction of $740,538.56. Following the completion of the sale, the insider now directly owns 62,303 shares in the company, valued at $3,250,970.54. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman P.W. Parker sold 29,449 shares of U.S. Bancorp stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $51.94, for a total transaction of $1,529,581.06. Following the sale, the insider now owns 307,698 shares of the company’s stock, valued at $15,981,834.12. The disclosure for this sale can be found here. 0.39% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in the stock. GLG LLC boosted its position in shares of U.S. Bancorp by 1.3% in the fourth quarter. GLG LLC now owns 90,066 shares of the financial services provider’s stock worth $4,627,000 after buying an additional 1,154 shares during the period. Tudor Investment Corp Et Al acquired a new position in shares of U.S. Bancorp during the fourth quarter worth $2,706,000. Cambria Investment Management L.P. acquired a new position in shares of U.S. Bancorp during the fourth quarter worth $1,006,000. Seven Eight Capital LP acquired a new position in shares of U.S. Bancorp during the fourth quarter worth $863,000. Finally, Ancora Advisors LLC acquired a new position in shares of U.S. Bancorp during the fourth quarter worth $1,925,000. Institutional investors and hedge funds own 75.54% of the company’s stock.
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Shares of U.S. Bancorp (NYSE USB) traded down 0.69% during midday trading on Friday, hitting $52.12. 6,430,994 shares of the stock were exchanged. The stock has a market cap of $87.84 billion, a price-to-earnings ratio of 15.79 and a beta of 0.86. U.S. Bancorp has a 12 month low of $41.13 and a 12 month high of $56.61. The firm’s 50-day moving average is $51.99 and its 200-day moving average is $52.38.
U.S. Bancorp announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $2.60 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend was Wednesday, June 28th. U.S. Bancorp’s dividend payout ratio (DPR) is presently 33.63%.
About U.S. Bancorp
U.S. Bancorp is a multi-state financial services holding company. The Company provides a full range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and automated teller machine (ATM) processing, mortgage banking, insurance, brokerage and leasing.
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