U.S. Bancorp (NYSE:USB) Given New $68.00 Price Target at Royal Bank Of Canada

U.S. Bancorp (NYSE:USB) had its price objective hoisted by Royal Bank Of Canada from $61.00 to $68.00 in a research note published on Friday,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Several other research firms have also recently weighed in on USB. Weiss Ratings raised U.S. Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Barclays raised their target price on U.S. Bancorp from $67.00 to $75.00 and gave the company an “overweight” rating in a report on Friday. Jefferies Financial Group raised U.S. Bancorp from a “hold” rating to a “buy” rating and lifted their price target for the stock from $60.00 to $75.00 in a research report on Monday, July 6th. Wells Fargo & Company increased their price objective on U.S. Bancorp from $62.00 to $66.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Finally, Wall Street Zen upgraded shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.52.

U.S. Bancorp Stock Performance

NYSE:USB opened at $63.14 on Friday. The firm has a market capitalization of $97.93 billion, a PE ratio of 12.60, a PEG ratio of 1.10 and a beta of 0.96. U.S. Bancorp has a 1 year low of $43.46 and a 1 year high of $64.84. The company has a current ratio of 0.83, a quick ratio of 0.81 and a debt-to-equity ratio of 0.96. The firm’s fifty day simple moving average is $57.89 and its 200 day simple moving average is $56.08.

U.S. Bancorp (NYSE:USB) last released its earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.07. The firm had revenue of $7.71 billion during the quarter, compared to analyst estimates of $7.58 billion. U.S. Bancorp had a net margin of 18.49% and a return on equity of 13.69%. During the same quarter in the previous year, the business earned $1.11 EPS. On average, sell-side analysts anticipate that U.S. Bancorp will post 5.12 EPS for the current year.

U.S. Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.52 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.3%. U.S. Bancorp’s dividend payout ratio is currently 43.61%.

Insider Transactions at U.S. Bancorp

In related news, EVP Venkatachari Dilip sold 34,522 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $55.52, for a total value of $1,916,661.44. Following the completion of the transaction, the executive vice president owned 51,292 shares of the company’s stock, valued at $2,847,731.84. This represents a 40.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jodi L. Richard sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $57.00, for a total transaction of $2,280,000.00. Following the transaction, the insider owned 207,251 shares of the company’s stock, valued at approximately $11,813,307. This represents a 16.18% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On U.S. Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Clayton Financial Group LLC bought a new stake in U.S. Bancorp in the fourth quarter valued at $25,000. Financial Life Planners bought a new position in shares of U.S. Bancorp during the first quarter valued at $27,000. Main Street Group LTD acquired a new stake in shares of U.S. Bancorp in the 1st quarter valued at $28,000. JPL Wealth Management LLC bought a new stake in shares of U.S. Bancorp in the 3rd quarter worth about $28,000. Finally, Binnacle Investments Inc grew its holdings in shares of U.S. Bancorp by 77.8% in the 3rd quarter. Binnacle Investments Inc now owns 624 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 273 shares during the last quarter. Institutional investors own 77.60% of the company’s stock.

Key Headlines Impacting U.S. Bancorp

Here are the key news stories impacting U.S. Bancorp this week:

• Positive Sentiment: U.S. Bancorp posted Q2 earnings of $1.35 per share on revenue of $7.71 billion, both above estimates, with record quarterly revenue driven by loan growth, fee income, and a boost from its BTIG acquisition. U.S. Bancorp Q2 Earnings Beat Estimates on NII & Fee Revenue Growth
• Positive Sentiment: Management raised full-year revenue guidance to a 7% to 9% growth range, signaling confidence that momentum from higher net interest income and fee revenue will continue. Is USB’s Stronger Outlook And BTIG Fee Push Altering The Investment Case For U.S. Bancorp (USB)?
• Positive Sentiment: Several firms lifted price targets after the earnings release, including Oppenheimer, Wells Fargo, Truist, RBC, and Baird, reflecting improved sentiment around USB’s outlook. US Bancorp analysts boost their forecasts after upbeat Q2 results

U.S. Bancorp Company Profile

U.S. Bancorp (NYSE: USB) is a bank holding company and the parent of U.S. Bank, a national commercial bank that provides a wide range of banking, investment, mortgage, trust and payment services. The company operates through consumer and business banking, commercial banking, payment services, and wealth management segments. Its product set includes deposit accounts, consumer and commercial lending, mortgage origination and servicing, credit and debit card services, treasury and cash management, merchant processing, and institutional and trust services.

Headquartered in Minneapolis, Minnesota, U.S.