U.S. Bancorp (NYSE:USB – Get Free Report)’s stock price reached a new 52-week high during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $64.27 and last traded at $63.4520, with a volume of 1558160 shares changing hands. The stock had previously closed at $63.01.
The financial services provider reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.07. U.S. Bancorp had a net margin of 18.49% and a return on equity of 13.69%. The company had revenue of $7.71 billion during the quarter, compared to analyst estimates of $7.58 billion. During the same period in the previous year, the business posted $1.11 earnings per share.
U.S. Bancorp Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Tuesday, June 30th. U.S. Bancorp’s dividend payout ratio (DPR) is currently 43.61%.
Key Stories Impacting U.S. Bancorp
- 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
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on the company. Barclays raised their target price on U.S. Bancorp from $67.00 to $75.00 and gave the stock an “overweight” rating in a report on Friday. Royal Bank Of Canada boosted their price target on U.S. Bancorp from $61.00 to $68.00 and gave the company an “outperform” rating in a report on Friday. Wall Street Zen upgraded U.S. Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, July 6th. Morgan Stanley raised their price objective on U.S. Bancorp from $64.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Finally, Wells Fargo & Company lifted their price objective on U.S. Bancorp from $66.00 to $69.00 and gave the company an “overweight” rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $66.52.
Insiders Place Their Bets
In other U.S. Bancorp news, 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 sale, the insider directly owned 207,251 shares of the company’s stock, valued at $11,813,307. This trade represents a 16.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Venkatachari Dilip sold 34,522 shares of the business’s 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 in the company, valued at $2,847,731.84. The trade was a 40.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is currently owned by insiders.
Institutional Trading of U.S. Bancorp
Institutional investors have recently made changes to their positions in the business. Clayton Financial Group LLC purchased a new stake in U.S. Bancorp during the 4th quarter valued at approximately $25,000. Financial Life Planners purchased a new position in shares of U.S. Bancorp in the first quarter worth $27,000. Main Street Group LTD purchased a new position in shares of U.S. Bancorp in the first quarter worth $28,000. JPL Wealth Management LLC bought a new position in shares of U.S. Bancorp during the third quarter worth $28,000. Finally, Binnacle Investments Inc boosted its position in shares of U.S. Bancorp by 77.8% during the third quarter. Binnacle Investments Inc now owns 624 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 273 shares during the last quarter. Hedge funds and other institutional investors own 77.60% of the company’s stock.
U.S. Bancorp Stock Down 1.4%
The company has a quick ratio of 0.81, a current ratio of 0.83 and a debt-to-equity ratio of 0.96. The company 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. The company’s 50 day moving average is $57.89 and its two-hundred day moving average is $56.08.
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.
See Also
- Five stocks we like better than U.S. Bancorp
- AST SpaceMobile Stock Sinks as SpaceX Fallout Rattles Space Sector
- Aehr Test Systems Stock Soars on Earnings, Eyes Over 150% Revenue Growth
- TSMC Just Gave AI Chip Bulls Another Reason to Stay Confident
- GE Aerospace Faces a Prove-It Moment in Q2 Earnings
Receive News & Ratings for U.S. Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for U.S. Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.
