DA Davidson Research Analysts Reduce Earnings Estimates for U.S. Bancorp (NYSE:USB)

U.S. Bancorp (NYSE:USB) – DA Davidson cut their FY2024 earnings estimates for shares of U.S. Bancorp in a report released on Thursday, October 3rd. DA Davidson analyst P. Winter now expects that the financial services provider will earn $3.93 per share for the year, down from their prior estimate of $3.94. DA Davidson currently has a “Neutral” rating and a $49.00 target price on the stock. The consensus estimate for U.S. Bancorp’s current full-year earnings is $3.86 per share. DA Davidson also issued estimates for U.S. Bancorp’s FY2025 earnings at $4.30 EPS.

USB has been the subject of a number of other reports. JPMorgan Chase & Co. lowered shares of U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 price target for the company. in a report on Thursday, June 27th. StockNews.com upgraded shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Royal Bank of Canada reiterated an “outperform” rating and set a $48.00 price target on shares of U.S. Bancorp in a report on Friday, September 13th. Oppenheimer upped their price target on shares of U.S. Bancorp from $54.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company upped their price target on shares of U.S. Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Twelve research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $48.65.

U.S. Bancorp Trading Down 0.5 %

NYSE:USB opened at $44.47 on Monday. The company has a fifty day moving average of $44.47 and a 200 day moving average of $42.46. U.S. Bancorp has a 52 week low of $30.47 and a 52 week high of $47.31. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $69.39 billion, a P/E ratio of 14.73, a P/E/G ratio of 3.06 and a beta of 1.03.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.04. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. The company had revenue of $6.87 billion during the quarter, compared to analysts’ expectations of $6.81 billion. During the same quarter in the prior year, the company earned $1.12 EPS. The firm’s revenue was down 4.3% on a year-over-year basis.

U.S. Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.50%. The ex-dividend date of this dividend is 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 is currently 66.23%.

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

Insider Transactions at U.S. Bancorp

In other news, Director Aleem Gillani acquired 10,000 shares of U.S. Bancorp stock in a transaction that occurred on Thursday, July 18th. The stock was purchased at an average cost of $44.99 per share, with a total value of $449,900.00. Following the purchase, the director now owns 10,000 shares in the company, valued at $449,900. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On U.S. Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Brookstone Capital Management boosted its holdings in U.S. Bancorp by 2,056.5% during the 1st quarter. Brookstone Capital Management now owns 218,668 shares of the financial services provider’s stock valued at $9,774,000 after acquiring an additional 208,528 shares during the period. Manning & Napier Advisors LLC purchased a new position in U.S. Bancorp during the 2nd quarter valued at about $20,188,000. Mission Wealth Management LP boosted 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 valued at $817,000 after acquiring an additional 12,197 shares during the period. Janus Henderson Group PLC boosted its holdings in U.S. Bancorp by 6.4% during the 1st quarter. Janus Henderson Group PLC now owns 276,599 shares of the financial services provider’s stock valued at $12,363,000 after acquiring an additional 16,686 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in U.S. Bancorp by 90.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 862,317 shares of the financial services provider’s stock valued at $36,676,000 after acquiring an additional 409,192 shares during the period. 77.60% of the stock is currently owned by hedge funds and other 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.