Brokers Set Expectations for U.S. Bancorp FY2024 Earnings

U.S. Bancorp (NYSE:USB) – Investment analysts at DA Davidson cut their FY2024 earnings per share (EPS) estimates for shares of U.S. Bancorp in a report issued on Thursday, December 19th. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings of $3.98 per share for the year, down from their prior estimate of $3.99. DA Davidson currently has a “Neutral” rating and a $54.00 target price on the stock. The consensus estimate for U.S. Bancorp’s current full-year earnings is $3.93 per share.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. U.S. Bancorp had a net margin of 12.92% and a return on equity of 12.91%. The business had revenue of $6.86 billion during the quarter, compared to the consensus estimate of $6.90 billion. During the same quarter in the prior year, the firm earned $1.05 EPS. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year.

Several other equities research analysts have also weighed in on the company. Raymond James raised U.S. Bancorp from a “market perform” rating to an “outperform” rating and set a $57.00 target price on the stock in a research report on Thursday. Evercore ISI increased their price objective on shares of U.S. Bancorp from $51.00 to $54.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Stephens boosted their target price on shares of U.S. Bancorp from $49.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Piper Sandler raised their price target on shares of U.S. Bancorp from $52.00 to $58.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Citigroup upgraded U.S. Bancorp from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $49.00 to $65.00 in a research report on Monday, November 25th. Eleven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $53.68.

U.S. Bancorp Stock Up 1.1 %

Shares of U.S. Bancorp stock opened at $47.92 on Monday. The stock has a market capitalization of $74.76 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 3.03 and a beta of 1.03. U.S. Bancorp has a twelve month low of $37.81 and a twelve month high of $53.98. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04. The business’s 50 day simple moving average is $50.18 and its 200-day simple moving average is $45.55.

Hedge Funds Weigh In On U.S. Bancorp

A number of large investors have recently made changes to their positions in USB. Natixis Advisors LLC grew its stake in U.S. Bancorp by 16.6% in the third quarter. Natixis Advisors LLC now owns 401,232 shares of the financial services provider’s stock valued at $18,348,000 after purchasing an additional 56,990 shares in the last quarter. M&T Bank Corp increased its holdings in U.S. Bancorp by 2.8% in the third quarter. M&T Bank Corp now owns 846,344 shares of the financial services provider’s stock worth $38,704,000 after buying an additional 22,803 shares during the last quarter. Hilltop Holdings Inc. raised its position in U.S. Bancorp by 184.3% during the third quarter. Hilltop Holdings Inc. now owns 70,283 shares of the financial services provider’s stock valued at $3,214,000 after acquiring an additional 45,560 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its stake in U.S. Bancorp by 544.1% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 13,894 shares of the financial services provider’s stock valued at $635,000 after acquiring an additional 11,737 shares during the last quarter. Finally, Summit Financial Wealth Advisors LLC bought a new stake in U.S. Bancorp in the third quarter worth approximately $4,505,000. Institutional investors and hedge funds own 77.60% of the company’s stock.

Insider Activity

In other news, insider Jodi L. Richard sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the sale, the insider now owns 129,790 shares in the company, valued at $6,363,603.70. The trade was a 16.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

U.S. Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $2.00 annualized dividend and a dividend yield of 4.17%. U.S. Bancorp’s dividend payout ratio is currently 61.16%.

U.S. Bancorp announced that its board has initiated a stock repurchase program on Thursday, September 12th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

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.