Oppenheimer Lowers U.S. Bancorp (NYSE:USB) Price Target to $62.00

U.S. Bancorp (NYSE:USB) had its price objective cut by Oppenheimer from $66.00 to $62.00 in a report published on Friday,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Several other research firms have also weighed in on USB. Morgan Stanley raised shares of U.S. Bancorp from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $54.00 to $57.00 in a research note on Monday, September 30th. Barclays lifted their price target on shares of U.S. Bancorp from $52.00 to $57.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Compass Point raised their price objective on U.S. Bancorp from $49.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Piper Sandler lifted their target price on U.S. Bancorp from $52.00 to $58.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Finally, Citigroup upgraded U.S. Bancorp from a “neutral” rating to a “buy” rating and increased their price target for the stock from $49.00 to $65.00 in a report on Monday, November 25th. Ten investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, U.S. Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $53.88.

U.S. Bancorp Price Performance

USB opened at $48.86 on Friday. The company has a fifty day moving average price of $50.17 and a two-hundred day moving average price of $46.09. The firm has a market capitalization of $76.22 billion, a PE ratio of 14.94, a P/E/G ratio of 3.03 and a beta of 1.03. U.S. Bancorp has a 52 week low of $37.81 and a 52 week high of $53.98. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.81 and a current ratio of 0.81.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The business had revenue of $6.86 billion during the quarter, compared to analysts’ expectations of $6.90 billion. During the same period in the previous year, the firm earned $1.05 earnings per share. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. As a group, analysts anticipate that U.S. Bancorp will post 3.93 earnings per share for the current year.

U.S. Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date of this dividend is Tuesday, December 31st. U.S. Bancorp’s dividend payout ratio is currently 61.16%.

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

Insiders Place Their Bets

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $49.03, for a total value of $1,225,750.00. Following the completion of the sale, the insider now owns 129,790 shares in the company, valued at $6,363,603.70. This trade represents a 16.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On U.S. Bancorp

Hedge funds have recently bought and sold shares of the company. Redwood Wealth Management Group LLC bought a new position in shares of U.S. Bancorp during the 2nd quarter worth approximately $25,000. Frazier Financial Advisors LLC lifted its holdings in U.S. Bancorp by 222.7% during the 3rd quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 441 shares during the last quarter. Global Wealth Strategies & Associates boosted its position in U.S. Bancorp by 70.8% during the fourth quarter. Global Wealth Strategies & Associates now owns 603 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 250 shares during the period. Y.D. More Investments Ltd acquired a new position in shares of U.S. Bancorp in the second quarter valued at $33,000. Finally, Kimelman & Baird LLC acquired a new position in shares of U.S. Bancorp in the second quarter valued at $40,000. 77.60% of the stock is currently owned by institutional investors and hedge funds.

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.