U.S. Bancorp (NYSE:USB) Issues Earnings Results

U.S. Bancorp (NYSE:USB) issued its quarterly earnings results on Thursday. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.07, Zacks reports. U.S. Bancorp had a return on equity of 13.55% and a net margin of 18.01%.

U.S. Bancorp Trading Up 1.4%

Shares of USB opened at $63.04 on Thursday. The business’s 50-day moving average price is $57.56 and its 200 day moving average price is $55.96. The stock has a market capitalization of $97.78 billion, a P/E ratio of 13.22, a P/E/G ratio of 1.07 and a beta of 0.96. U.S. Bancorp has a 1-year low of $43.46 and a 1-year high of $63.39. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.03.

U.S. Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given 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 (DPR) is 43.61%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on USB. JPMorgan Chase & Co. raised their target price on U.S. Bancorp from $57.50 to $65.00 and gave the company an “underweight” rating in a research note on Monday, July 6th. Oppenheimer cut their price target on shares of U.S. Bancorp from $74.00 to $73.00 and set an “outperform” rating for the company in a report on Tuesday, June 30th. Truist Financial raised their price objective on shares of U.S. Bancorp from $62.00 to $66.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Stephens started coverage on shares of U.S. Bancorp in a research note on Monday, June 15th. They issued an “equal weight” rating and a $63.00 price objective on the stock. Finally, Wells Fargo & Company boosted their target price on shares of U.S. Bancorp from $62.00 to $66.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $64.31.

Insider Activity

In other news, insider Jodi L. Richard sold 40,000 shares of U.S. Bancorp stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $57.00, for a total value of $2,280,000.00. Following the transaction, 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 SEC, which is available at this link. Also, EVP Venkatachari Dilip sold 34,522 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $55.52, for a total transaction of $1,916,661.44. Following the completion of the sale, the executive vice president owned 51,292 shares of the company’s stock, valued at approximately $2,847,731.84. This trade represents a 40.23% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On U.S. Bancorp

Several hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its stake in shares of U.S. Bancorp by 20.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 24,919,079 shares of the financial services provider’s stock worth $1,329,683,000 after acquiring an additional 4,153,080 shares during the last quarter. AQR Capital Management LLC boosted its position in U.S. Bancorp by 83.3% during the fourth quarter. AQR Capital Management LLC now owns 5,278,255 shares of the financial services provider’s stock valued at $281,648,000 after purchasing an additional 2,399,142 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in U.S. Bancorp during the fourth quarter valued at $127,591,000. First Trust Advisors LP grew its stake in U.S. Bancorp by 59.3% in the fourth quarter. First Trust Advisors LP now owns 5,804,764 shares of the financial services provider’s stock valued at $309,742,000 after purchasing an additional 2,161,666 shares in the last quarter. Finally, Lazard Asset Management LLC grew its stake in U.S. Bancorp by 5,250.6% in the fourth quarter. Lazard Asset Management LLC now owns 2,083,858 shares of the financial services provider’s stock valued at $111,195,000 after purchasing an additional 2,044,912 shares in the last quarter. 77.60% of the stock is owned by hedge funds and other institutional investors.

About U.S. Bancorp

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.