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

U.S. Bancorp (NYSE:USB) released its quarterly earnings results on Wednesday. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04, Briefing.com reports. The firm had revenue of $6.86 billion during the quarter, compared to analysts’ expectations of $6.90 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. U.S. Bancorp’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.05 EPS.

U.S. Bancorp Stock Up 1.6 %

Shares of U.S. Bancorp stock opened at $49.98 on Friday. The stock has a 50-day moving average price of $45.10 and a 200 day moving average price of $42.63. The company has a market cap of $77.99 billion, a P/E ratio of 16.55, a P/E/G ratio of 3.32 and a beta of 1.03. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 1.05. U.S. Bancorp has a 1 year low of $30.47 and a 1 year high of $50.47.

U.S. Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.50 dividend. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date was Monday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.00%. U.S. Bancorp’s dividend payout ratio (DPR) is 66.23%.

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

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. cut U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 target price for the company. in a research note on Thursday, June 27th. Evercore ISI increased their target price on U.S. Bancorp from $49.00 to $51.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company increased their target price on U.S. Bancorp from $52.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday. Royal Bank of Canada reiterated an “outperform” rating and set a $48.00 target price on shares of U.S. Bancorp in a research note on Friday, September 13th. Finally, Morgan Stanley upgraded U.S. Bancorp from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $54.00 to $57.00 in a research note on Monday, September 30th. Twelve equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $50.34.

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.