U.S. Bancorp (NYSE:USB) Given New $59.00 Price Target at Oppenheimer

U.S. Bancorp (NYSE:USB) had its price target hoisted by Oppenheimer from $57.00 to $59.00 in a research report released on Thursday, Benzinga reports. Oppenheimer currently has an outperform rating on the financial services provider’s stock.

USB has been the subject of several other reports. Citigroup lifted their price target on U.S. Bancorp from $45.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. DA Davidson boosted their target price on shares of U.S. Bancorp from $44.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. lowered shares of U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 price target on the stock. in a research report on Thursday, June 27th. Jefferies Financial Group cut their price objective on shares of U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating for the company in a report on Wednesday, July 3rd. Finally, UBS Group raised their target price on shares of U.S. Bancorp from $43.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Twelve equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $50.34.

U.S. Bancorp Stock Performance

USB opened at $49.98 on Thursday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.81. The business’s 50-day simple moving average is $45.10 and its 200 day simple moving average is $42.63. The firm has a market capitalization of $77.99 billion, a PE ratio of 16.55, a PEG ratio of 3.32 and a beta of 1.03. U.S. Bancorp has a 52-week low of $30.47 and a 52-week high of $50.47.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. The business had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.90 billion. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. U.S. Bancorp’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.05 EPS. As a group, sell-side analysts expect that U.S. Bancorp will post 3.86 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.50 per share. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date was Monday, September 30th. This represents a $2.00 annualized dividend and a yield of 4.00%. U.S. Bancorp’s payout ratio is presently 66.23%.

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

Hedge Funds Weigh In On U.S. Bancorp

Institutional investors have recently added to or reduced their stakes in the stock. Brookstone Capital Management lifted its stake in shares of U.S. Bancorp by 2,056.5% in 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 last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of U.S. Bancorp during the second quarter valued at about $20,188,000. Mission Wealth Management LP boosted its stake in shares of U.S. Bancorp by 200.7% during the first quarter. Mission Wealth Management LP now owns 18,273 shares of the financial services provider’s stock valued at $817,000 after purchasing an additional 12,197 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of U.S. Bancorp by 6.4% during the first quarter. Janus Henderson Group PLC now owns 276,599 shares of the financial services provider’s stock worth $12,363,000 after purchasing an additional 16,686 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of U.S. Bancorp by 90.3% in the first 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 buying an additional 409,192 shares during the period. 77.60% of the stock is currently owned by institutional investors and hedge funds.

U.S. Bancorp Company Profile

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.