U.S. Bancorp to Post FY2024 Earnings of $3.94 Per Share, DA Davidson Forecasts (NYSE:USB)

U.S. Bancorp (NYSE:USB) – DA Davidson boosted their FY2024 earnings per share estimates for U.S. Bancorp in a report issued on Thursday, July 18th. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings of $3.94 per share for the year, up from their prior forecast of $3.86. DA Davidson currently has a “Neutral” rating and a $49.00 price target on the stock. The consensus estimate for U.S. Bancorp’s current full-year earnings is $3.89 per share. DA Davidson also issued estimates for U.S. Bancorp’s FY2025 earnings at $4.34 EPS.

Several other brokerages have also recently issued reports on USB. HSBC raised U.S. Bancorp from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $47.00 to $53.00 in a report on Thursday, March 28th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $45.00 price target (down from $52.00) on shares of U.S. Bancorp in a report on Thursday, April 18th. StockNews.com raised U.S. Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Wells Fargo & Company boosted their price target on U.S. Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Finally, Royal Bank of Canada boosted their price target on U.S. Bancorp from $47.00 to $48.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Thirteen equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $47.72.

U.S. Bancorp Stock Performance

Shares of USB stock opened at $45.55 on Monday. The stock has a fifty day moving average price of $40.54 and a 200 day moving average price of $41.48. The stock has a market cap of $71.08 billion, a PE ratio of 15.08, a P/E/G ratio of 3.99 and a beta of 1.04. U.S. Bancorp has a 1 year low of $30.47 and a 1 year high of $45.85. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.81.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.04. The firm had revenue of $6.87 billion during the quarter, compared to analysts’ expectations of $6.81 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. U.S. Bancorp’s revenue was down 4.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.12 earnings per share.

Institutional Investors Weigh In On U.S. Bancorp

A number of institutional investors have recently added to or reduced their stakes in the company. Boothe Investment Group Inc. grew its position in U.S. Bancorp by 2.6% during the second quarter. Boothe Investment Group Inc. now owns 166,504 shares of the financial services provider’s stock valued at $6,534,000 after acquiring an additional 4,284 shares during the period. Hennessy Advisors Inc. boosted its position in shares of U.S. Bancorp by 16.7% in the second quarter. Hennessy Advisors Inc. now owns 14,000 shares of the financial services provider’s stock worth $556,000 after buying an additional 2,000 shares during the period. Atlas Brown Inc. boosted its position in shares of U.S. Bancorp by 2.1% in the second quarter. Atlas Brown Inc. now owns 12,697 shares of the financial services provider’s stock worth $504,000 after buying an additional 263 shares during the period. 1620 Investment Advisors Inc. purchased a new stake in shares of U.S. Bancorp in the second quarter worth about $30,000. Finally, Moss Adams Wealth Advisors LLC boosted its position in shares of U.S. Bancorp by 5.8% in the second quarter. Moss Adams Wealth Advisors LLC now owns 7,871 shares of the financial services provider’s stock worth $316,000 after buying an additional 431 shares during the period. Hedge funds and other institutional investors own 77.60% of the company’s stock.

Insider Activity at U.S. Bancorp

In other news, Director Aleem Gillani purchased 10,000 shares of the stock in a transaction on Thursday, July 18th. The stock was purchased at an average price of $44.99 per share, with a total value of $449,900.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at $449,900. The transaction was disclosed in a 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a $0.49 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.96 annualized dividend and a yield of 4.30%. U.S. Bancorp’s payout ratio is currently 64.90%.

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.