U.S. Bancorp (NYSE:USB) to Post FY2024 Earnings of $3.93 Per Share, DA Davidson Forecasts

U.S. Bancorp (NYSE:USB) – DA Davidson decreased their FY2024 earnings per share estimates for U.S. Bancorp in a report released on Thursday, October 3rd. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings of $3.93 per share for the year, down from their prior estimate of $3.94. DA Davidson has a “Neutral” rating and a $49.00 price objective on the stock. The consensus estimate for U.S. Bancorp’s current full-year earnings is $3.86 per share. DA Davidson also issued estimates for U.S. Bancorp’s FY2025 earnings at $4.30 EPS.

A number of other research analysts also recently weighed in on USB. StockNews.com upgraded shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Wells Fargo & Company increased their target price on U.S. Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. UBS Group boosted their price target on U.S. Bancorp from $43.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. JPMorgan Chase & Co. downgraded shares of U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 price objective on the stock. in a report on Thursday, June 27th. Finally, Morgan Stanley upgraded shares of U.S. Bancorp from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $54.00 to $57.00 in a research report on Monday, September 30th. Twelve analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $48.65.

U.S. Bancorp Stock Performance

Shares of USB opened at $44.26 on Monday. The company has a market cap of $69.07 billion, a price-to-earnings ratio of 14.66, a P/E/G ratio of 3.06 and a beta of 1.03. The business’s fifty day simple moving average is $44.46 and its two-hundred day simple moving average is $42.46. U.S. Bancorp has a 12 month low of $30.47 and a 12 month high of $47.31. 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 (NYSE:USB) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.94 by $0.04. The company had revenue of $6.87 billion for the quarter, compared to the consensus estimate of $6.81 billion. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. U.S. Bancorp’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.12 EPS.

Hedge Funds Weigh In On U.S. Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Redwood Wealth Management Group LLC acquired a new stake in shares of U.S. Bancorp in the 2nd quarter worth $25,000. Financial Synergies Wealth Advisors Inc. acquired a new position in shares of U.S. Bancorp during the first quarter valued at about $30,000. 1620 Investment Advisors Inc. acquired a new position in shares of U.S. Bancorp during the second quarter valued at about $30,000. Eagle Bay Advisors LLC boosted its stake in U.S. Bancorp by 93.2% in the 1st quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 331 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in U.S. Bancorp during the 1st quarter worth approximately $31,000. 77.60% of the stock is currently owned by institutional investors.

Insider Buying and Selling at U.S. Bancorp

In related news, Director Aleem Gillani acquired 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The stock was bought at an average price of $44.99 per share, for a total transaction of $449,900.00. Following the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at $449,900. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.23% of the company’s stock.

U.S. Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.50 dividend. The ex-dividend date is Monday, September 30th. This represents a $2.00 annualized dividend and a dividend yield of 4.52%. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio is currently 66.23%.

U.S. Bancorp announced that its board has approved a stock buyback program 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 stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

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.