U.S. Bancorp (NYSE:USB) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

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

U.S. Bancorp Price Performance

U.S. Bancorp stock opened at $49.21 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 company has a market capitalization of $76.78 billion, a price-to-earnings ratio of 16.29, a price-to-earnings-growth ratio of 3.32 and a beta of 1.03. The company’s 50 day simple moving average is $44.94 and its 200-day simple moving average is $42.58. U.S. Bancorp has a 1 year low of $30.47 and a 1 year high of $50.11.

U.S. Bancorp Increases Dividend

The business 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 represents a $2.00 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s dividend payout ratio (DPR) is 66.23%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. UBS Group boosted their price objective on U.S. Bancorp from $43.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Stephens boosted their price target on U.S. Bancorp from $49.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday. Jefferies Financial Group decreased their price objective on U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating on the stock in a report on Wednesday, July 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $48.00 target price on shares of U.S. Bancorp in a report on Friday, September 13th. Finally, Oppenheimer raised their price target on shares of U.S. Bancorp from $54.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Twelve research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $49.29.

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