FY2024 EPS Estimates for U.S. Bancorp Lowered by DA Davidson

U.S. Bancorp (NYSE:USB) – Investment analysts at DA Davidson cut their FY2024 earnings per share (EPS) estimates for U.S. Bancorp in a research note issued on Thursday, December 19th. DA Davidson analyst P. Winter now expects that the financial services provider will earn $3.98 per share for the year, down from their previous forecast of $3.99. DA Davidson currently has a “Neutral” rating and a $54.00 target price on the stock. The consensus estimate for U.S. Bancorp’s current full-year earnings is $3.93 per share.

Several other brokerages have also commented on USB. Citigroup upgraded shares of U.S. Bancorp from a “neutral” rating to a “buy” rating and increased their price target for the stock from $49.00 to $65.00 in a research note on Monday, November 25th. Piper Sandler raised their target price on U.S. Bancorp from $52.00 to $58.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Stephens upped their price target on U.S. Bancorp from $49.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Compass Point raised their price objective on U.S. Bancorp from $49.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, Deutsche Bank Aktiengesellschaft cut U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 target price for the company. in a research report on Thursday, October 24th. Eleven analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $53.68.

U.S. Bancorp Price Performance

Shares of NYSE:USB opened at $48.83 on Monday. The firm has a market cap of $76.18 billion, a price-to-earnings ratio of 14.93, a P/E/G ratio of 3.03 and a beta of 1.03. U.S. Bancorp has a 1 year low of $37.81 and a 1 year high of $53.98. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04. The business has a fifty day simple moving average of $50.20 and a 200 day simple moving average of $45.66.

U.S. Bancorp (NYSE:USB) last released its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. The company had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.90 billion. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.05 earnings per share.

Institutional Trading of U.S. Bancorp

Several hedge funds have recently added to or reduced their stakes in USB. FMR LLC increased its position in shares of U.S. Bancorp by 32.7% in the third quarter. FMR LLC now owns 63,913,931 shares of the financial services provider’s stock worth $2,922,784,000 after purchasing an additional 15,746,852 shares during the period. Franklin Resources Inc. lifted its holdings in shares of U.S. Bancorp by 153.0% during the 3rd quarter. Franklin Resources Inc. now owns 7,949,347 shares of the financial services provider’s stock worth $374,573,000 after acquiring an additional 4,807,662 shares during the period. Los Angeles Capital Management LLC boosted its position in shares of U.S. Bancorp by 723.7% during the 3rd quarter. Los Angeles Capital Management LLC now owns 3,211,555 shares of the financial services provider’s stock worth $146,864,000 after acquiring an additional 2,821,642 shares in the last quarter. Marshall Wace LLP raised its position in U.S. Bancorp by 1,438.4% during the second quarter. Marshall Wace LLP now owns 2,263,296 shares of the financial services provider’s stock valued at $89,853,000 after purchasing an additional 2,116,175 shares in the last quarter. Finally, National Bank of Canada FI lifted its stake in U.S. Bancorp by 313.8% during the second quarter. National Bank of Canada FI now owns 2,698,642 shares of the financial services provider’s stock worth $105,903,000 after purchasing an additional 2,046,522 shares during the last quarter. 77.60% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Jodi L. Richard sold 25,000 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $49.03, for a total value of $1,225,750.00. Following the sale, the insider now owns 129,790 shares in the company, valued at approximately $6,363,603.70. This represents a 16.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

U.S. Bancorp declared that its board has approved a share repurchase program on Thursday, September 12th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

U.S. Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.10%. U.S. Bancorp’s dividend payout ratio (DPR) is presently 61.16%.

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.