Piper Jaffray Cos. Reiterates Overweight Rating for U.S. Bancorp (USB)
U.S. Bancorp (NYSE:USB)‘s stock had its “overweight” rating reissued by stock analysts at Piper Jaffray Cos. in a note issued to investors on Monday. They currently have a $46.00 target price on the financial services provider’s stock, down from their previous target price of $47.00. Piper Jaffray Cos.’s price target points to a potential upside of 6.93% from the stock’s previous close.
USB has been the topic of several other reports. Credit Suisse Group AG reaffirmed a “hold” rating on shares of U.S. Bancorp in a report on Tuesday, July 12th. Jefferies Group reaffirmed a “hold” rating and set a $44.00 target price on shares of U.S. Bancorp in a report on Wednesday, August 10th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of U.S. Bancorp in a report on Friday, September 16th. Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of U.S. Bancorp in a report on Saturday. Finally, Zacks Investment Research cut shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a report on Monday, July 11th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eleven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $45.18.
U.S. Bancorp (NYSE:USB) opened at 43.02 on Monday. The company has a market cap of $73.63 billion, a PE ratio of 13.49 and a beta of 0.72. The company has a 50-day moving average of $43.19 and a 200 day moving average of $41.82. U.S. Bancorp has a 52-week low of $37.07 and a 52-week high of $44.58.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Friday, July 15th. The financial services provider reported $0.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.03. The firm had revenue of $5.45 billion for the quarter. U.S. Bancorp had a net margin of 26.56% and a return on equity of 14.05%. The firm’s revenue was up 8.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.80 earnings per share. Equities research analysts predict that U.S. Bancorp will post $3.25 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date is Wednesday, September 28th. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.26. U.S. Bancorp’s dividend payout ratio (DPR) is currently 31.88%.
In other U.S. Bancorp news, EVP Craig E. Gifford sold 2,500 shares of U.S. Bancorp stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $41.87, for a total value of $104,675.00. Following the completion of the sale, the executive vice president now directly owns 49,881 shares of the company’s stock, valued at $2,088,517.47. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Vice Chairman Gillern Jeffry H. Von sold 102,961 shares of U.S. Bancorp stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $42.00, for a total transaction of $4,324,362.00. Following the completion of the sale, the insider now directly owns 178,422 shares of the company’s stock, valued at $7,493,724. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.
Large investors have recently bought and sold shares of the stock. NN Investment Partners Holdings N.V. increased its stake in U.S. Bancorp by 12.8% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,440,460 shares of the financial services provider’s stock valued at $58,092,000 after buying an additional 163,847 shares during the period. Atlanta Capital Management Co. L L C boosted its position in shares of U.S. Bancorp by 16.3% in the first quarter. Atlanta Capital Management Co. L L C now owns 672,700 shares of the financial services provider’s stock worth $27,305,000 after buying an additional 94,316 shares in the last quarter. Legal & General Group Plc boosted its position in shares of U.S. Bancorp by 1.1% in the first quarter. Legal & General Group Plc now owns 7,907,393 shares of the financial services provider’s stock worth $320,981,000 after buying an additional 82,481 shares in the last quarter. Glenmede Trust Co. NA boosted its position in shares of U.S. Bancorp by 0.9% in the second quarter. Glenmede Trust Co. NA now owns 1,442,278 shares of the financial services provider’s stock worth $58,166,000 after buying an additional 12,222 shares in the last quarter. Finally, Mesirow Financial Investment Management Equity Management acquired a new position in shares of U.S. Bancorp during the second quarter worth about $389,000. 72.58% of the stock is owned by hedge funds and other institutional investors.
About U.S. Bancorp
U.S. Bancorp is a multi-state financial services holding company. The Company’s banking subsidiary, U.S. Bank National Association, is engaged in the general banking business in domestic markets. It provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services.
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