U.S. Bancorp (USB) Stock Rating Lowered by Zacks Investment Research
U.S. Bancorp (NYSE:USB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.
According to Zacks, “Shares of U.S. Bancorp have outperformed the industry over the past six months. The company possesses an impressive earnings surprise history, beating the Zacks Consensus Estimate in all the trailing four quarters. Third-quarter 2018 earnings reflect higher revenues, along with loan growth and reduced provisions. However, lower mortgage banking revenues and escalating expenses were major drags. U.S. Bancorp's prospects will likely get support from its solid business model, core franchise, lower tax rate, rising interest rate and diverse revenue streams. Also, its organic growth remains solid and will likely benefit from the improving economic scenario. Though escalating expenses due to its ongoing investments in technology and likely increase in legal expenses remain concerns, U.S. Bancorp remains well poised to grow through acquisitions.”
USB has been the topic of a number of other reports. CIBC raised U.S. Bancorp from a “market perform” rating to an “outperform” rating in a report on Thursday, October 18th. ValuEngine cut U.S. Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 16th. Macquarie raised U.S. Bancorp from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $56.00 to $62.00 in a report on Wednesday, October 10th. UBS Group set a $56.00 target price on U.S. Bancorp and gave the stock a “hold” rating in a report on Monday, October 22nd. Finally, Wedbush reaffirmed a “neutral” rating on shares of U.S. Bancorp in a report on Monday, July 23rd. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $59.36.
U.S. Bancorp (NYSE:USB) last announced its earnings results on Wednesday, October 17th. The financial services provider reported $1.06 EPS for the quarter, topping the Zacks’ consensus estimate of $1.04 by $0.02. U.S. Bancorp had a return on equity of 15.14% and a net margin of 27.53%. The company had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.68 billion. During the same period last year, the firm earned $0.88 EPS. U.S. Bancorp’s revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, analysts forecast that U.S. Bancorp will post 4.1 earnings per share for the current year.
In other U.S. Bancorp news, Vice Chairman Terrance R. Dolan sold 15,524 shares of the firm’s stock in a transaction dated Thursday, October 18th. The stock was sold at an average price of $52.91, for a total transaction of $821,374.84. Following the sale, the insider now directly owns 124,086 shares of the company’s stock, valued at $6,565,390.26. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David B. Omaley sold 10,902 shares of the firm’s stock in a transaction dated Wednesday, November 14th. The shares were sold at an average price of $53.66, for a total value of $585,001.32. Following the sale, the director now directly owns 212,789 shares in the company, valued at $11,418,257.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 253,073 shares of company stock worth $13,383,882. Insiders own 0.43% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA increased its holdings in shares of U.S. Bancorp by 0.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 41,034,263 shares of the financial services provider’s stock worth $2,052,534,000 after purchasing an additional 124,650 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of U.S. Bancorp by 3.5% in the third quarter. Wells Fargo & Company MN now owns 22,390,287 shares of the financial services provider’s stock worth $1,182,431,000 after purchasing an additional 750,796 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of U.S. Bancorp by 0.6% in the third quarter. Bank of New York Mellon Corp now owns 15,961,974 shares of the financial services provider’s stock worth $842,951,000 after purchasing an additional 94,114 shares during the last quarter. US Bancorp DE increased its holdings in shares of U.S. Bancorp by 4.9% in the third quarter. US Bancorp DE now owns 13,832,398 shares of the financial services provider’s stock worth $730,488,000 after purchasing an additional 644,496 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of U.S. Bancorp by 8.5% in the second quarter. Janus Henderson Group PLC now owns 12,146,468 shares of the financial services provider’s stock worth $607,565,000 after purchasing an additional 946,517 shares during the last quarter. 75.14% of the stock is currently owned by institutional investors and hedge funds.
U.S. Bancorp Company Profile
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. The company operates through five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.
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