U.S. Bancorp (NYSE:USB) Sets New 52-Week High – Here’s Why

U.S. Bancorp (NYSE:USB)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $64.84 and last traded at $64.6580, with a volume of 4312056 shares changing hands. The stock had previously closed at $63.94.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on USB. Truist Financial lifted their price target on shares of U.S. Bancorp from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. JPMorgan Chase & Co. increased their price target on U.S. Bancorp from $67.50 to $69.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Raymond James Financial assumed coverage on U.S. Bancorp in a report on Wednesday, July 8th. They set a “strong-buy” rating and a $72.00 price objective on the stock. Morgan Stanley raised their target price on shares of U.S. Bancorp from $64.00 to $67.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Finally, Stephens raised their price objective on shares of U.S. Bancorp from $63.00 to $67.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.06.

U.S. Bancorp Price Performance

The company’s fifty day moving average is $60.37 and its 200 day moving average is $56.93. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.96. The firm has a market cap of $98.97 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 1.05 and a beta of 0.96.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.07. U.S. Bancorp had a return on equity of 13.69% and a net margin of 18.49%.The company had revenue of $7.71 billion during the quarter, compared to analysts’ expectations of $7.58 billion. During the same quarter last year, the company earned $1.11 EPS. On average, equities research analysts predict that U.S. Bancorp will post 5.22 EPS for the current year.

U.S. Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 30th. U.S. Bancorp’s dividend payout ratio is 41.52%.

Insider Buying and Selling at U.S. Bancorp

In other news, insider Stephen L. Philipson sold 36,906 shares of the company’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $63.08, for a total value of $2,328,030.48. Following the sale, the insider directly owned 74,969 shares of the company’s stock, valued at approximately $4,729,044.52. This represents a 32.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.21% of the stock is owned by corporate insiders.

Institutional Trading of U.S. Bancorp

A number of hedge funds have recently made changes to their positions in the business. Clayton Financial Group LLC acquired a new stake in shares of U.S. Bancorp during the 4th quarter worth about $25,000. Financial Life Planners acquired a new position in U.S. Bancorp in the 1st quarter valued at $27,000. Main Street Group LTD bought a new position in U.S. Bancorp during the 1st quarter worth $28,000. JPL Wealth Management LLC acquired a new stake in shares of U.S. Bancorp during the 3rd quarter worth $28,000. Finally, Binnacle Investments Inc raised its stake in U.S. Bancorp by 77.8% in the third quarter. Binnacle Investments Inc now owns 624 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 273 shares in the last quarter. 77.60% of the stock is owned by institutional investors and hedge funds.

About U.S. Bancorp

U.S. Bancorp (NYSE: USB) is a bank holding company and the parent of U.S. Bank, a national commercial bank that provides a wide range of banking, investment, mortgage, trust and payment services. The company operates through consumer and business banking, commercial banking, payment services, and wealth management segments. Its product set includes deposit accounts, consumer and commercial lending, mortgage origination and servicing, credit and debit card services, treasury and cash management, merchant processing, and institutional and trust services.

Headquartered in Minneapolis, Minnesota, U.S.