U.S. Bancorp (NYSE:USB) Price Target Raised to $60.00

U.S. Bancorp (NYSE:USB) had its target price lifted by Wells Fargo & Company from $52.00 to $60.00 in a research report report published on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Several other analysts also recently weighed in on the company. Oppenheimer upped their price target on U.S. Bancorp from $57.00 to $59.00 and gave the stock an “outperform” rating in a research note on Thursday. JPMorgan Chase & Co. downgraded U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 price target on the stock. in a research note on Thursday, June 27th. StockNews.com upgraded U.S. Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Evercore ISI upped their price target on U.S. Bancorp from $49.00 to $51.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Finally, Barclays increased their target price on U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday. Twelve research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $50.71.

U.S. Bancorp Stock Down 1.6 %

Shares of NYSE:USB opened at $49.16 on Thursday. U.S. Bancorp has a 52-week low of $30.47 and a 52-week high of $50.47. The firm has a market capitalization of $76.71 billion, a P/E ratio of 16.28, a P/E/G ratio of 3.32 and a beta of 1.03. The stock has a 50 day moving average price of $45.24 and a 200-day moving average price of $42.66. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.81.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.04. The company had revenue of $6.86 billion for the quarter, compared to the consensus estimate of $6.90 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.05 EPS. As a group, equities research analysts anticipate that U.S. Bancorp will post 3.86 EPS for the current fiscal year.

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.07%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. The ex-dividend date was Monday, September 30th. U.S. Bancorp’s dividend payout ratio is presently 66.23%.

U.S. Bancorp declared that its board has authorized a stock repurchase plan on Thursday, September 12th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On U.S. Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. Brookstone Capital Management raised its holdings in U.S. Bancorp by 2,056.5% in the 1st quarter. Brookstone Capital Management now owns 218,668 shares of the financial services provider’s stock worth $9,774,000 after purchasing an additional 208,528 shares during the period. Manning & Napier Advisors LLC bought a new position in U.S. Bancorp in the 2nd quarter worth $20,188,000. Mission Wealth Management LP raised its holdings in U.S. Bancorp by 200.7% in the 1st quarter. Mission Wealth Management LP now owns 18,273 shares of the financial services provider’s stock worth $817,000 after purchasing an additional 12,197 shares during the period. Janus Henderson Group PLC raised its holdings in U.S. Bancorp by 6.4% in the 1st quarter. Janus Henderson Group PLC now owns 276,599 shares of the financial services provider’s stock worth $12,363,000 after purchasing an additional 16,686 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in U.S. Bancorp by 90.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 862,317 shares of the financial services provider’s stock worth $36,676,000 after purchasing an additional 409,192 shares during the period. 77.60% of the stock is owned by institutional investors.

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.