U.S. Bancorp (NYSE:USB) Price Target Raised to $62.00

U.S. Bancorp (NYSE:USB - Free Report) had its price objective boosted by Wells Fargo & Company from $60.00 to $62.00 in a research report report published on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the financial services provider's stock.

Several other equities analysts have also issued reports on the company. DA Davidson lifted their target price on U.S. Bancorp from $49.00 to $54.00 and gave the company a "neutral" rating in a research note on Thursday, October 17th. Stephens lifted their target price on U.S. Bancorp from $49.00 to $52.00 and gave the company an "equal weight" rating in a research note on Thursday, October 17th. Citigroup lifted their target price on U.S. Bancorp from $45.00 to $49.00 and gave the company a "neutral" rating in a research note on Thursday, July 18th. Oppenheimer lifted their target price on U.S. Bancorp from $59.00 to $64.00 and gave the company an "outperform" rating in a research note on Tuesday, November 5th. Finally, Evercore ISI lifted their target price on U.S. Bancorp from $51.00 to $54.00 and gave the company an "in-line" rating in a research note on Wednesday, October 30th. Thirteen equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $51.22.

U.S. Bancorp Stock Down 0.8 %

Shares of U.S. Bancorp stock traded down $0.41 during trading on Friday, hitting $49.90. 13,145,858 shares of the stock traded hands, compared to its average volume of 8,373,090. The firm has a market cap of $77.85 billion, a P/E ratio of 15.45, a price-to-earnings-growth ratio of 3.02 and a beta of 1.02. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04. U.S. Bancorp has a 52-week low of $36.49 and a 52-week high of $51.76. The stock's fifty day simple moving average is $46.88 and its 200 day simple moving average is $43.63.

U.S. Bancorp (NYSE:USB - Get Free Report) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $0.99 by $0.04. The firm had revenue of $6.86 billion for 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 business's revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.05 earnings per share. On average, equities analysts predict that U.S. Bancorp will post 3.93 earnings per share for the current fiscal year.

U.S. Bancorp announced that its board has approved a share buyback plan on Thursday, September 12th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 7% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

U.S. Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.50 dividend. This is a boost from U.S. Bancorp's previous quarterly dividend of $0.49. The ex-dividend date was Monday, September 30th. This represents a $2.00 dividend on an annualized basis and a yield of 4.01%. U.S. Bancorp's payout ratio is presently 61.16%.

Insider Activity at U.S. Bancorp

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is owned by company insiders.

Hedge Funds Weigh In On U.S. Bancorp

A number of hedge funds have recently bought and sold shares of USB. FMR LLC lifted 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 valued at $2,922,784,000 after acquiring an additional 15,746,852 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in U.S. Bancorp by 723.7% during the third 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 during the last quarter. Marshall Wace LLP grew its stake in shares of U.S. Bancorp by 1,438.4% in 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 buying an additional 2,116,175 shares in the last quarter. National Bank of Canada FI grew its stake in shares of U.S. Bancorp by 313.8% in the second quarter. National Bank of Canada FI now owns 2,698,642 shares of the financial services provider's stock valued at $105,903,000 after buying an additional 2,046,522 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of U.S. Bancorp by 109.7% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,531,400 shares of the financial services provider's stock valued at $161,491,000 after buying an additional 1,847,000 shares in the last quarter. Hedge funds and other institutional investors own 77.60% of the company's stock.

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.