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

U.S. Bancorp (NYSE:USB) had its price objective increased by research analysts at Wells Fargo & Company from $52.00 to $60.00 in a report released on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 19.12% from the company’s current price.

A number of other brokerages have also issued reports on USB. The Goldman Sachs Group dropped their price target on shares of U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a research note on Wednesday, September 11th. JPMorgan Chase & Co. lowered shares of U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 target price 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. UBS Group upped their price objective on U.S. Bancorp from $43.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Finally, Evercore ISI lifted their target price on U.S. Bancorp from $49.00 to $51.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 2nd. Twelve analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $50.08.

U.S. Bancorp Stock Up 2.4 %

Shares of U.S. Bancorp stock traded up $1.16 during trading hours on Thursday, hitting $50.37. 7,663,132 shares of the company’s stock traded hands, compared to its average volume of 8,337,973. U.S. Bancorp has a twelve month low of $30.47 and a twelve month high of $50.41. The company has a market cap of $78.60 billion, a PE ratio of 16.68, a PEG ratio of 3.32 and a beta of 1.03. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 1.05. The stock has a 50 day simple moving average of $44.94 and a 200-day simple moving average of $42.58.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. The firm had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.90 billion. During the same quarter last year, the firm earned $1.05 EPS. U.S. Bancorp’s quarterly revenue was down 2.4% on a year-over-year basis. Equities research analysts anticipate that U.S. Bancorp will post 3.86 earnings per share for the current fiscal year.

U.S. Bancorp declared that its Board of Directors has initiated a stock buyback program on Thursday, September 12th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Institutional Trading of U.S. Bancorp

Several hedge funds have recently added to or reduced their stakes in the business. Valmark Advisers Inc. boosted its holdings in shares of U.S. Bancorp by 2.9% in the second quarter. Valmark Advisers Inc. now owns 8,707 shares of the financial services provider’s stock valued at $346,000 after acquiring an additional 242 shares in the last quarter. Waldron Private Wealth LLC boosted its stake in U.S. Bancorp by 1.9% during the 2nd quarter. Waldron Private Wealth LLC now owns 13,285 shares of the financial services provider’s stock valued at $534,000 after purchasing an additional 247 shares in the last quarter. Naples Global Advisors LLC increased its position in shares of U.S. Bancorp by 0.4% during the 2nd quarter. Naples Global Advisors LLC now owns 65,360 shares of the financial services provider’s stock valued at $2,624,000 after purchasing an additional 248 shares during the period. Kavar Capital Partners Group LLC raised its stake in shares of U.S. Bancorp by 4.7% in the 2nd quarter. Kavar Capital Partners Group LLC now owns 5,555 shares of the financial services provider’s stock worth $221,000 after buying an additional 250 shares in the last quarter. Finally, STAR Financial Bank lifted its holdings in shares of U.S. Bancorp by 3.3% in the second quarter. STAR Financial Bank now owns 7,772 shares of the financial services provider’s stock valued at $309,000 after buying an additional 250 shares during the period. Institutional investors own 77.60% of the company’s stock.

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.