U.S. Bancorp (NYSE:USB) Announces Quarterly Earnings Results

U.S. Bancorp (NYSE:USB) released its earnings results on Wednesday. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $1.00 by $0.03, Briefing.com reports. The firm had revenue of $6.86 billion for the quarter, compared to analysts’ expectations of $6.90 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.05 EPS.

U.S. Bancorp Stock Up 4.7 %

USB stock opened at $49.21 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $76.78 billion, a PE ratio of 16.29, a PEG ratio of 3.32 and a beta of 1.03. U.S. Bancorp has a 1-year low of $30.47 and a 1-year high of $50.11. The business’s 50 day simple moving average is $44.94 and its 200 day simple moving average is $42.58.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.50 per share. The ex-dividend date was Monday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.06%. U.S. Bancorp’s payout ratio is presently 66.23%.

Analysts Set New Price Targets

Several equities research analysts have commented on USB shares. UBS Group boosted their target price 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. Morgan Stanley upgraded U.S. Bancorp from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $54.00 to $57.00 in a research note on Monday, September 30th. DA Davidson boosted their target price on U.S. Bancorp from $44.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. JPMorgan Chase & Co. cut 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $48.00 price objective on shares of U.S. Bancorp in a research note on Friday, September 13th. Twelve equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $49.14.

U.S. Bancorp declared that its board has authorized a share repurchase program 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 repurchase up to 7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.