Oppenheimer Research Analysts Reduce Earnings Estimates for U.S. Bancorp (NYSE:USB)

U.S. Bancorp (NYSE:USB – Get Rating) – Analysts at Oppenheimer reduced their FY2023 EPS estimates for U.S. Bancorp in a research report issued to clients and investors on Friday, July 29th. Oppenheimer analyst C. Kotowski now anticipates that the financial services provider will post earnings per share of $5.40 for the year, down from their prior forecast of $5.41. The consensus estimate for U.S. Bancorp’s current full-year earnings is $4.38 per share.

U.S. Bancorp (NYSE:USB – Get Rating) last issued its quarterly earnings results on Friday, July 15th. The financial services provider reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.02. U.S. Bancorp had a net margin of 28.08% and a return on equity of 15.05%. The business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.89 billion. During the same period last year, the business earned $1.28 earnings per share. The business’s quarterly revenue was up 4.0% on a year-over-year basis.

Several other research analysts have also recently issued reports on the stock. Morgan Stanley raised their target price on shares of U.S. Bancorp from $54.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, July 18th. Wells Fargo & Company cut their target price on shares of U.S. Bancorp from $70.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, July 1st. Royal Bank of Canada cut their target price on shares of U.S. Bancorp from $66.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, July 1st. Citigroup raised their target price on shares of U.S. Bancorp to $52.00 in a report on Friday, July 22nd. Finally, Wolfe Research cut their price target on shares of U.S. Bancorp from $62.00 to $54.00 and set an “outperform” rating on the stock in a report on Thursday, May 26th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, U.S. Bancorp has a consensus rating of “Hold” and an average target price of $58.47.

U.S. Bancorp Stock Up 2.3 %

Shares of U.S. Bancorp stock opened at $47.20 on Monday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.74 and a current ratio of 0.75. U.S. Bancorp has a 52-week low of $43.74 and a 52-week high of $63.57. The stock has a market capitalization of $70.13 billion, a price-to-earnings ratio of 10.85, a P/E/G ratio of 1.69 and a beta of 1.00. The company’s 50 day moving average price is $48.08 and its 200-day moving average price is $52.35.

U.S. Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend was Wednesday, June 29th. U.S. Bancorp’s dividend payout ratio is currently 42.30%.

Hedge Funds Weigh In On U.S. Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of U.S. Bancorp in the 4th quarter worth about $42,108,000. Commonwealth Equity Services LLC raised its position in shares of U.S. Bancorp by 2.6% in the 4th quarter. Commonwealth Equity Services LLC now owns 499,998 shares of the financial services provider’s stock worth $28,084,000 after purchasing an additional 12,634 shares during the last quarter. Teamwork Financial Advisors LLC purchased a new position in shares of U.S. Bancorp in the 4th quarter worth about $1,099,000. CWM LLC purchased a new position in shares of U.S. Bancorp in the 4th quarter worth about $33,492,000. Finally, Xponance Inc. raised its position in shares of U.S. Bancorp by 22.4% in the 4th quarter. Xponance Inc. now owns 91,016 shares of the financial services provider’s stock worth $5,112,000 after purchasing an additional 16,664 shares during the last quarter. Hedge funds and other institutional investors own 74.92% of the company’s stock.

About U.S. Bancorp

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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 in Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support segments.

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