U.S. Bancorp (NYSE:USB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.
According to Zacks, “U.S. Bancorp recently lowered its profit expectations, citing the persistent global turmoil and slow economic recovery. Apart from reducing ROE and ROA targets, the company also cut its net income growth projection. The revised targets signal that the current stressed operating environment is likely to continue for a longer period. The company’s bottom-line growth remains hindered by mounting expenses. Further, the company continues to face margin pressure amid the slow rise in interest rates. However, the company’s growth prospects should continue get support from its solid business model, core franchise and diverse revenue streams.”
Other equities research analysts have also issued research reports about the company. Nomura reiterated a “buy” rating on shares of U.S. Bancorp in a research note on Saturday, July 9th. Barclays PLC reiterated a “buy” rating on shares of U.S. Bancorp in a research note on Saturday, July 9th. Wells Fargo & Co. reiterated a “buy” rating on shares of U.S. Bancorp in a research note on Saturday, July 9th. Deutsche Bank AG reiterated a “hold” rating on shares of U.S. Bancorp in a research note on Sunday, June 26th. Finally, Oppenheimer Holdings Inc. restated a “hold” rating on shares of U.S. Bancorp in a research note on Saturday. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $45.24.
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U.S. Bancorp (NYSE:USB) opened at 42.81 on Monday. The firm has a market cap of $73.27 billion, a price-to-earnings ratio of 13.42 and a beta of 0.72. The stock has a 50 day moving average price of $43.06 and a 200-day moving average price of $41.72. U.S. Bancorp has a 12-month low of $37.07 and a 12-month high of $44.58.
U.S. Bancorp (NYSE:USB) last posted its earnings results on Friday, July 15th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.03. U.S. Bancorp had a return on equity of 14.05% and a net margin of 26.56%. The business earned $5.45 billion during the quarter. During the same quarter last year, the business posted $0.80 EPS. U.S. Bancorp’s quarterly revenue was up 8.1% compared to the same quarter last year. Equities analysts forecast that U.S. Bancorp will post $3.25 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be given a dividend of $0.28 per share. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.63%. U.S. Bancorp’s dividend payout ratio (DPR) is 31.88%.
In related news, Vice Chairman Gillern Jeffry H. Von sold 102,961 shares of U.S. Bancorp stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $42.00, for a total value of $4,324,362.00. Following the transaction, the insider now directly owns 178,422 shares in the company, valued at approximately $7,493,724. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Craig E. Gifford sold 2,500 shares of U.S. Bancorp stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $41.87, for a total value of $104,675.00. Following the completion of the transaction, the executive vice president now owns 49,881 shares in the company, valued at $2,088,517.47. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Sit Investment Associates Inc. boosted its position in shares of U.S. Bancorp by 8.3% in the first quarter. Sit Investment Associates Inc. now owns 1,292,840 shares of the financial services provider’s stock worth $52,476,000 after buying an additional 98,625 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in shares of U.S. Bancorp by 18.8% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 18,372 shares of the financial services provider’s stock worth $746,000 after buying an additional 2,902 shares during the last quarter. D. Scott Neal Inc. boosted its position in shares of U.S. Bancorp by 0.6% in the first quarter. D. Scott Neal Inc. now owns 7,549 shares of the financial services provider’s stock worth $306,000 after buying an additional 42 shares during the last quarter. Baker Boyer National Bank boosted its position in shares of U.S. Bancorp by 2.3% in the first quarter. Baker Boyer National Bank now owns 13,631 shares of the financial services provider’s stock worth $553,000 after buying an additional 304 shares during the last quarter. Finally, Prospera Financial Services Inc bought a new position in shares of U.S. Bancorp during the first quarter worth about $255,000. Institutional investors and hedge funds own 72.63% of the company’s stock.
U.S. Bancorp Company Profile
U.S. Bancorp is a multi-state financial services holding company. The Company’s banking subsidiary, U.S. Bank National Association, is engaged in the general banking business in domestic markets. It provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services.
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