Piper Sandler Forecasts Strong Price Appreciation for U.S. Bancorp (NYSE:USB) Stock

U.S. Bancorp (NYSE:USB) had its price target raised by analysts at Piper Sandler from $52.00 to $58.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price points to a potential upside of 11.51% from the company’s current price.

Several other brokerages have also weighed in on USB. Barclays lifted their price target on U.S. Bancorp from $52.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Morgan Stanley upgraded U.S. Bancorp from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $54.00 to $57.00 in a report on Monday, September 30th. Deutsche Bank Aktiengesellschaft cut U.S. Bancorp from a “buy” rating to a “hold” rating and set a $51.00 price objective on the stock. in a report on Thursday, October 24th. The Goldman Sachs Group lowered their price objective on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th. Finally, Royal Bank of Canada set a $53.00 price objective on U.S. Bancorp in a report on Thursday, October 17th. Twelve investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $52.72.

U.S. Bancorp Price Performance

Shares of U.S. Bancorp stock opened at $52.02 on Tuesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.04. U.S. Bancorp has a twelve month low of $37.81 and a twelve month high of $53.98. The business has a 50-day moving average price of $48.86 and a 200 day moving average price of $44.68. The firm has a market cap of $81.14 billion, a PE ratio of 15.91, a P/E/G ratio of 3.11 and a beta of 1.03.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.04. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The firm had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.90 billion. During the same quarter in the previous year, the business earned $1.05 EPS. U.S. Bancorp’s revenue for the quarter was down 2.4% compared to the same quarter last year. Sell-side 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 authorized a share repurchase program on Thursday, September 12th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Insider Transactions at U.S. Bancorp

In other news, insider Jodi L. Richard sold 25,000 shares of the company’s stock in a transaction 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 sale, the insider now owns 129,790 shares of the company’s stock, valued at approximately $6,363,603.70. This represents a 16.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Institutional Trading of U.S. Bancorp

A number of large investors have recently modified their holdings of USB. FMR LLC increased its position in shares of U.S. Bancorp by 32.7% during the third quarter. FMR LLC now owns 63,913,931 shares of the financial services provider’s stock worth $2,922,784,000 after acquiring an additional 15,746,852 shares during the period. Franklin Resources Inc. increased its holdings in U.S. Bancorp by 153.0% in the third quarter. Franklin Resources Inc. now owns 7,949,347 shares of the financial services provider’s stock valued at $374,573,000 after buying an additional 4,807,662 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in U.S. Bancorp by 723.7% in the third quarter. Los Angeles Capital Management LLC now owns 3,211,555 shares of the financial services provider’s stock valued at $146,864,000 after buying an additional 2,821,642 shares during the last quarter. Marshall Wace LLP increased its holdings in 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 during the last quarter. Finally, National Bank of Canada FI increased its holdings in 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 during 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.