U.S. Bancorp (NYSE:USB) Stock Price Target Cut by Truist Financial

Key Points

• Truist Financial cut U.S. Bancorp’s price target from $69 to $67 while maintaining a “buy” rating, implying approximately 15.9% upside from the reported share price.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $67.56 based on 17 buy or strong-buy ratings and eight holds.
• U.S. Bancorp beat quarterly expectations, reporting $1.35 in EPS versus $1.28 expected and $7.69 billion in revenue versus $7.58 billion forecast; meanwhile, two insiders sold shares, and institutional investors own 77.6% of the stock.

U.S. Bancorp (NYSE:USB - Get Free Report) had its price objective cut by stock analysts at Truist Financial from $69.00 to $67.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a "buy" rating on the financial services provider's stock. Truist Financial's price target indicates a potential upside of 15.88% from the company's current price.

A number of other analysts have also weighed in on the stock. CLSA set a $67.50 target price on shares of U.S. Bancorp in a research report on Monday, July 20th. BTIG Research set a $67.50 price target on U.S. Bancorp in a research note on Monday, July 20th. HSBC boosted their price objective on U.S. Bancorp from $74.00 to $76.00 and gave the stock a "buy" rating in a research report on Monday. Keefe, Bruyette & Woods upped their target price on U.S. Bancorp from $63.00 to $66.00 and gave the stock a "market perform" rating in a report on Friday, July 17th. Finally, Wall Street Zen upgraded shares of U.S. Bancorp from a "sell" rating to a "hold" rating in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $67.56.

U.S. Bancorp Price Performance

Shares of USB stock opened at $57.82 on Thursday. The business has a fifty day simple moving average of $62.37 and a 200 day simple moving average of $58.57. The company has a market cap of $90.08 billion, a P/E ratio of 11.54, a P/E/G ratio of 1.06 and a beta of 0.95. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.96. U.S. Bancorp has a twelve month low of $45.02 and a twelve month high of $66.07.

U.S. Bancorp (NYSE:USB - Get Free Report) last released its earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.28 by $0.07. The firm had revenue of $7.69 billion for the quarter, compared to analysts' expectations of $7.58 billion. U.S. Bancorp had a return on equity of 13.69% and a net margin of 18.49%.During the same quarter in the previous year, the business posted $1.11 earnings per share. On average, sell-side analysts forecast that U.S. Bancorp will post 5.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Gunjan Kedia sold 27,267 shares of U.S. Bancorp stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $62.37, for a total value of $1,700,642.79. Following the completion of the transaction, the chief executive officer directly owned 426,262 shares of the company's stock, valued at approximately $26,585,960.94. This trade represents a 6.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Stephen L. Philipson sold 36,906 shares of the company's stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $63.08, for a total value of $2,328,030.48. Following the sale, the insider owned 74,969 shares in the company, valued at approximately $4,729,044.52. The trade was a 32.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by company insiders.

Hedge Funds Weigh In On U.S. Bancorp

Several institutional investors have recently added to or reduced their stakes in the business. Financial Life Planners acquired a new position in shares of U.S. Bancorp during the 1st quarter valued at $27,000. Main Street Group LTD bought a new position in U.S. Bancorp in the first quarter worth approximately $28,000. Archer Investment Corp acquired a new stake in U.S. Bancorp in the second quarter valued at approximately $29,000. Parvin Asset Management LLC bought a new stake in shares of U.S. Bancorp during the second quarter valued at approximately $30,000. Finally, NFSG Corp bought a new position in shares of U.S. Bancorp in the 1st quarter worth $31,000. 77.60% of the stock is owned by institutional investors and hedge funds.

U.S. Bancorp Company Profile

U.S. Bancorp is a financial services holding company headquartered in Minneapolis, Minnesota, and the parent company of U.S. Bank National Association. The company provides banking, lending, payment, investment, and wealth management services to individuals, businesses, government entities, and institutional clients.

Through U.S. Bank, its principal subsidiary, U.S. Bancorp offers checking and savings accounts, credit cards, mortgages, consumer and business loans, commercial banking, treasury management, investment services, and financial planning.

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