U.S. Bancorp (NYSE:USB) Rating Increased to Outperform at Evercore

Key Points

• Evercore upgraded U.S. Bancorp from “in-line” to “outperform” and set a $72 price target, implying about 13% upside from the prior close.
• The stock has seen broad analyst support, with multiple firms recently raising targets or ratings; MarketBeat says the consensus view is now “Moderate Buy” with an average target of $67.
• U.S. Bancorp also reported better-than-expected quarterly results, posting $1.35 EPS versus the $1.28 estimate and revenue of $7.71 billion, while the shares traded near their 52-week high.

U.S. Bancorp (NYSE:USB - Get Free Report) was upgraded by analysts at Evercore from an "in-line" rating to an "outperform" rating in a note issued to investors on Monday, MarketBeat.com reports. The brokerage currently has a $72.00 target price on the financial services provider's stock. Evercore's price target indicates a potential upside of 13.21% from the stock's previous close.

A number of other brokerages have also issued reports on USB. Weiss Ratings raised U.S. Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 4th. JPMorgan Chase & Co. upgraded shares of U.S. Bancorp from an "underweight" rating to a "neutral" rating and increased their price objective for the company from $65.00 to $67.50 in a report on Monday. Morgan Stanley lifted their price target on U.S. Bancorp from $64.00 to $67.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. UBS Group upped their price objective on U.S. Bancorp from $58.00 to $66.00 and gave the company a "neutral" rating in a report on Tuesday, July 7th. Finally, DA Davidson increased their target price on shares of U.S. Bancorp from $72.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, U.S. Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $67.00.

U.S. Bancorp Price Performance

U.S. Bancorp stock traded up $0.46 during midday trading on Monday, reaching $63.60. The company had a trading volume of 819,190 shares, compared to its average volume of 9,997,286. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.83 and a quick ratio of 0.82. U.S. Bancorp has a 12-month low of $43.46 and a 12-month high of $64.84. The company has a market capitalization of $98.65 billion, a P/E ratio of 12.72, a P/E/G ratio of 1.07 and a beta of 0.96. The firm's fifty day simple moving average is $57.89 and its 200-day simple moving average is $56.09.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.35 EPS for the quarter, topping the consensus estimate of $1.28 by $0.07. U.S. Bancorp had a return on equity of 13.69% and a net margin of 18.49%.The company had revenue of $7.71 billion during the quarter, compared to analyst estimates of $7.58 billion. During the same period in the previous year, the business earned $1.11 EPS. As a group, equities analysts anticipate that U.S. Bancorp will post 5.18 EPS for the current year.

Insiders Place Their Bets

In related news, insider Jodi L. Richard sold 40,000 shares of the business's stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $57.00, for a total transaction of $2,280,000.00. Following the completion of the transaction, the insider directly owned 207,251 shares of the company's stock, valued at $11,813,307. The trade was a 16.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Venkatachari Dilip sold 34,522 shares of the company's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total value of $1,916,661.44. Following the sale, the executive vice president owned 51,292 shares in the company, valued at approximately $2,847,731.84. This trade represents a 40.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On U.S. Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank & Trust Co grew its position in shares of U.S. Bancorp by 5.7% during the second quarter. Bank & Trust Co now owns 10,912 shares of the financial services provider's stock worth $659,000 after buying an additional 584 shares in the last quarter. Wedge Capital Management L L P NC acquired a new stake in U.S. Bancorp in the second quarter valued at approximately $202,000. Annex Advisory Services LLC raised its holdings in U.S. Bancorp by 1.7% in the second quarter. Annex Advisory Services LLC now owns 36,218 shares of the financial services provider's stock valued at $2,188,000 after acquiring an additional 600 shares in the last quarter. Cardinal Capital Management Inc. lifted its stake in U.S. Bancorp by 5.4% in the second quarter. Cardinal Capital Management Inc. now owns 326,565 shares of the financial services provider's stock worth $19,725,000 after acquiring an additional 16,814 shares during the last quarter. Finally, Tema ETFs LLC lifted its stake in U.S. Bancorp by 10.3% in the second quarter. Tema ETFs LLC now owns 29,461 shares of the financial services provider's stock worth $1,779,000 after acquiring an additional 2,755 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 NYSE: USB is a bank holding company and the parent of U.S. Bank, a national commercial bank that provides a wide range of banking, investment, mortgage, trust and payment services. The company operates through consumer and business banking, commercial banking, payment services, and wealth management segments. Its product set includes deposit accounts, consumer and commercial lending, mortgage origination and servicing, credit and debit card services, treasury and cash management, merchant processing, and institutional and trust services.

Headquartered in Minneapolis, Minnesota, U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.