U.S. Bancorp (NYSE:USB) Reaches New 12-Month High After Analyst Upgrade

Key Points

• U.S. Bancorp shares hit a new 52-week high after JPMorgan raised its price target to $65, even though it kept an underweight rating. The stock traded as high as $63.05 and was up about 1.8% on the day.
• Several analysts turned more positive on the bank, including Jefferies upgrading the stock to buy with a $75 target and Wells Fargo lifting its target to $66. Overall, analysts now have a Moderate Buy consensus with an average target of $63.62.
• U.S. Bancorp reported better-than-expected quarterly earnings of $1.18 per share on revenue of $7.32 billion, and it also announced a quarterly dividend of $0.52 per share. The dividend implies a 3.3% annualized yield.

Shares of U.S. Bancorp (NYSE:USB - Get Free Report) hit a new 52-week high on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $57.50 to $65.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. U.S. Bancorp traded as high as $63.05 and last traded at $62.83, with a volume of 8536110 shares trading hands. The stock had previously closed at $61.73.

Other equities analysts have also recently issued reports about the company. DA Davidson restated a "buy" rating and set a $65.00 price target on shares of U.S. Bancorp in a report on Friday, April 17th. Royal Bank Of Canada increased their target price on shares of U.S. Bancorp from $59.00 to $61.00 and gave the stock an "outperform" rating in a research note on Friday, April 17th. Barclays raised their price target on shares of U.S. Bancorp from $65.00 to $67.00 and gave the stock an "overweight" rating in a report on Friday, April 17th. Morgan Stanley upped their price objective on shares of U.S. Bancorp from $64.00 to $67.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Finally, Wall Street Zen upgraded U.S. Bancorp from a "sell" rating to a "hold" rating in a research note on Monday. Fifteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $63.62.

Insider Buying and Selling at U.S. Bancorp

In other news, insider Jodi L. Richard sold 40,000 shares of the business's stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $57.00, for a total transaction of $2,280,000.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction of $1,916,661.44. Following the completion of the sale, the executive vice president owned 51,292 shares in the company, valued at $2,847,731.84. This represents a 40.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.21% of the company's stock.

More U.S. Bancorp News

Here are the key news stories impacting U.S. Bancorp this week:

• Positive Sentiment: Jefferies upgraded U.S. Bancorp (USB) to buy and boosted its price target to $75, signaling confidence in earnings leverage and fee income growth.
• Positive Sentiment: Wells Fargo raised its price target to $66 and reiterated an overweight rating, reinforcing a constructive outlook for the stock.
• Positive Sentiment: Analysts are also pointing to a strong second-quarter earnings outlook, which could support further upside if results meet expectations. Article Title
• Neutral Sentiment: JPMorgan increased its target to $65 but kept an underweight rating, suggesting valuation upside may be limited despite the higher target.
• Neutral Sentiment: Wall Street Zen also upgraded the stock, adding to the general analyst support, though no target was provided.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Somerset Trust Co boosted its holdings in U.S. Bancorp by 2.0% during the 2nd quarter. Somerset Trust Co now owns 33,073 shares of the financial services provider's stock worth $1,998,000 after acquiring an additional 659 shares during the last quarter. Dogwood Wealth Management LLC raised its holdings in shares of U.S. Bancorp by 32.9% in the second quarter. Dogwood Wealth Management LLC now owns 687 shares of the financial services provider's stock valued at $41,000 after purchasing an additional 170 shares during the last quarter. Versant Capital Management Inc raised its holdings in shares of U.S. Bancorp by 6.0% in the second quarter. Versant Capital Management Inc now owns 6,560 shares of the financial services provider's stock valued at $396,000 after purchasing an additional 371 shares during the last quarter. WealthPoint Financial LLC lifted its position in shares of U.S. Bancorp by 13.2% during the first quarter. WealthPoint Financial LLC now owns 4,795 shares of the financial services provider's stock valued at $249,000 after purchasing an additional 561 shares in the last quarter. Finally, Ballast Advisors LLC purchased a new position in U.S. Bancorp during the first quarter worth about $111,000. Institutional investors own 77.60% of the company's stock.

U.S. Bancorp Trading Up 1.8%

The company has a debt-to-equity ratio of 1.03, a current ratio of 0.81 and a quick ratio of 0.81. The firm's fifty day moving average is $56.57 and its two-hundred day moving average is $55.51. The firm has a market capitalization of $97.46 billion, a PE ratio of 13.17, a PEG ratio of 1.07 and a beta of 0.96.

U.S. Bancorp (NYSE:USB - Get Free Report) last posted its quarterly earnings data on Thursday, April 16th. The financial services provider reported $1.18 EPS for the quarter, beating the consensus estimate of $1.14 by $0.04. The firm had revenue of $7.32 billion during the quarter, compared to analyst estimates of $7.27 billion. U.S. Bancorp had a net margin of 18.01% and a return on equity of 13.55%. The company's revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the business posted $1.03 EPS. On average, equities analysts predict that U.S. Bancorp will post 5.09 EPS for the current fiscal year.

U.S. Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.52 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.08 annualized dividend and a yield of 3.3%. U.S. Bancorp's dividend payout ratio is presently 43.61%.

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.

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