U.S. Bancorp (NYSE:USB) Price Target Raised to $69.00

U.S. Bancorp (NYSE:USB) had its price target raised by JPMorgan Chase & Co. from $67.50 to $69.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

A number of other analysts have also recently weighed in on USB. UBS Group raised their price target on shares of U.S. Bancorp from $58.00 to $66.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. Barclays raised their target price on shares of U.S. Bancorp from $67.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. CLSA set a $67.50 price target on U.S. Bancorp in a research report on Monday, July 20th. Morgan Stanley raised their price objective on U.S. Bancorp from $64.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Finally, Truist Financial boosted their target price on U.S. Bancorp from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $67.06.

U.S. Bancorp Stock Performance

Shares of USB stock opened at $63.00 on Wednesday. The firm has a market cap of $97.72 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 1.03 and a beta of 0.96. U.S. Bancorp has a 52-week low of $43.46 and a 52-week high of $64.84. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.96. The company’s 50 day moving average is $59.82 and its 200 day moving average is $56.70.

U.S. Bancorp (NYSE:USB) last announced its earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.07. The business had revenue of $7.71 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 last year, the firm earned $1.11 EPS. On average, sell-side analysts anticipate that U.S. Bancorp will post 5.22 EPS for the current fiscal year.

U.S. Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.3%. The ex-dividend date was Tuesday, June 30th. U.S. Bancorp’s payout ratio is presently 41.52%.

Insider Activity

In related news, EVP Venkatachari Dilip sold 34,522 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $55.52, for a total value of $1,916,661.44. Following the transaction, the executive vice president owned 51,292 shares in the company, valued at approximately $2,847,731.84. This represents a 40.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen L. Philipson sold 36,906 shares of the firm’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $63.08, for a total transaction of $2,328,030.48. Following the transaction, the insider directly owned 74,969 shares of the company’s stock, valued at approximately $4,729,044.52. This trade represents a 32.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On U.S. Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in USB. Vanguard Group Inc. increased its holdings in shares of U.S. Bancorp by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 146,376,783 shares of the financial services provider’s stock valued at $7,810,665,000 after purchasing an additional 1,828,404 shares in the last quarter. State Street Corp increased its holdings in U.S. Bancorp by 0.8% in the fourth quarter. State Street Corp now owns 69,701,898 shares of the financial services provider’s stock valued at $3,755,083,000 after buying an additional 522,368 shares in the last quarter. Geode Capital Management LLC increased its holdings in U.S. Bancorp by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 37,679,617 shares of the financial services provider’s stock valued at $2,002,518,000 after buying an additional 443,646 shares in the last quarter. Norges Bank acquired a new position in shares of U.S. Bancorp in the fourth quarter worth about $1,887,497,000. Finally, Auto Owners Insurance Co boosted its stake in shares of U.S. Bancorp by 5,236.0% during the 4th quarter. Auto Owners Insurance Co now owns 33,350,000 shares of the financial services provider’s stock worth $1,779,556,000 after acquiring an additional 32,725,000 shares in the last quarter. 77.60% of the stock is owned by institutional investors and hedge funds.

About U.S. Bancorp

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.