U.S. Bancorp (NYSE:USB) Announces Quarterly Earnings Results, Beats Expectations By $0.04 EPS

U.S. Bancorp (NYSE:USB) issued its earnings results on Wednesday. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.04, Briefing.com reports. The company had revenue of $6.86 billion during the quarter, compared to analysts’ expectations of $6.90 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. U.S. Bancorp’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.05 EPS.

U.S. Bancorp Stock Up 0.7 %

Shares of NYSE:USB opened at $49.53 on Thursday. U.S. Bancorp has a 1 year low of $30.47 and a 1 year high of $50.11. The business has a 50 day simple moving average of $44.94 and a two-hundred day simple moving average of $42.58. The firm has a market capitalization of $77.29 billion, a PE ratio of 16.40, a price-to-earnings-growth ratio of 3.32 and a beta of 1.03. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.81 and a quick ratio of 0.80.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.49. U.S. Bancorp’s payout ratio is 66.23%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on USB shares. Stephens increased their target price on U.S. Bancorp from $49.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday. DA Davidson increased their target price on U.S. Bancorp from $44.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Jefferies Financial Group dropped their target price on U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating for the company in a report on Wednesday, July 3rd. Oppenheimer increased their price objective on U.S. Bancorp from $57.00 to $59.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $48.00 price objective on shares of U.S. Bancorp in a research report on Friday, September 13th. Twelve investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $49.39.

U.S. Bancorp declared that its Board of Directors has initiated a stock buyback plan on Thursday, September 12th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.