Oppenheimer Lowers U.S. Bancorp (NYSE:USB) Price Target to $62.00

U.S. Bancorp (NYSE:USB) had its price target lowered by stock analysts at Oppenheimer from $66.00 to $62.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s price target would indicate a potential upside of 28.13% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Piper Sandler upped their price target on U.S. Bancorp from $52.00 to $58.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Robert W. Baird set a $54.00 price target on shares of U.S. Bancorp in a research note on Thursday, October 17th. The Goldman Sachs Group lowered their target price on U.S. Bancorp from $48.00 to $46.00 and set a “neutral” rating for the company in a research report on Wednesday, September 11th. Morgan Stanley upgraded U.S. Bancorp from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $54.00 to $57.00 in a research report on Monday, September 30th. Finally, Wells Fargo & Company lifted their price objective on shares of U.S. Bancorp from $60.00 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Ten investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $53.88.

U.S. Bancorp Stock Performance

Shares of U.S. Bancorp stock traded up $0.53 during trading on Friday, hitting $48.39. 1,579,417 shares of the company’s stock traded hands, compared to its average volume of 3,779,367. U.S. Bancorp has a 1 year low of $37.81 and a 1 year high of $53.98. The business has a 50-day simple moving average of $50.17 and a 200-day simple moving average of $46.09. The stock has a market capitalization of $75.49 billion, a P/E ratio of 14.80, a PEG ratio of 3.03 and a beta of 1.03. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.81 and a quick ratio of 0.81.

U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.04. The firm had revenue of $6.86 billion for the quarter, compared to analysts’ expectations of $6.90 billion. U.S. Bancorp had a return on equity of 12.91% and a net margin of 12.92%. The company’s revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.05 EPS. As a group, analysts forecast that U.S. Bancorp will post 3.93 EPS for the current year.

U.S. Bancorp declared that its Board of Directors has initiated a share buyback plan on Thursday, September 12th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the business’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $49.03, for a total value of $1,225,750.00. Following the completion of the transaction, the insider now directly owns 129,790 shares in the company, valued at approximately $6,363,603.70. The trade was a 16.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On U.S. Bancorp

A number of hedge funds have recently made changes to their positions in USB. Redwood Wealth Management Group LLC acquired a new stake in U.S. Bancorp during the 2nd quarter worth approximately $25,000. Frazier Financial Advisors LLC lifted its holdings in U.S. Bancorp by 222.7% in the 3rd quarter. Frazier Financial Advisors LLC now owns 639 shares of the financial services provider’s stock worth $29,000 after buying an additional 441 shares in the last quarter. Global Wealth Strategies & Associates boosted its holdings in U.S. Bancorp by 70.8% in the fourth quarter. Global Wealth Strategies & Associates now owns 603 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 250 shares during the last quarter. Y.D. More Investments Ltd purchased a new position in shares of U.S. Bancorp during the 2nd quarter valued at approximately $33,000. Finally, Kimelman & Baird LLC acquired a new position in U.S. Bancorp during the 2nd quarter worth $40,000. Institutional investors and hedge funds own 77.60% of the company’s stock.

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.