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

U.S. Bancorp (NYSE:USB) issued its earnings results on Wednesday. The financial services provider reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.04, Briefing.com reports. The company had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.81 billion. U.S. Bancorp had a net margin of 26.54% and a return on equity of 15.39%. U.S. Bancorp’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.06 EPS.

Shares of USB stock opened at $55.07 on Friday. The stock has a market cap of $86.21 billion, a P/E ratio of 12.69, a PEG ratio of 2.12 and a beta of 1.10. U.S. Bancorp has a 52 week low of $43.14 and a 52 week high of $57.81. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.86. The company’s fifty day simple moving average is $54.32 and its two-hundred day simple moving average is $52.87.

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.42 dividend. The ex-dividend date was Friday, September 27th. This represents a $1.68 annualized dividend and a yield of 3.05%. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.37. U.S. Bancorp’s payout ratio is presently 40.98%.

In other news, Director David B. Omaley sold 10,133 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.76, for a total transaction of $565,016.08. Following the sale, the director now directly owns 191,754 shares in the company, valued at approximately $10,692,203.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $55.25, for a total transaction of $520,897.00. Following the sale, the insider now owns 94,658 shares in the company, valued at $5,229,854.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,547 shares of company stock worth $2,862,231. Corporate insiders own 0.24% of the company’s stock.

U.S. Bancorp announced that its Board of Directors has approved a stock repurchase program on Thursday, June 27th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Several brokerages recently weighed in on USB. Wedbush upped their target price on shares of U.S. Bancorp from $46.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Piper Jaffray Companies set a $59.00 price target on shares of U.S. Bancorp and gave the stock a “buy” rating in a research note on Friday, September 13th. Credit Suisse Group reiterated a “hold” rating and issued a $55.00 price target on shares of U.S. Bancorp in a research note on Thursday, September 12th. Bank of America cut shares of U.S. Bancorp from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $55.00 to $53.00 in a research note on Monday, September 30th. Finally, Morgan Stanley boosted their price target on shares of U.S. Bancorp from $55.00 to $56.00 and gave the stock an “underweight” rating in a research note on Thursday, July 18th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. U.S. Bancorp has a consensus rating of “Hold” and a consensus target price of $56.47.

About U.S. Bancorp

U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.

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Earnings History for U.S. Bancorp (NYSE:USB)

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