U.S. Bancorp (NYSE:USB) Downgraded to Neutral at Macquarie

Macquarie downgraded shares of U.S. Bancorp (NYSE:USB) from an outperform rating to a neutral rating in a research report released on Thursday morning, 24/7 WallStreet reports. Macquarie currently has $59.00 price objective on the financial services provider’s stock.

Other equities analysts also recently issued reports about the stock. JPMorgan Chase & Co. raised shares of U.S. Bancorp from an underweight rating to a neutral rating and raised their price target for the stock from $52.50 to $57.00 in a research note on Wednesday. Bank of America raised shares of U.S. Bancorp from an underperform rating to a neutral rating and raised their price target for the stock from $49.00 to $55.00 in a research note on Thursday, July 18th. Morgan Stanley raised 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. Deutsche Bank set a $59.00 price target on shares of U.S. Bancorp and gave the stock a hold rating in a research note on Friday, July 26th. Finally, Wedbush raised their price target on shares of U.S. Bancorp from $46.00 to $49.00 and gave the stock a neutral rating in a research note on Thursday, July 18th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $56.92.

USB traded down $0.26 during midday trading on Thursday, hitting $55.43. 7,249,400 shares of the company traded hands, compared to its average volume of 6,023,559. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.84 and a quick ratio of 0.83. The stock has a market cap of $87.85 billion, a P/E ratio of 13.52, a price-to-earnings-growth ratio of 1.90 and a beta of 1.06. U.S. Bancorp has a 52-week low of $43.14 and a 52-week high of $57.81. The stock’s 50 day moving average price is $53.92.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.02. The business had revenue of $5.58 billion for the quarter, compared to the consensus estimate of $5.73 billion. U.S. Bancorp had a net margin of 26.70% and a return on equity of 15.45%. The company’s revenue was down 1.1% compared to the same quarter last year. During the same period last year, the firm posted $1.02 earnings per share. Equities analysts expect that U.S. Bancorp will post 4.3 EPS for the current year.

U.S. Bancorp announced that its board has initiated a stock buyback program on Thursday, June 27th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 3.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 2.67%. The ex-dividend date was Thursday, June 27th. U.S. Bancorp’s payout ratio is currently 36.10%.

In other U.S. Bancorp news, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of U.S. Bancorp stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $57.33, for a total transaction of $1,146,600.00. Following the completion of the sale, the insider now directly owns 65,959 shares in the company, valued at $3,781,429.47. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of U.S. Bancorp 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 of the company’s stock, valued at $5,229,854.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 40,414 shares of company stock valued at $2,297,215. 0.24% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in USB. Daily Journal Corp increased its position in shares of U.S. Bancorp by 9,900.0% during the second quarter. Daily Journal Corp now owns 14,000,000 shares of the financial services provider’s stock valued at $7,336,000 after acquiring an additional 13,860,000 shares during the last quarter. Confluence Investment Management LLC acquired a new stake in shares of U.S. Bancorp during the first quarter valued at about $81,175,000. Alecta Pensionsforsakring Omsesidigt increased its position in shares of U.S. Bancorp by 31.4% during the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 5,440,000 shares of the financial services provider’s stock valued at $262,045,000 after acquiring an additional 1,300,000 shares during the last quarter. Geode Capital Management LLC increased its position in shares of U.S. Bancorp by 7.5% during the fourth quarter. Geode Capital Management LLC now owns 18,322,754 shares of the financial services provider’s stock valued at $835,766,000 after acquiring an additional 1,285,265 shares during the last quarter. Finally, CIBC Private Wealth Group LLC increased its position in shares of U.S. Bancorp by 40.2% during the second quarter. CIBC Private Wealth Group LLC now owns 3,974,817 shares of the financial services provider’s stock valued at $208,279,000 after acquiring an additional 1,140,289 shares during the last quarter. Institutional investors and hedge funds own 74.64% of the company’s stock.

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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Analyst Recommendations for U.S. Bancorp (NYSE:USB)

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