U.S. Bancorp (NYSE:USB) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

U.S. Bancorp (NYSE:USB) released its quarterly earnings data on Wednesday. The financial services provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.07 by $0.02, RTT News reports. The company had revenue of $5.58 billion during the quarter, compared to the consensus estimate of $5.73 billion. U.S. Bancorp had a return on equity of 15.45% and a net margin of 26.70%. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.02 EPS.

USB opened at $55.00 on Friday. U.S. Bancorp has a 1-year low of $43.14 and a 1-year high of $55.56. The firm has a fifty day simple moving average of $52.69. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.86. The company has a market cap of $87.87 billion, a PE ratio of 13.08, a PEG ratio of 1.85 and a beta of 1.06.

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date was Thursday, June 27th. U.S. Bancorp’s dividend payout ratio (DPR) is presently 36.10%.

In related news, Vice Chairman Leslie V. Godridge sold 12,564 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $51.53, for a total value of $647,422.92. Following the sale, the insider now owns 39,330 shares in the company, valued at approximately $2,026,674.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Gillern Jeffry H. Von sold 4,669 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $53.14, for a total value of $248,110.66. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the business. FMR LLC increased its position in U.S. Bancorp by 12.9% during the 4th quarter. FMR LLC now owns 27,563,463 shares of the financial services provider’s stock worth $1,259,651,000 after buying an additional 3,143,660 shares during the period. Northern Trust Corp increased its position in U.S. Bancorp by 0.9% during the 1st quarter. Northern Trust Corp now owns 20,320,154 shares of the financial services provider’s stock worth $979,228,000 after buying an additional 190,324 shares during the period. Geode Capital Management LLC increased its position in U.S. Bancorp by 7.5% during the 4th quarter. Geode Capital Management LLC now owns 18,322,754 shares of the financial services provider’s stock worth $835,766,000 after buying an additional 1,285,265 shares during the period. Norges Bank bought a new position in U.S. Bancorp during the 4th quarter worth $723,318,000. Finally, Daily Journal Corp increased its position in U.S. Bancorp by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 14,000,000 shares of the financial services provider’s stock worth $7,336,000 after buying an additional 13,860,000 shares during the period. Hedge funds and other institutional investors own 74.63% of the company’s stock.

U.S. Bancorp announced that its board has authorized a share repurchase plan on Thursday, June 27th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Several equities research analysts have recently commented on the company. Zacks Investment Research raised GreenTree Hospitality Group from a “sell” rating to a “hold” rating in a report on Monday, April 15th. Oppenheimer set a $15.00 price objective on Strongbridge Biopharma and gave the company a “buy” rating in a report on Tuesday, March 26th. Bank of America increased their price objective on Micron Technology from $45.00 to $60.00 and gave the company an “average” rating in a report on Thursday. JPMorgan Chase & Co. assumed coverage on Pinduoduo in a report on Tuesday, July 9th. They issued an “underweight” rating and a $20.48 price objective for the company. Finally, Wedbush assumed coverage on Millendo Therapeutics in a report on Thursday. They issued an “outperform” rating and a $24.00 price objective for the company. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. U.S. Bancorp currently has an average rating of “Hold” and a consensus target price of $56.63.

U.S. Bancorp Company Profile

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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