Zacks: Brokerages Expect U.S. Bancorp (NYSE:USB) Will Post Quarterly Sales of $5.80 Billion

Wall Street brokerages expect U.S. Bancorp (NYSE:USB) to post sales of $5.80 billion for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for U.S. Bancorp’s earnings, with the highest sales estimate coming in at $5.82 billion and the lowest estimate coming in at $5.79 billion. U.S. Bancorp reported sales of $5.67 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 2.3%. The business is scheduled to issue its next quarterly earnings report before the market opens on Wednesday, October 16th.

According to Zacks, analysts expect that U.S. Bancorp will report full-year sales of $22.94 billion for the current year, with estimates ranging from $22.88 billion to $23.03 billion. For the next year, analysts anticipate that the firm will post sales of $23.44 billion, with estimates ranging from $23.20 billion to $23.61 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow U.S. Bancorp.

U.S. Bancorp (NYSE:USB) last released its earnings results on Wednesday, July 17th. The financial services provider reported $1.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.02. The firm had revenue of $5.58 billion during the quarter, compared to analysts’ expectations of $5.73 billion. U.S. Bancorp had a net margin of 26.70% and a return on equity of 15.45%. U.S. Bancorp’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.02 EPS.

A number of equities analysts have weighed in on the stock. Piper Jaffray Companies set a $59.00 price target on shares of U.S. Bancorp and gave the company a “buy” rating in a report 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 report on Thursday, September 12th. Bank of America upgraded shares of U.S. Bancorp from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $49.00 to $55.00 in a report on Thursday, July 18th. Morgan Stanley lifted their price target on shares of U.S. Bancorp from $55.00 to $56.00 and gave the company an “underweight” rating in a report on Thursday, July 18th. Finally, Macquarie lowered shares of U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 price target on the stock. in a report on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $56.93.

In related news, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of U.S. Bancorp stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $55.25, for a total transaction of $520,897.00. Following the transaction, the insider now owns 94,658 shares in the company, valued at approximately $5,229,854.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Shailesh M. Kotwal sold 20,000 shares of U.S. Bancorp stock in a transaction on 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 transaction, the insider now owns 65,959 shares in the company, valued at approximately $3,781,429.47. The disclosure for this sale can be found here. Insiders have sold a total of 50,547 shares of company stock worth $2,862,231 in the last 90 days. Company insiders own 0.24% of the company’s stock.

Several large investors have recently bought and sold shares of USB. Daily Journal Corp lifted its holdings in shares of 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 valued at $7,336,000 after acquiring an additional 13,860,000 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of U.S. Bancorp by 17,492.7% during the 2nd quarter. Nuveen Asset Management LLC now owns 12,734,464 shares of the financial services provider’s stock valued at $667,286,000 after acquiring an additional 12,662,079 shares in the last quarter. APG Asset Management N.V. lifted its holdings in shares of U.S. Bancorp by 115.2% during the 2nd quarter. APG Asset Management N.V. now owns 3,824,226 shares of the financial services provider’s stock valued at $175,965,000 after acquiring an additional 2,046,900 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of U.S. Bancorp by 140.8% during the 2nd quarter. Acadian Asset Management LLC now owns 2,005,750 shares of the financial services provider’s stock valued at $105,104,000 after acquiring an additional 1,172,955 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its holdings in U.S. Bancorp by 40.2% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 3,974,817 shares of the financial services provider’s stock worth $208,279,000 after buying an additional 1,140,289 shares in the last quarter. Institutional investors and hedge funds own 75.49% of the company’s stock.

Shares of USB traded down $0.36 during mid-day trading on Wednesday, reaching $55.44. The company had a trading volume of 18,210,251 shares, compared to its average volume of 4,528,754. The stock has a market cap of $88.10 billion, a price-to-earnings ratio of 13.52, a price-to-earnings-growth ratio of 1.86 and a beta of 1.10. The firm has a fifty day simple moving average of $53.35 and a 200-day simple moving average of $52.31. U.S. Bancorp has a fifty-two week low of $43.14 and a fifty-two week high of $57.81. 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 firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.42 per share. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.68 annualized dividend and a dividend yield of 3.03%. U.S. Bancorp’s payout ratio is presently 36.10%.

U.S. Bancorp declared that its board has authorized a stock buyback plan on Thursday, June 27th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 3.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

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.

See Also: Outstanding Shares and The Effect on Share Price

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

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