U.S. Bancorp to Post Q2 2024 Earnings of $0.95 Per Share, DA Davidson Forecasts (NYSE:USB)

U.S. Bancorp (NYSE:USB) – Equities researchers at DA Davidson issued their Q2 2024 earnings per share estimates for shares of U.S. Bancorp in a report released on Thursday, April 18th. DA Davidson analyst P. Winter forecasts that the financial services provider will earn $0.95 per share for the quarter. DA Davidson has a “Neutral” rating and a $44.00 price objective on the stock. The consensus estimate for U.S. Bancorp’s current full-year earnings is $3.87 per share. DA Davidson also issued estimates for U.S. Bancorp’s FY2024 earnings at $3.88 EPS.

U.S. Bancorp (NYSE:USB) last issued its earnings results on Wednesday, April 17th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.01. U.S. Bancorp had a return on equity of 13.93% and a net margin of 12.13%. The company had revenue of $6.72 billion for the quarter, compared to the consensus estimate of $6.71 billion. During the same quarter last year, the company earned $1.16 EPS. The firm’s quarterly revenue was down 6.4% on a year-over-year basis.

USB has been the subject of a number of other reports. Evercore ISI increased their price target on U.S. Bancorp from $46.00 to $48.00 and gave the company an “in-line” rating in a research note on Thursday, March 28th. Oppenheimer cut their target price on shares of U.S. Bancorp from $55.00 to $54.00 and set an “outperform” rating for the company in a report on Thursday. Wells Fargo & Company reduced their price target on shares of U.S. Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Thursday. Royal Bank of Canada upped their price objective on U.S. Bancorp from $43.00 to $47.00 and gave the company an “outperform” rating in a research report on Thursday, January 18th. Finally, UBS Group reduced their target price on shares of U.S. Bancorp from $47.00 to $43.00 and set a “neutral” rating on the stock in a research note on Friday. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, U.S. Bancorp presently has a consensus rating of “Hold” and an average target price of $46.68.

U.S. Bancorp Price Performance

USB stock opened at $40.45 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.81 and a current ratio of 0.82. The company’s fifty day moving average price is $42.32 and its 200-day moving average price is $39.78. U.S. Bancorp has a one year low of $27.27 and a one year high of $45.85. The company has a market capitalization of $63.03 billion, a PE ratio of 13.39, a price-to-earnings-growth ratio of 2.04 and a beta of 1.05.

U.S. Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a $0.49 dividend. This represents a $1.96 annualized dividend and a yield of 4.85%. The ex-dividend date of this dividend was Wednesday, March 27th. U.S. Bancorp’s payout ratio is presently 64.90%.

Insiders Place Their Bets

In related news, insider Terrance R. Dolan sold 26,583 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $43.37, for a total transaction of $1,152,904.71. Following the completion of the sale, the insider now directly owns 144,236 shares in the company, valued at $6,255,515.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Terrance R. Dolan sold 26,583 shares of U.S. Bancorp stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $43.37, for a total transaction of $1,152,904.71. Following the sale, the insider now owns 144,236 shares of the company’s stock, valued at approximately $6,255,515.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP James L. Chosy sold 21,582 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $41.47, for a total transaction of $895,005.54. Following the transaction, the executive vice president now directly owns 164,880 shares of the company’s stock, valued at approximately $6,837,573.60. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On U.S. Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Scotia Capital Inc. increased its position in U.S. Bancorp by 2.9% in the 3rd quarter. Scotia Capital Inc. now owns 35,012 shares of the financial services provider’s stock valued at $1,158,000 after acquiring an additional 990 shares during the period. Tealwood Asset Management Inc. raised its holdings in shares of U.S. Bancorp by 33.4% in the 4th quarter. Tealwood Asset Management Inc. now owns 62,539 shares of the financial services provider’s stock worth $2,707,000 after purchasing an additional 15,665 shares during the period. Louisiana State Employees Retirement System purchased a new stake in U.S. Bancorp during the fourth quarter worth approximately $4,073,000. Van ECK Associates Corp increased its holdings in U.S. Bancorp by 19.4% in the 3rd quarter. Van ECK Associates Corp now owns 8,677,378 shares of the financial services provider’s stock valued at $286,874,000 after purchasing an additional 1,410,324 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of U.S. Bancorp by 104.3% in the fourth quarter. SG Americas Securities LLC now owns 105,090 shares of the financial services provider’s stock worth $4,548,000 after buying an additional 53,653 shares during the period. 77.60% of the stock is owned by institutional investors and hedge funds.

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.