U.S. Bancorp (NYSE:USB) Sets New 52-Week High on Analyst Upgrade

Shares of U.S. Bancorp (NYSE:USB) hit a new 52-week high during trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $55.50 to $62.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. U.S. Bancorp traded as high as $60.99 and last traded at $60.7670, with a volume of 714388 shares trading hands. The stock had previously closed at $60.35.

A number of other brokerages also recently commented on USB. The Goldman Sachs Group set a $52.00 price objective on U.S. Bancorp and gave the stock a “neutral” rating in a research note on Friday, October 17th. Keefe, Bruyette & Woods boosted their price target on shares of U.S. Bancorp from $58.00 to $59.00 and gave the company a “market perform” rating in a report on Wednesday, January 21st. UBS Group restated a “neutral” rating and set a $60.00 price target on shares of U.S. Bancorp in a research report on Wednesday, February 4th. Morgan Stanley reiterated a “positive” rating on shares of U.S. Bancorp in a research report on Friday, October 17th. Finally, Wells Fargo & Company boosted their target price on shares of U.S. Bancorp from $50.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $59.79.

Insider Activity at U.S. Bancorp

In other U.S. Bancorp news, insider Mark G. Runkel sold 32,195 shares of the business’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $60.65, for a total transaction of $1,952,626.75. Following the sale, the insider directly owned 97,728 shares in the company, valued at approximately $5,927,203.20. The trade was a 24.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On U.S. Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Chemung Canal Trust Co. boosted its position in shares of U.S. Bancorp by 205.5% during the 3rd quarter. Chemung Canal Trust Co. now owns 68,327 shares of the financial services provider’s stock valued at $3,302,000 after purchasing an additional 45,963 shares in the last quarter. Synergy Asset Management LLC lifted its stake in U.S. Bancorp by 100.0% during the third quarter. Synergy Asset Management LLC now owns 119,962 shares of the financial services provider’s stock valued at $5,428,000 after purchasing an additional 59,981 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in U.S. Bancorp by 15.3% during the third quarter. Jones Financial Companies Lllp now owns 358,972 shares of the financial services provider’s stock worth $17,738,000 after buying an additional 47,537 shares in the last quarter. Andra AP fonden grew its position in U.S. Bancorp by 175.6% in the second quarter. Andra AP fonden now owns 458,400 shares of the financial services provider’s stock worth $20,743,000 after buying an additional 292,100 shares during the last quarter. Finally, SteelPeak Wealth LLC grew its position in U.S. Bancorp by 757.8% in the third quarter. SteelPeak Wealth LLC now owns 176,500 shares of the financial services provider’s stock worth $8,622,000 after buying an additional 155,925 shares during the last quarter. 77.60% of the stock is owned by institutional investors.

U.S. Bancorp Price Performance

The company has a fifty day simple moving average of $55.01 and a 200-day simple moving average of $50.11. The company has a market cap of $94.20 billion, a P/E ratio of 13.12, a PEG ratio of 1.08 and a beta of 1.06. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.80 and a quick ratio of 0.80.

U.S. Bancorp (NYSE:USB) last issued its earnings results on Tuesday, January 20th. The financial services provider reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.07. U.S. Bancorp had a return on equity of 13.48% and a net margin of 17.66%.The business had revenue of $7.92 billion for the quarter, compared to analysts’ expectations of $7.31 billion. During the same period in the previous year, the firm posted $1.07 EPS. The company’s quarterly revenue was up 5.1% on a year-over-year basis. On average, sell-side analysts predict that U.S. Bancorp will post 4.38 earnings per share for the current year.

U.S. Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $2.08 dividend on an annualized basis and a yield of 3.4%. U.S. Bancorp’s dividend payout ratio is currently 45.02%.

About U.S. Bancorp

U.S. Bancorp (NYSE: USB) is a bank holding company and the parent of U.S. Bank, a national commercial bank that provides a wide range of banking, investment, mortgage, trust and payment services. The company operates through consumer and business banking, commercial banking, payment services, and wealth management segments. Its product set includes deposit accounts, consumer and commercial lending, mortgage origination and servicing, credit and debit card services, treasury and cash management, merchant processing, and institutional and trust services.

Headquartered in Minneapolis, Minnesota, U.S.