Wells Fargo & Company Forecasts Strong Price Appreciation for U.S. Bancorp (NYSE:USB) Stock

U.S. Bancorp (NYSE:USB) had its price target boosted by stock analysts at Wells Fargo & Company from $66.00 to $69.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 9.29% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Oppenheimer decreased their price target on shares of U.S. Bancorp from $74.00 to $73.00 and set an “outperform” rating on the stock in a report on Tuesday, June 30th. Stephens upped their price objective on U.S. Bancorp from $63.00 to $67.00 and gave the stock an “equal weight” rating in a report on Friday. Raymond James Financial started coverage on U.S. Bancorp in a research report on Wednesday, July 8th. They issued a “strong-buy” rating and a $72.00 target price on the stock. Weiss Ratings upgraded U.S. Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 4th. Finally, Robert W. Baird boosted their price target on U.S. Bancorp from $64.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, U.S. Bancorp has an average rating of “Moderate Buy” and a consensus price target of $66.52.

U.S. Bancorp Price Performance

USB opened at $63.14 on Friday. The company’s 50 day simple moving average is $57.89 and its 200 day simple moving average is $56.08. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.81 and a current ratio of 0.83. U.S. Bancorp has a 1 year low of $43.46 and a 1 year high of $64.84. The stock has a market capitalization of $97.93 billion, a PE ratio of 12.60, a P/E/G ratio of 1.08 and a beta of 0.96.

U.S. Bancorp (NYSE:USB) last released its earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.07. U.S. Bancorp had a net margin of 18.49% and a return on equity of 13.69%. The firm had revenue of $7.71 billion during the quarter, compared to the consensus estimate of $7.58 billion. During the same period in the previous year, the firm earned $1.11 earnings per share. As a group, sell-side analysts expect that U.S. Bancorp will post 5.18 EPS for the current year.

Insider Buying and Selling at U.S. Bancorp

In other news, insider Jodi L. Richard sold 40,000 shares of the company’s stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $57.00, for a total value of $2,280,000.00. Following the completion of the sale, the insider owned 207,251 shares of the company’s stock, valued at $11,813,307. This represents a 16.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Venkatachari Dilip sold 34,522 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total value of $1,916,661.44. Following the completion of the sale, the executive vice president directly owned 51,292 shares of the company’s stock, valued at $2,847,731.84. The trade was a 40.23% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On U.S. Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Clayton Financial Group LLC purchased a new position in U.S. Bancorp in the 4th quarter worth approximately $25,000. Financial Life Planners acquired a new position in shares of U.S. Bancorp during the first quarter worth $27,000. Main Street Group LTD acquired a new position in shares of U.S. Bancorp during the first quarter worth $28,000. JPL Wealth Management LLC purchased a new position in shares of U.S. Bancorp in the third quarter valued at $28,000. Finally, Binnacle Investments Inc boosted its stake in shares of U.S. Bancorp by 77.8% in the third quarter. Binnacle Investments Inc now owns 624 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 273 shares during the period. 77.60% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting U.S. Bancorp

Here are the key news stories impacting U.S. Bancorp this week:

• Positive Sentiment: U.S. Bancorp posted Q2 earnings of $1.35 per share on revenue of $7.71 billion, both above estimates, with record quarterly revenue driven by loan growth, fee income, and a boost from its BTIG acquisition. U.S. Bancorp Q2 Earnings Beat Estimates on NII & Fee Revenue Growth
• Positive Sentiment: Management raised full-year revenue guidance to a 7% to 9% growth range, signaling confidence that momentum from higher net interest income and fee revenue will continue. Is USB’s Stronger Outlook And BTIG Fee Push Altering The Investment Case For U.S. Bancorp (USB)?
• Positive Sentiment: Several firms lifted price targets after the earnings release, including Oppenheimer, Wells Fargo, Truist, RBC, and Baird, reflecting improved sentiment around USB’s outlook. US Bancorp analysts boost their forecasts after upbeat Q2 results

U.S. Bancorp Company Profile

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.