Wall Street brokerages predict that U.S. Bancorp (NYSE:USB) will post earnings per share of $0.88 for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for U.S. Bancorp’s earnings. The highest EPS estimate is $0.91 and the lowest is $0.84. U.S. Bancorp reported earnings of $0.84 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.8%. The firm is scheduled to report its next quarterly earnings results before the market opens on Wednesday, October 18th.
On average, analysts expect that U.S. Bancorp will report full year earnings of $3.45 per share for the current fiscal year, with EPS estimates ranging from $3.40 to $3.53. For the next financial year, analysts forecast that the company will report earnings of $3.77 per share, with EPS estimates ranging from $3.65 to $3.99. Zacks’ earnings per share averages are a mean average based on a survey of analysts that follow U.S. Bancorp.
U.S. Bancorp (NYSE:USB) last released its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.01. U.S. Bancorp had a net margin of 25.60% and a return on equity of 13.85%. The company had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.46 billion. During the same quarter in the previous year, the company earned $0.82 EPS. U.S. Bancorp’s quarterly revenue was up .7% compared to the same quarter last year.
USB has been the topic of several recent analyst reports. Argus upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a report on Thursday, July 20th. BidaskClub upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Wells Fargo & Company initiated coverage on shares of U.S. Bancorp in a report on Wednesday, August 9th. They issued a “market perform” rating and a $56.00 price target on the stock. Jefferies Group LLC reiterated a “buy” rating and issued a $59.00 price target on shares of U.S. Bancorp in a report on Friday, June 9th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of U.S. Bancorp in a report on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $52.50.
U.S. Bancorp announced that its board has approved a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $2.60 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Thursday, September 28th. This is a positive change from U.S. Bancorp’s previous quarterly dividend of $0.28. U.S. Bancorp’s payout ratio is currently 33.63%.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Stelac Advisory Services LLC bought a new stake in U.S. Bancorp in the 2nd quarter worth about $103,000. Phocas Financial Corp. bought a new stake in U.S. Bancorp in the 2nd quarter worth about $109,000. SRS Capital Advisors Inc. increased its holdings in U.S. Bancorp by 17.0% in the 1st quarter. SRS Capital Advisors Inc. now owns 2,547 shares of the financial services provider’s stock worth $131,000 after buying an additional 371 shares in the last quarter. Orrstown Financial Services Inc. increased its holdings in U.S. Bancorp by 30.4% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,921 shares of the financial services provider’s stock worth $152,000 after buying an additional 681 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC bought a new stake in U.S. Bancorp in the 1st quarter worth about $155,000. Institutional investors own 73.97% of the company’s stock.
About U.S. Bancorp
U.S. Bancorp is a multi-state financial services holding company. The Company provides a full range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and automated teller machine (ATM) processing, mortgage banking, insurance, brokerage and leasing.
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