Brokers Set Expectations for U.S. Bancorp’s Q3 2016 Earnings (USB)
U.S. Bancorp (NYSE:USB) – Stock analysts at Oppenheimer Holdings decreased their Q3 2016 earnings per share (EPS) estimates for shares of U.S. Bancorp in a research note issued on Friday. Oppenheimer Holdings analyst B. Chittenden now anticipates that the brokerage will post earnings per share of $0.82 for the quarter, down from their prior forecast of $0.83. Oppenheimer Holdings currently has a “Hold” rating on the stock. Oppenheimer Holdings also issued estimates for U.S. Bancorp’s Q4 2016 earnings at $0.80 EPS and FY2017 earnings at $3.29 EPS.
U.S. Bancorp (NYSE:USB) last announced its quarterly earnings data on Friday, July 15th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.03. U.S. Bancorp had a net margin of 26.56% and a return on equity of 14.05%. The company earned $5.45 billion during the quarter. During the same period in the prior year, the firm earned $0.80 earnings per share. The firm’s quarterly revenue was up 8.1% on a year-over-year basis.
USB has been the subject of several other reports. Credit Suisse Group AG reissued a “hold” rating on shares of U.S. Bancorp in a research note on Tuesday, July 12th. Jefferies Group reissued a “hold” rating and set a $44.00 target price on shares of U.S. Bancorp in a research note on Wednesday, August 10th. Wells Fargo & Co. reissued a “buy” rating on shares of U.S. Bancorp in a research note on Friday. Zacks Investment Research lowered shares of U.S. Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, July 11th. Finally, Drexel Hamilton reissued a “buy” rating on shares of U.S. Bancorp in a research note on Monday, July 18th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and eleven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $45.18.
Shares of U.S. Bancorp (NYSE:USB) opened at 42.86 on Monday. The stock’s 50 day moving average is $43.15 and its 200 day moving average is $41.81. The stock has a market capitalization of $73.36 billion, a PE ratio of 13.44 and a beta of 0.72. U.S. Bancorp has a 52 week low of $37.07 and a 52 week high of $44.58.
A number of hedge funds have recently modified their holdings of USB. Chicago Partners Investment Group LLC increased its stake in shares of U.S. Bancorp by 13.3% in the second quarter. Chicago Partners Investment Group LLC now owns 2,606 shares of the financial services provider’s stock worth $105,000 after buying an additional 306 shares during the period. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of U.S. Bancorp during the second quarter worth $106,000. First Personal Financial Services increased its stake in shares of U.S. Bancorp by 40.7% in the second quarter. First Personal Financial Services now owns 2,784 shares of the financial services provider’s stock worth $112,000 after buying an additional 806 shares during the period. Bellwether Investment Group LLC bought a new stake in shares of U.S. Bancorp during the second quarter worth $116,000. Finally, Hudock Capital Group LLC increased its stake in shares of U.S. Bancorp by 0.5% in the second quarter. Hudock Capital Group LLC now owns 3,734 shares of the financial services provider’s stock worth $150,000 after buying an additional 19 shares during the period. 72.63% of the stock is owned by hedge funds and other institutional investors.
In other U.S. Bancorp news, Vice Chairman Gillern Jeffry H. Von sold 102,961 shares of the stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $42.00, for a total value of $4,324,362.00. Following the completion of the sale, the insider now directly owns 178,422 shares of the company’s stock, valued at approximately $7,493,724. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Craig E. Gifford sold 2,500 shares of the stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $41.87, for a total transaction of $104,675.00. Following the completion of the sale, the executive vice president now directly owns 49,881 shares of the company’s stock, valued at $2,088,517.47. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by company insiders.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.61%. U.S. Bancorp’s dividend payout ratio is 31.88%.
U.S. Bancorp Company Profile
U.S. Bancorp is a multi-state financial services holding company. The Company’s banking subsidiary, U.S. Bank National Association, is engaged in the general banking business in domestic markets. It provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services.
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