$5.62 Billion in Sales Expected for U.S. Bancorp (USB) This Quarter
Wall Street analysts expect U.S. Bancorp (NYSE:USB) to post $5.62 billion in sales for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for U.S. Bancorp’s earnings, with the highest sales estimate coming in at $5.66 billion and the lowest estimate coming in at $5.56 billion. U.S. Bancorp posted sales of $5.34 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 5.2%. The firm is expected to announce its next earnings report before the market opens on Wednesday, October 18th.
On average, analysts expect that U.S. Bancorp will report full year sales of $5.62 billion for the current year, with estimates ranging from $21.89 billion to $22.18 billion. For the next financial year, analysts expect that the company will report sales of $23.28 billion per share, with estimates ranging from $23.07 billion to $23.65 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow U.S. Bancorp.
U.S. Bancorp (NYSE:USB) last posted its earnings results on Wednesday, July 19th. The financial services provider reported $0.85 EPS for the quarter, topping the 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 firm had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.46 billion. During the same quarter in the prior year, the firm earned $0.82 EPS. U.S. Bancorp’s quarterly revenue was up .7% on a year-over-year basis.
USB has been the subject of several analyst reports. Jefferies Group LLC reissued a “buy” rating and set a $59.00 price target on shares of U.S. Bancorp in a report on Friday, June 9th. BidaskClub upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of U.S. Bancorp in a research report on Wednesday, July 19th. Argus upgraded shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Thursday, July 20th. Finally, Wells Fargo & Company initiated coverage on shares of U.S. Bancorp in a research report on Wednesday, August 9th. They issued a “market perform” rating and a $56.00 price objective for the company. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $53.07.
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Large investors have recently modified their holdings of the company. Stelac Advisory Services LLC acquired a new position in U.S. Bancorp during the second quarter valued at approximately $103,000. Phocas Financial Corp. acquired a new position in U.S. Bancorp during the second quarter valued at approximately $109,000. SRS Capital Advisors Inc. grew its holdings in U.S. Bancorp by 17.0% during the first quarter. SRS Capital Advisors Inc. now owns 2,547 shares of the financial services provider’s stock valued at $131,000 after purchasing an additional 371 shares during the period. Orrstown Financial Services Inc. grew its holdings in U.S. Bancorp by 30.4% during the second quarter. Orrstown Financial Services Inc. now owns 2,921 shares of the financial services provider’s stock valued at $152,000 after purchasing an additional 681 shares during the period. Finally, Signature Estate & Investment Advisors LLC acquired a new position in U.S. Bancorp during the first quarter valued at approximately $155,000. Institutional investors own 73.97% of the company’s stock.
U.S. Bancorp (NYSE USB) opened at 54.18 on Friday. The firm has a 50-day moving average of $52.33 and a 200 day moving average of $52.00. U.S. Bancorp has a 52-week low of $42.37 and a 52-week high of $56.61. The company has a market cap of $90.63 billion, a PE ratio of 16.37 and a beta of 0.87.
U.S. Bancorp announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that allows the company to buyback $2.60 billion in shares. This buyback authorization allows the financial services provider to buy up to 3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The firm 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 dividend of $0.30 per share. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.28. The ex-dividend date is Thursday, September 28th. This represents a $1.20 annualized dividend and a dividend yield of 2.21%. U.S. Bancorp’s payout ratio is currently 36.04%.
U.S. Bancorp Company Profile
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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