Oppenheimer Lowers U.S. Bancorp (NYSE:USB) Price Target to $62.00

U.S. Bancorp (NYSE:USB) had its target price decreased by research analysts at Oppenheimer from $66.00 to $62.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s price objective would suggest a potential upside of 26.89% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. Wells Fargo & Company increased their price target on U.S. Bancorp from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Raymond James upgraded shares of U.S. Bancorp from a “market perform” rating to an “outperform” rating and set a $57.00 price objective on the stock in a report on Thursday, December 19th. Barclays increased their price objective on shares of U.S. Bancorp from $52.00 to $57.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. DA Davidson upgraded U.S. Bancorp from a “neutral” rating to a “buy” rating and increased their price target for the stock from $58.00 to $60.00 in a report on Thursday. Finally, Compass Point boosted their price objective on U.S. Bancorp from $49.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Ten investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.88.

U.S. Bancorp Price Performance

U.S. Bancorp stock opened at $48.86 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.81 and a quick ratio of 0.81. U.S. Bancorp has a one year low of $37.81 and a one year high of $53.98. The stock’s 50 day moving average is $50.20 and its 200 day moving average is $46.16. The firm has a market cap of $76.22 billion, a P/E ratio of 14.94, a P/E/G ratio of 3.03 and a beta of 1.03.

U.S. Bancorp (NYSE:USB) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. U.S. Bancorp had a net margin of 12.92% and a return on equity of 12.91%. The business had revenue of $6.86 billion during the quarter, compared to the consensus estimate of $6.90 billion. During the same quarter last year, the firm earned $1.05 earnings per share. U.S. Bancorp’s quarterly revenue was down 2.4% on a year-over-year basis. As a group, research analysts expect that U.S. Bancorp will post 3.93 EPS for the current year.

U.S. Bancorp declared that its Board of Directors has initiated a stock repurchase program on Thursday, September 12th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other U.S. Bancorp news, insider Jodi L. Richard sold 25,000 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $49.03, for a total transaction of $1,225,750.00. Following the completion of the sale, the insider now owns 129,790 shares of the company’s stock, valued at $6,363,603.70. This represents a 16.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On U.S. Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of USB. Lantz Financial LLC raised its holdings in shares of U.S. Bancorp by 4.7% during the second quarter. Lantz Financial LLC now owns 48,116 shares of the financial services provider’s stock valued at $1,910,000 after acquiring an additional 2,179 shares in the last quarter. Foundations Investment Advisors LLC raised its position in shares of U.S. Bancorp by 4.2% in the 2nd quarter. Foundations Investment Advisors LLC now owns 10,867 shares of the financial services provider’s stock worth $431,000 after acquiring an additional 443 shares in the last quarter. TD Asset Management Inc lifted its stake in shares of U.S. Bancorp by 2.0% in the 2nd quarter. TD Asset Management Inc now owns 698,839 shares of the financial services provider’s stock valued at $27,744,000 after purchasing an additional 13,889 shares during the period. Kornitzer Capital Management Inc. KS boosted its position in shares of U.S. Bancorp by 1.3% during the second quarter. Kornitzer Capital Management Inc. KS now owns 56,990 shares of the financial services provider’s stock valued at $2,263,000 after purchasing an additional 742 shares in the last quarter. Finally, Denver PWM LLC purchased a new stake in U.S. Bancorp in the second quarter worth $80,000. 77.60% of the stock is owned by institutional investors.

About U.S. Bancorp

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.