U.S. Bancorp (NYSE:USB) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

U.S. Bancorp (NYSE:USB) announced its earnings results on Wednesday. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.04, Briefing.com reports. The company had revenue of $6.86 billion for the quarter, compared to analysts’ expectations of $6.90 billion. U.S. Bancorp had a return on equity of 13.34% and a net margin of 12.55%. U.S. Bancorp’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.05 earnings per share.

U.S. Bancorp Price Performance

USB opened at $49.53 on Thursday. The stock has a 50-day moving average price of $44.94 and a 200-day moving average price of $42.58. U.S. Bancorp has a 12-month low of $30.47 and a 12-month high of $50.11. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $77.29 billion, a P/E ratio of 16.40, a PEG ratio of 3.32 and a beta of 1.03.

U.S. Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.50 dividend. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date was Monday, September 30th. U.S. Bancorp’s dividend payout ratio is presently 66.23%.

Analyst Ratings Changes

USB has been the topic of several analyst reports. Oppenheimer lifted their target price on U.S. Bancorp from $57.00 to $59.00 and gave the company an “outperform” rating in a research report on Thursday. StockNews.com raised U.S. Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Evercore ISI boosted their price objective on U.S. Bancorp from $49.00 to $51.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company boosted their price objective on U.S. Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Finally, Jefferies Financial Group cut their price objective on U.S. Bancorp from $43.00 to $42.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Twelve analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $49.39.

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

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.