U.S. Bancorp (NYSE:USB) Given New $56.00 Price Target at Wells Fargo & Company

U.S. Bancorp (NYSE:USB) had its target price reduced by research analysts at Wells Fargo & Company from $62.00 to $56.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 31.20% from the company’s previous close.

A number of other analysts have also recently weighed in on the stock. Truist Financial began coverage on shares of U.S. Bancorp in a report on Tuesday, January 7th. They set a “hold” rating and a $54.00 price objective on the stock. Oppenheimer increased their target price on shares of U.S. Bancorp from $62.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Morgan Stanley dropped their price target on U.S. Bancorp from $60.00 to $59.00 and set an “overweight” rating on the stock in a research report on Friday, January 17th. Barclays increased their price objective on U.S. Bancorp from $57.00 to $61.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Piper Sandler raised U.S. Bancorp from a “neutral” rating to an “overweight” rating and set a $58.00 target price on the stock in a report on Monday, January 13th. Ten research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.20.

U.S. Bancorp Stock Down 1.3 %

Shares of USB traded down $0.55 during mid-day trading on Friday, hitting $42.68. 441,583 shares of the company’s stock were exchanged, compared to its average volume of 8,048,958. The stock’s 50-day moving average is $45.87 and its 200-day moving average is $47.57. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.81. U.S. Bancorp has a fifty-two week low of $37.81 and a fifty-two week high of $53.98. The company has a market cap of $66.50 billion, a price-to-earnings ratio of 11.26, a P/E/G ratio of 1.73 and a beta of 1.02.

U.S. Bancorp (NYSE:USB) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $1.06 by $0.01. U.S. Bancorp had a net margin of 14.75% and a return on equity of 12.94%. The company had revenue of $7.01 billion during the quarter, compared to analysts’ expectations of $7 billion. During the same quarter last year, the company posted $0.99 EPS. The firm’s revenue was up 3.7% compared to the same quarter last year. On average, sell-side analysts anticipate that U.S. Bancorp will post 4.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Andrew Cecere sold 102,044 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $47.25, for a total value of $4,821,579.00. Following the transaction, the chief executive officer now directly owns 1,230,316 shares in the company, valued at $58,132,431. This trade represents a 7.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP James L. Chosy sold 21,451 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $47.65, for a total value of $1,022,140.15. Following the completion of the transaction, the executive vice president now owns 198,127 shares in the company, valued at approximately $9,440,751.55. This trade represents a 9.77 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 219,812 shares of company stock worth $10,385,665. 0.23% of the stock is owned by company insiders.

Hedge Funds Weigh In On U.S. Bancorp

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of U.S. Bancorp by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 138,836,896 shares of the financial services provider’s stock worth $6,640,569,000 after buying an additional 1,079,056 shares during the last quarter. State Street Corp grew its holdings in U.S. Bancorp by 1.2% during the 3rd quarter. State Street Corp now owns 67,282,970 shares of the financial services provider’s stock worth $3,110,115,000 after acquiring an additional 819,805 shares in the last quarter. FMR LLC increased its position in shares of U.S. Bancorp by 5.0% in the 4th quarter. FMR LLC now owns 67,125,746 shares of the financial services provider’s stock worth $3,210,624,000 after purchasing an additional 3,211,815 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of U.S. Bancorp by 5.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 49,789,725 shares of the financial services provider’s stock valued at $2,381,443,000 after purchasing an additional 2,460,845 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of U.S. Bancorp by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 33,937,360 shares of the financial services provider’s stock worth $1,618,948,000 after purchasing an additional 850,763 shares during the last quarter. 77.60% of the stock is owned by institutional investors and hedge funds.

U.S. Bancorp Company Profile

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.