JPMorgan Chase & Co. Issues Positive Forecast for U.S. Bancorp (NYSE:USB) Stock Price

U.S. Bancorp (NYSE:USB) had its target price raised by research analysts at JPMorgan Chase & Co. from $67.50 to $69.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 9.14% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings upgraded shares of U.S. Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Raymond James Financial initiated coverage on shares of U.S. Bancorp in a research report on Wednesday, July 8th. They issued a “strong-buy” rating and a $72.00 price target on the stock. BTIG Research set a $67.50 price objective on shares of U.S. Bancorp in a report on Monday, July 20th. CLSA set a $67.50 target price on shares of U.S. Bancorp in a research note on Monday, July 20th. Finally, Citigroup reissued a “buy” rating on shares of U.S. Bancorp in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $67.06.

U.S. Bancorp Price Performance

Shares of USB traded down $1.21 during mid-day trading on Wednesday, reaching $63.22. The company had a trading volume of 3,668,838 shares, compared to its average volume of 9,946,484. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market capitalization of $98.06 billion, a P/E ratio of 12.61, a P/E/G ratio of 1.04 and a beta of 0.96. U.S. Bancorp has a twelve month low of $43.46 and a twelve month high of $64.84. The company’s 50-day moving average is $59.32 and its 200-day moving average is $56.55.

U.S. Bancorp (NYSE:USB) last announced its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.07. U.S. Bancorp had a return on equity of 13.69% and a net margin of 18.49%.The firm had revenue of $7.71 billion for the quarter, compared to analysts’ expectations of $7.58 billion. During the same period in the prior year, the business posted $1.11 earnings per share. On average, equities analysts anticipate that U.S. Bancorp will post 5.22 EPS for the current year.

Insider Activity at U.S. Bancorp

In other U.S. Bancorp news, EVP Venkatachari Dilip sold 34,522 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $55.52, for a total transaction of $1,916,661.44. Following the transaction, the executive vice president owned 51,292 shares of the company’s stock, valued at approximately $2,847,731.84. This represents a 40.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen L. Philipson sold 36,906 shares of U.S. Bancorp stock in a transaction on Monday, July 20th. The shares were sold at an average price of $63.08, for a total value of $2,328,030.48. Following the completion of the sale, the insider directly owned 74,969 shares of the company’s stock, valued at $4,729,044.52. This trade represents a 32.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On U.S. Bancorp

Several hedge funds have recently added to or reduced their stakes in USB. Bank & Trust Co lifted its position in U.S. Bancorp by 5.7% during the 2nd quarter. Bank & Trust Co now owns 10,912 shares of the financial services provider’s stock valued at $659,000 after purchasing an additional 584 shares during the period. Wedge Capital Management L L P NC acquired a new stake in shares of U.S. Bancorp during the 2nd quarter worth approximately $202,000. Annex Advisory Services LLC raised its stake in shares of U.S. Bancorp by 1.7% during the second quarter. Annex Advisory Services LLC now owns 36,218 shares of the financial services provider’s stock worth $2,188,000 after buying an additional 600 shares during the last quarter. Cardinal Capital Management Inc. lifted its holdings in U.S. Bancorp by 5.4% in the second quarter. Cardinal Capital Management Inc. now owns 326,565 shares of the financial services provider’s stock valued at $19,725,000 after buying an additional 16,814 shares during the period. Finally, Tema ETFs LLC lifted its holdings in U.S. Bancorp by 10.3% in the second quarter. Tema ETFs LLC now owns 29,461 shares of the financial services provider’s stock valued at $1,779,000 after buying an additional 2,755 shares during the period. Institutional investors own 77.60% of the company’s stock.

About U.S. Bancorp

U.S. Bancorp (NYSE: USB) is a bank holding company and the parent of U.S. Bank, a national commercial bank that provides a wide range of banking, investment, mortgage, trust and payment services. The company operates through consumer and business banking, commercial banking, payment services, and wealth management segments. Its product set includes deposit accounts, consumer and commercial lending, mortgage origination and servicing, credit and debit card services, treasury and cash management, merchant processing, and institutional and trust services.

Headquartered in Minneapolis, Minnesota, U.S.