U.S. Bancorp (NYSE:USB) Shares Cross Below 50 Day Moving Average – Here’s What Happened

U.S. Bancorp (NYSE:USB)’s share price crossed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $59.65 and traded as low as $58.99. U.S. Bancorp shares last traded at $59.4870, with a volume of 10,667,093 shares traded.

Wall Street Analyst Weigh In

A number of research firms have weighed in on USB. Stephens increased their target price on U.S. Bancorp from $63.00 to $67.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Citigroup lowered their price target on shares of U.S. Bancorp from $72.00 to $70.00 and set a “buy” rating for the company in a report on Friday, October 16th. Keefe, Bruyette & Woods boosted their price objective on U.S. Bancorp from $63.00 to $66.00 and gave the stock a “market perform” rating in a report on Friday, July 17th. Robert W. Baird raised their target price on shares of U.S. Bancorp from $64.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, July 17th. Finally, Truist Financial cut their price target on U.S. Bancorp from $69.00 to $67.00 and set a “buy” rating on the stock in a report on Thursday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, U.S. Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.65.

U.S. Bancorp Trading Down 0.4%

The company has a debt-to-equity ratio of 0.87, a current ratio of 0.83 and a quick ratio of 0.83. The business has a 50 day moving average of $59.65 and a 200 day moving average of $58.18. The firm has a market capitalization of $92.68 billion, a price-to-earnings ratio of 11.60, a PEG ratio of 1.15 and a beta of 1.02.

U.S. Bancorp (NYSE:USB) last posted its quarterly earnings data on Thursday, October 15th. The financial services provider reported $1.34 EPS for the quarter, beating the consensus estimate of $1.32 by $0.02. U.S. Bancorp had a return on equity of 13.85% and a net margin of 18.85%. The business had revenue of $8.04 billion for the quarter, compared to the consensus estimate of $8 billion. During the same quarter in the prior year, the business earned $1.22 earnings per share. U.S. Bancorp’s revenue for the quarter was up 8.7% on a year-over-year basis. As a group, research analysts predict that U.S. Bancorp will post 5.30 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Wednesday, September 30th. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.52. U.S. Bancorp’s dividend payout ratio is currently 42.11%.

Insiders Place Their Bets

In related news, CEO Gunjan Kedia sold 27,267 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $62.37, for a total transaction of $1,700,642.79. Following the transaction, the chief executive officer directly owned 426,262 shares in the company, valued at approximately $26,585,960.94. The trade was a 6.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.21% of the stock is currently owned by insiders.

Hedge Funds Weigh In On U.S. Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Mufg Bank LTD. bought a new stake in U.S. Bancorp in the 2nd quarter worth about $2,680,199,000. Bank of America Corp DE raised its stake in shares of U.S. Bancorp by 6.9% during the 1st quarter. Bank of America Corp DE now owns 15,820,033 shares of the financial services provider’s stock worth $822,800,000 after purchasing an additional 1,022,898 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of U.S. Bancorp by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 10,369,212 shares of the financial services provider’s stock worth $539,232,000 after purchasing an additional 93,025 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of U.S. Bancorp in the second quarter valued at about $536,457,000. Finally, First Trust Advisors LP grew its holdings in U.S. Bancorp by 39.9% during the first quarter. First Trust Advisors LP now owns 8,118,845 shares of the financial services provider’s stock worth $422,261,000 after buying an additional 2,314,081 shares in the last quarter. Institutional investors own 77.60% of the company’s stock.

About U.S. Bancorp

U.S. Bancorp is the parent company of U.S. Bank, a financial services provider serving consumers, businesses, institutions and government entities across the United States. Its history traces to 1863, when one of its predecessor institutions, First National Bank of Cincinnati, was established.

U.S. Bank offers consumer and business banking, lending, payment services, wealth management, investment services and corporate trust services. Its products include checking and savings accounts, credit cards, mortgages, commercial loans and digital banking solutions.

Headquartered in Minneapolis, Minnesota, U.S.