JPMorgan Chase & Co. Increases U.S. Bancorp (NYSE:USB) Price Target to $52.50
U.S. Bancorp (NYSE:USB) had its price objective upped by equities researchers at JPMorgan Chase & Co. from $51.00 to $52.50 in a research report issued on Tuesday, BenzingaRatingsTable reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target indicates a potential downside of 1.81% from the stock’s current price.
Other equities analysts have also recently issued reports about the company. Zacks Investment Research raised GreenTree Hospitality Group from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. Oppenheimer set a $15.00 price target on Strongbridge Biopharma and gave the stock a “buy” rating in a research note on Tuesday, March 26th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $57.75.
NYSE:USB traded up $0.29 during mid-day trading on Tuesday, reaching $53.47. The stock had a trading volume of 6,136,280 shares, compared to its average volume of 5,969,202. The company has a 50 day moving average price of $52.18. The company has a market capitalization of $84.92 billion, a PE ratio of 13.04, a P/E/G ratio of 1.80 and a beta of 1.06. U.S. Bancorp has a one year low of $43.14 and a one year high of $55.56. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.87.
U.S. Bancorp declared that its board has initiated a stock buyback plan on Thursday, June 27th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 3.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
In other news, Vice Chairman Gillern Jeffry H. Von sold 4,669 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $53.14, for a total transaction of $248,110.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Vice Chairman James B. Kelligrew sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $50.61, for a total value of $1,012,200.00. Following the transaction, the insider now directly owns 49,495 shares in the company, valued at $2,504,941.95. The disclosure for this sale can be found here. Insiders have sold 37,233 shares of company stock worth $1,907,734 over the last three months. Insiders own 0.24% of the company’s stock.
A number of hedge funds have recently modified their holdings of USB. Cetera Advisors LLC boosted its holdings in U.S. Bancorp by 25.1% in the fourth quarter. Cetera Advisors LLC now owns 27,885 shares of the financial services provider’s stock worth $1,277,000 after acquiring an additional 5,596 shares in the last quarter. Investment Management of Virginia LLC boosted its holdings in U.S. Bancorp by 0.9% in the first quarter. Investment Management of Virginia LLC now owns 40,597 shares of the financial services provider’s stock worth $1,956,000 after acquiring an additional 357 shares in the last quarter. BTIM Corp. boosted its holdings in U.S. Bancorp by 3.8% in the first quarter. BTIM Corp. now owns 1,605,781 shares of the financial services provider’s stock worth $77,383,000 after acquiring an additional 58,254 shares in the last quarter. Rehmann Capital Advisory Group boosted its holdings in U.S. Bancorp by 1.4% in the first quarter. Rehmann Capital Advisory Group now owns 27,436 shares of the financial services provider’s stock worth $1,322,000 after acquiring an additional 373 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its holdings in U.S. Bancorp by 2.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 9,826 shares of the financial services provider’s stock worth $474,000 after acquiring an additional 227 shares in the last quarter. 74.61% of the stock is currently owned by institutional investors.
About U.S. Bancorp
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.
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