Wells Fargo & Company Cuts U.S. Bancorp Price Target

Wells Fargo & Company has lowered its target price for U.S. Bancorp (NYSE:USB) from $62.00 to $56.00, suggesting an "overweight" rating in a recent research note released on Friday. This new price target implies a potential upside of approximately 31.20% based on the stock's previous closing price.

In addition to Wells Fargo's adjustment, other investment analysts have issued their own assessments of U.S. Bancorp's stock. Citigroup adjusted their price target from $65.00 to $55.00, maintaining a "buy" rating. Meanwhile, Piper Sandler elevated U.S. Bancorp's rating from "neutral" to "overweight," setting a target price of $58.00. On the other hand, Morgan Stanley slightly decreased their price objective for the stock from $60.00 to $59.00, while also keeping an "overweight" rating. Raymond James upgraded their rating from "market perform" to "outperform," setting a $57.00 target price.

Additionally, Bank of America reduced its price target for U.S. Bancorp from $50.00 to $49.00, while still maintaining a "buy" rating. Currently, a total of ten equity analysts have rated U.S. Bancorp with a hold rating, and twelve have issued buy ratings. The average price target across analysts stands at $53.20, categorizing it under a "Moderate Buy" based on data from MarketBeat.com.

Recent Trading Activity

On Friday, U.S. Bancorp shares experienced a slight decline, trading down by 1.3% to close at $42.68. The trading volume reached 441,583 shares, significantly less than the average volume of 8,048,958 shares. The company's fifty-day simple moving average is $45.87, while its 200-day simple moving average is $47.57. U.S. Bancorp has a market capitalization of $66.50 billion and is reporting a PE ratio of 11.26 and a PEG ratio of 1.73, with a beta of 1.02.

U.S. Bancorp last revealed its quarterly earnings on January 16, when it reported earnings per share (EPS) of $1.07 for the quarter, slightly exceeding analysts' expectations, which averaged at $1.06 EPS. The company generated revenue of $7.01 billion, surpassing the anticipated $7 billion. In terms of yearly performance, this revenue marked a 3.7% increase from the same quarter last year.

Insider Transactions

In recent insider trading activities, the company's Chief Financial Officer, Terrance R. Dolan, sold 66,317 shares at an average price of $46.96, totaling approximately $3.1 million. He continues to hold 209,482 shares, valued at about $9.84 million, which represents a reduction of 24.05% in his holdings. CEO Andrew Cecere also sold 102,044 shares at an average price of $47.25, valued around $4.82 million, leading to a 7.66% decrease in his position. Collectively, insiders have sold 219,812 shares in the past ninety days, totaling over $10.38 million in transactions.

Institutional Ownership Trends

Significant movements from institutional investors have been noted regarding U.S. Bancorp holdings. Winch Advisory Services LLC notably increased its share holdings by 1,088.9% in the fourth quarter, now owning 535 shares post-purchase. Other firms, like J.Safra Asset Management Corp. and FPC Investment Advisory Inc., have also established positions in U.S. Bancorp, alongside Global Wealth Strategies & Associates increasing its holdings by 70.8% within the same period. Overall, institutional investors control about 77.60% of U.S. Bancorp's total stock.

Company Overview

U.S. Bancorp operates as a financial services holding company in the United States, offering a broad array of financial services. The company caters to individuals, businesses, and institutions through different segments including Wealth Management, Corporate and Commercial Banking, Consumer and Business Banking, Payment Services, and Treasury and Corporate Support.

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