U.S. Bancorp (NYSE: USB) shares rose on Wednesday Nov 30 with lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock, increasing the price target of stock.
Meanwhile, the Dow Jones Industrial Average hit an intraday record after opening higher Wednesday, led by the energy sector as hopes rose that the world’s major oil producers are near a deal on limiting output.
The benchmark S&P 500 and Dow were on track to post their largest monthly gains since March.
The S&P 500 SPX, +0.22% gained 5 points, or 0.2%, to 2,209. The Dow Jones Industrial Average DJIA, +0.41% added 62 points, or 0.3%, to 19,184, trading in record territory. The Nasdaq Composite COMP, -0.08% was 7 points, or 0.1%, higher at 5,386.
U.S. Bancorp (NYSE: USB) had its price target increased by equities researchers at Wedbush from $49.00 to $50.00. With a rating of Neutral on the stock, the company has a 52-week high of $49.77. As a means of comparison, a number of other analysts have issued reports on the company recently, and U.S. Bancorp has secured a consensus one-year price target of $47.66, a decrease compared to the opening price of $49.57.
U.S. Bancorp (NYSE: USB) shares last traded at $49.62, a spike of $0.52 or 1.06% compared to the previous closing price. Opening at $49.57, they varied from $49.57 and $49.77 throughout the day.
U.S. Bancorp (NYSE: USB) now has a market cap of 84.34B.
U.S. Bancorp (NYSE: USB) Average Daily Trading Volume
The stock’s average daily volume is 7,604,290 shares out of a total float 1,611,225,000 and some 787,547 shares traded hands yesterday, lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use upticks in trading volume to identify substantial volume aggregation or dissemination by institutional investors.
While increased trading for one day will not mean much, conversely, a trend of heavy trading volume on the buy side over a series of days or weeks expresses a positive indicator to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them buying a stock you are considering.
U.S. Bancorp (NYSE: USB) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By spotting trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.
With that in mind, U.S. Bancorp (NYSE: USB) now has a 50-day MA of $45.64 and 200-day MA of $43.10. It has traded in a 52-week range between $37.07 – 49.770 and today’s last price is 0.30%% lower than the 52 week high of $49.77.
Earnings growth is a critical factor to research when buying stocks and investors identify companies that have been successful at growing their earnings at least 25% or more for the past 3 years.
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