Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

U.S. Bancorp Seeing Stable Credit And Early Signs Of Loan Growth

Maybe, just maybe, major banks are starting to see that long-awaited growth in loan demand. U.S. Bancorp (NYSE:USB) is an uncommonly well-run bank and Wall Street knows it, meaning that these shares are seldom all that cheap. JPMorgan Chase (NYSE:JPM), PNC (NYSE:PNC), and Fifth Third (NASDAQ:FITB) look like better values in the big bank sector, but U.S. Bancorp could offer some upside if loan growth and a steeper rate curve materialize.

On-Target In Q2

U.S. Bancorp came in largely as expected. Revenue was up 1% yoy and up 3% sequentially, as net interest income rose 3%/1% on significant growth in earning assets. U.S. Bancorp has been one of the few banks in...

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