U.S. Bancorp (USB) - NYSE
  • Wed, Jan. 13, 1:14 PM
    • It wasn't supposed to be this way after the Fed embarked on a rate hike cycle as these yield-starved names could finally look forward to earning a better spread on their money.
    • Since the Fed hiked last month, however, the long bond yield has tumbled about 20 basis points, further narrowing the yield curve.
    • With today's 1.3% decline, the XLF is lower by 7.6% YTD, about 200 basis points worse than the S&P 500 (but about 250 basis points better than the energy sector).
    • TBTFs: Morgan Stanley (MS -3.9%), Goldman Sachs (GS -2.3%), Citigroup (C -1.8%)
    • Regionals: U.S. Bancorp (USB -2%), Regions Financial (RF -3.4%), New York Community Bancorp (NYCB -2.2%)
    • Mortgage-related names like Ocwen (OCN -6.2%), Nationstar (NSM -5.3%), Walter Investment (WAC -13.9%), and New Residential (NRZ -5.3%) have come in for particular punishment this day and this year. The mortgage REITs too: Hatteras Financial (HTS -4.4%), Western Asset (WMC -3.6%), New York Mortgage (NYMT -2.3%), Five Oaks (OAKS -5.2%), PennyMac (PMT -2.6%)
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, SEF, IYG, FXO, FNCL, FINU, RWW, RYF, FINZ, XLFS
    | Wed, Jan. 13, 1:14 PM | 47 Comments
  • Mon, Jan. 4, 2:44 AM
    • Fidelity Investments is dropping long-time credit card partners American Express (NYSE:AXP) and Bank of America (NYSE:BAC), ending a 12-year partnership that had generated billions of dollars in fees.
    • The switch is another setback for American Express, which is already reeling from its lost deal with Costco.
    • Fidelity, which has 24M customers, said its new partners will be Visa (NYSE:V) and U.S. Bancorp (NYSE:USB).
    • AXP -26% vs. V +16% in 2015.
    | Mon, Jan. 4, 2:44 AM | 28 Comments
  • Dec. 16, 2015, 3:04 PM
    | Dec. 16, 2015, 3:04 PM | 48 Comments
  • Dec. 15, 2015, 5:02 PM
    • U.S. Bancorp (NYSE:USB) declares $0.255/share quarterly dividend, in line with previous.
    • Forward yield 2.34%
    • Payable Jan. 15; for shareholders of record Dec. 31; ex-div Dec. 29.
    | Dec. 15, 2015, 5:02 PM
  • Nov. 6, 2015, 10:04 AM
    • The major averages are lower following the blowout jobs number, but the financial sector (XLF +1%) is charging ahead, enthused at what appears to finally be the near-certain prospect of higher interest rates.
    • Short-term interest rate futures are pricing in about a 75% chance of a rate hike next month, and the 10-year Treasury yield is up nine basis points to 2.32%. The two-year yield has soared all the way to 0.90% - its highest level in more than five years.
    • The green in this yield-starved sector is everywhere: Bank of America (BAC +3.5%), Citigroup (C +3.4%), U.S. Bancorp (USB +2.8%), Regions Financial (RF +3.7%), PNC Financial (PNC +2.4%), Capital One (COF +1.4%), Bank of New York  Mellon (BK +1.9%), E*Trade (ETFC +3.5%), Schwab (SCHW +5.1%), Interactive Brokers (IBKR +3.4%), MetLife (MET +3.2%), Prudential (PRU +3.6%).
    • Previously: Big beat on jobs number (Nov. 6)
    • Previously: December rate hike back on after big jobs number (Nov. 6)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, KIE, IAT, SEF, IYG, IAK, FXO, FNCL, KBWB, QABA, FINU, KRU, KBWR, RWW, RYF, KBWP, KBWI, FINZ, KRS, XLFS
    | Nov. 6, 2015, 10:04 AM | 43 Comments
  • Oct. 15, 2015, 2:49 PM
    • The financial sector was pretty roughed-up during the August declines and hasn't really bounced a whole lot - in other words primed to rally on anything but the worst Q3 earnings results. Among those reporting today, Citigroup is up 4.7% and Goldman 3%. In regional banks, KeyCorp (KEY +4.8%), BB&T (BBT +2.9%), and U.S. Bancorp (USB +1%).
    • The FInancial SPDR ETF (XLF +2.2%) is outperforming the S&P 500 by about 100  basis points on the session.
    • The KBW Bank ETF (KBE +1.4%) and the KBW Regional Bank ETF (KRE +1.3%).
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, IAI, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KBWR, KRU, RWW, RYF, FINZ, KRS, XLFS
    | Oct. 15, 2015, 2:49 PM | 1 Comment
  • Oct. 15, 2015, 9:41 AM
    • Q3 net income of $1.489B or $0.81 per share vs. $1.471B and $0.78 one year ago. Total revenue of $5.147B up 3.7% Y/Y.
    • ROA of 1.44% down seven basis points Y/Y. ROE of 14.1% down 40 bps. NIM of 3.04% down 12 bps. Efficiency ratio of 53.9% deteriorates by 150 bps. Book value per share of $22.29 vs. $$22.51 in Q2, and $21.38 one year ago.
    • Average total loans up 1.3% Q/Q, up 3.8% Y/Y (excludes student loans which the bank tried and failed to sell). Commercial loans up 9.5% Y/Y.
    • Average total deposits up 1.4% Q/Q, up 6.9% Y/Y. Average low-cost deposits up 2.5% and 11.4%.
    • Fully phased-in CET 1 ratio of 12.4%.
    • Previously: U.S. Bancorp EPS in-line, beats on revenue (Oct. 15)
    • USB +1.3%
    | Oct. 15, 2015, 9:41 AM
  • Oct. 15, 2015, 6:52 AM
    • U.S. Bancorp (NYSE:USB): Q3 EPS of $0.81 in-line.
    • Revenue of $5.15B (+3.2% Y/Y) beats by $30M.
    | Oct. 15, 2015, 6:52 AM
  • Oct. 14, 2015, 5:30 PM
    | Oct. 14, 2015, 5:30 PM | 8 Comments
  • Sep. 28, 2015, 5:43 PM
    | Sep. 28, 2015, 5:43 PM
  • Sep. 17, 2015, 8:24 AM
    • Updating on Q3, the U.S. Bancorp (NYSE:USB) says the launch of the sale of its student loans disrupted the student loan securitization market, forcing management to return the loans to its portfolio. The move will force a $55M-$60M charge in Q3, though the bank expects to earn that back over the life of the loans.
    • Elevated Q3 expenses from mortgage-related compliance and talent upgrades will cut another $50M-$60M from the Q3 bottom line, but the bank will offset by booking a VISA gain of $120M-$130M.
    • Loan growth is expected at 1-1.5%. Credit quality and NIM should be stable, while mortgage fees are seen slightly lower and payment fees seasonally higher. Noninterest expenses will be higher from Q2, but core expenses should come in flat.
    • Presentation slides
    | Sep. 17, 2015, 8:24 AM
  • Sep. 15, 2015, 4:02 PM
    • U.S. Bancorp (NYSE:USB) declares $0.255/share quarterly dividend, in line with previous.
    • Forward yield 2.43%
    • Payable Oct. 15; for shareholders of record Sept. 30; ex-div Sept. 28.
    | Sep. 15, 2015, 4:02 PM
  • Sep. 8, 2015, 7:57 AM
    • Alongside an upgrade of Wells Fargo, Deutsche boosts Prudential Financial (NYSE:PRU) and U.S. Bancorp (NYSE:USB) to Buy.
    • The trio is lower by between 10% and 13% since August 1.
    • Wells Fargo is ahead 2.4% premarket, but the other two names have no trades yet.
    • Previously: Wells Fargo higher after nabbing a pair of upgrades (Sept. 8)
    | Sep. 8, 2015, 7:57 AM | 1 Comment
  • Sep. 1, 2015, 2:47 PM
    • The dream of higher interest rates is looking a little fuzzier at the moment, as China leads markets lower again, and the Fed's Eric Rosengren suggests the conditions for a rate hike have still yet to be met. If Friday's payroll number disappoints - and there's at least some reason to expect that - a Sept. move looks off the table.
    • The Financial SPDR (NYSEARCA:XLE) is down 3% vs. the S&P 500's 2.3%.
    • Life insurers: MetLife (MET -3.7%), Prudential (PRU -3.9%), Lincoln National (LNC -4.2%)
    • Money-center banks: Citigroup (C -4.4%), JPMorgan (JPM -3.6%), Wells Fargo (WFC -3.8%)
    • Regional banks: U.S. Bancorp (USB -4.3%), Regions Financial (RF -4.1%), KeyCorp (KEY -4.3%), SunTrust (STI -4.2%), M&T Bank (MTB -4.2%)
    • Online brokerage: E*Trade (ETFC -4.8%), Schwab (SCHW -3.8%), Ameritrade (AMTD -3.4%)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KBWR, KRU, RWW, RYF, FINZ, KRS
    | Sep. 1, 2015, 2:47 PM | 14 Comments
  • Aug. 28, 2015, 9:42 AM
    • Citigroup (C -0.7%) is among those upgraded to Buy from Neutral. The $60 price target is 13% above the current level. The team sees accelerating core loan growth next year, and says the risk to earnings from a severe economic downturn in Asia is contained (source: Dominic Chu).
    • Also upgraded to Buy are Huntington Bancshares (HBAN), U.S. Bancorp (USB -0.3%), and Regions Financial (RF -0.2%).
    | Aug. 28, 2015, 9:42 AM | 8 Comments
  • Jul. 15, 2015, 8:01 AM
    • Q2 net income of $1.48B or $0.80 per share vs. $1.5B and $0.78 one year ago.
    • Net interest income of $2.77B up 0.9% from last year, with net interest margin of 3.03% down 24 basis points. Average total deposits up 8.9%.
    • Noninterest income of $2.27B down 7%. Mortgage banking revenue of $231M down 16.9%. Credit and debit card revenue of $266M up 2.7%. Merchant processing services of $395M up 2.9%.
    • Noninterest expense of $2.68B down 2.6%.
    • Average total loans of 4% Y/Y. Commercial loans up 1%.
    • ROA of 1.46% down 14 bps Y/Y, ROE of 14.3% down 80 bps. Efficiency ratio of 53.2% up 10 bps.
    • CET 1 ratio of 9.5%. Book value per share of $22.51 vs. $22.20 at start of quarter.
    • Conference call at 8:30 ET
    • Previously: U.S. Bancorp EPS and revenue in-line (July 15)
    • USB flat premarket
    | Jul. 15, 2015, 8:01 AM | 1 Comment
Company Description
U.S. Bancorp operates as a bank holding company, which through its subsidiary provides banking services. It provides a full range of financial services, including lending and depository services, cash management, foreign exchange and trust and investment management services. The company also... More
Sector: Financial
Industry: Regional - Midwest Banks
Country: United States