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U.S. Bancorp

6/19/2013, 11:40 PM ET

Quote & Headlines Market Currents StockTalk

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| Earnings
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| On the move

Tuesday, June 18, 1:05 PM U.S. Bancorp (USB) declares $0.23/share quarterly dividend, 18% increase from prior dividend of $0.19. Forward yield 2.60 %. For shareholders of record June 28.Payable July 15.Ex-div date June 26. (PR) Comment! [Dividends]
Tuesday, June 18, 12:57 PM As expected following the Fed stress test results in March, U.S. Bancorp (USB +0.3%) ups its quarterly dividend 18% to $0.23/share. The annualized yield is 2.6%. (PR) Comment! [Financials]
Wednesday, June 12, 11:19 AM Wells Fargo (WFC -0.2%) and U.S. Bancorp (USB -0.2%) are both downgraded to Sell by Atlantic Equities' Richard Staite, who says valuations and earnings expectations are already high, leaving little room for upside surprises. Wells is likely "overearning" relative to normal capacity thanks to previously high (now, not so much) refinance volumes. His top pick is Bank of America (BAC -0.4%), currently "underearning" by as much as 50% thanks to high legal and asset servicing costs. 2 Comments [Financials]
Wednesday, June 5, 2:49 PM A unit of U.S. Bancorp (USB -1.1%) is sued by the CFTC for allegedly knowingly facilitating Russ Wasendorf's embezzlement of customer funds from Peregrine Financial. The bank calls the charges without merit and claims it is a victim of the fraud, "one that the CFTC failed to detect." Comment! [Financials]
Friday, May 31, 3:21 PM Large-cap banks are poised for multiple expansion, says Sterne Agee, as discussions with managements along with data points from recent investor presentations suggest business in Q2 is doing better than expectations. The team is recommending a basket of C, JPM, MS, and GS. In a similar vein, they like a basket of "discounted regionals" - PNC, MTB, RF, USB, and STI. Comment! [Financials]
Tuesday, May 21, 12:24 PM Low rates and sluggish loan growth will continue to pressure profits of the big banks in 2013, writes Credit Suisse. At the top of the list of those best-positioned to grow revenue, manage expenses, and deploy capital: Citigroup (C), JPMorgan (JPM), and U.S. Bancorp (USB). JPMorgan has already tipped that trading results are looking good in Q2. Look to upcoming investor conferences for more pre-earnings clues. Comment! [Financials]
Tuesday, May 21, 5:40 AM Goldman Sachs lifts its forecasts for the S&P 500 (SPY), as David Kostin and company now say they expect the index to gain 5% by year-end to 1,750, 9% to 1,900 in 2014, and 10% to 2,100 in 2015. The rationale: expectations of above-trend real GDP growth beginning next year (Mr. Evans' "escape velocity" ?) coupled with P/E multiple expansion to 16x. Furthermore, dividends should rise ~30% over the next two years, bolstering the firm's claim that dividend-paying equities (DVY) are one of the only places U.S. investors can look to for income-generation. Some of GS's dividend picks, as listed on MarketWatch: Mattel (MAT), Ford (F), Philip Morris (PM), Walgreen (WAG), Chevron (CVX), U.S. Bancorp (USB), GE, Western Union (WU), Dow Chemical (DOW), and AT&T (T). 11 Comments
Wednesday, May 15, 9:26 PM Four U.S. Bancorp (USB) executives took advantage of a nice run to unload more than $2.5M worth of stock in the week beginning May 7. A bank spokesman notes execs have a small window to sell stock following earnings (April 16) and it closed in mid-May. It should be noted that insiders buy for just one reason, but sell for any number of motivations. Still InsiderInsights' Jon Moreland notes the sales are contrary to the action he's seeing at numerous other banks both big and small. 1 Comment [Financials]
Wednesday, May 8, 10:43 AM KeyCorp's (KEY) big move (up 22% YTD vs. 14% for KBE) is unjustified, according to KBW's Chris Mutascio, who's had a Sell on the stock for most of the run. Four other large regionals - WFC, USB, BBT, FITB - are better bargains as they sport lower P/E multiples despite higher ROAs and (for 3 of the 4) far larger ROEs. 3 Comments [Financials]
Saturday, May 4, 1:34 PM More from Omaha: Andrew Ross Sorkin asks if Dodd-Frank banking rules will affect the profitability of Berkshire Hathaway's (BRK.B) investments. Buffett says investments in US Bancorp (USB), M&T Bank (MTB), and similar holdings are not likely to be disproportionately affected, although returns on tangible equity at some holdings will be lower going forward. Buffett also opines on speculation, saying subsequent bubbles will not likely be the fault of the financial sector. Munger: "I do not see why massive derivative books should be mixed up with insured deposits ... [I don't like] bankers acting like investment bankers." (NY Times, WSJ) 9 Comments [Financials]
Monday, April 29, 10:26 AM Citigroup's (C) reluctance to pare its mortgage assets at fire-sale prices could pay off, says KBW, as it now stands to greatly benefit from rising home prices. It's a flow vs. stock argument as Citi - compared to WFC, JPM, or USB - does a relatively small amount of (now under profit-pressure) mortgage origination volume, but still has loads of questionable paper on its books. Also positioned to benefit is BAC. 3 Comments [Financials]
Tuesday, April 16, 7:41 AM More on U.S. Bancorp (USB) Q1 earnings: Loan growth of 5.8% Y/Y vs. deposit growth of 7.3%. Loan growth sequentially slowed to 1%. Fee income from mortgage banking drops to $401M from $452M a year ago, $476M in Q4. Net interest margin drops to 3.48% from 3.60 in Q4. Provision for credit losses drops to $403M from $443M in Q4 (just above $0.02/share). Shares +1.1% premarket. (PR) Comment! [Earnings, Financials]
Tuesday, April 16, 7:02 AM U.S. Bancorp (USB): Q1 EPS of $0.73 in-line. Revenue of $4.87B (-3.3% Y/Y) misses by $0.16B. (PR) Comment! [Earnings, Breaking News, Financials]
Tuesday, April 16, 12:05 AM Notable earnings before Tuesday’s open: AMTD, BLK, CMA, GS, GWW, JNJ, KO, NTRS, USB, WWW Comment! [Earnings]
Monday, April 15, 5:30 PM Notable earnings before Tuesday’s open: AMTD, BLK, CMA, GS, GWW, JNJ, KO, NTRS, USB, WWW Comment! [Earnings]
Friday, April 12, 6:00 AM A break-up of the big banks is on the minds of none other than analysts at the banks themselves. Wells Fargo reckons shareholders might "intensify demands" for it, especially as the likes of Bank of America (BAC), Citigroup (C) and JPMorgan (JPM) trade at discounts of 25-30% to more-focused rivals. JPM's analysts have questioned the viability of running an investment bank "as part of a universal banking business." 7 Comments [Financials, Top Stories]

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