Morningstar

Morningstar, Inc.

Equity Bottom-Up

Wide-moat U.S. Bancorp reported solid second-quarter results. Revenue was up 3%, with equal support coming from both fee income and net interest income. This occurred on top of 2% expense growth, leading to growth in net income of 4%. Combined with share repurchases (average diluted shares were down 3%), EPS grew 7% year over year. Again, we are seeing many of the same themes play out across the sector, as net interest margin expansion is essentially over, but expense control and share buybacks…

U.S. Bancorp is one of the strongest and best-run regional banks we cover. Few domestic competitors can match its operating efficiency, and for the past 15 years the bank has consistently posted returns on equity well above peers and its own cost of equity. U.S. Bancorp’s exposure to moaty nonbank businesses and its consistently excellent core banking operations make us like the company's positioning for the future. As the bank continues to make improvements around the margin, we expect…

Wide-moat U.S. Bancorp reported decent first-quarter results that fit within our expectations. Many of the themes of U.S. Bancorp’s earnings were similar to those we have seen for other U.S. banks. Revenue growth is slowing, net interest margin expansion is essentially over, but expense control and share buybacks are still leading to decent earnings per share growth while returns on equity remain solid. Revenue was up 2%, while expenses were up only 1%, leading to EPS growth of 4%. U.S. Bancorp…

United States

U.S. Bancorp is a diversified financial services company that provides lending and depository services, cash management, foreign exchange and trust and investment management services.  The Company also provides credit card services, mortgage banking, insurance, brokerage, and leasing.  U.S Bancorp operates in the Midwest and Western United States.

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