U.S. Bancorp (USB) Q2 Earnings Beat on High Interest Income
Have you been eager to see how U.S. Bancorp USB performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Minneapolis-based popular bank’s earnings release this morning:
An Earnings Beat
U.S. Bancorp came out with earnings per share of 85 cents, beating the Zacks Consensus Estimate of 84 cents. Higher net interest income was primarily responsible for this earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for U.S. Bancorp remained pessimistic prior to the earnings release. The Zacks Consensus Estimate declined 1.2% over the last 7 days.
However, U.S. Bancorp has a decent earnings surprise history. Before posting earnings beat in Q2, in the prior four quarters, the company delivered positive surprises in three quarters, while in line earnings in the remaining quarter. Overall, the company surpassed the Zacks Consensus Estimate by an average of 1.55% in the trailing four quarters.
U.S. Bancorp Price and EPS Surprise
U.S. Bancorp Price and EPS Surprise | U.S. Bancorp Quote
Revenue Came In Higher Than Expected
U.S. Bancorp posted revenues of $5.49 billion, beating the Zacks Consensus Estimate of $5.46 billion. Moreover, it compared favorably with the year-ago number of $5.45 billion.
Key Stats to Note:
Average total loans recorded 3.4% year over year growth
Non-performing assets declined 19.3% year over year
Through dividends and repurchase of common shares, 81% of earnings were returned to shareholders
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for U.S. Bancorp. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Check back later for our full write up on this U.S. Bancorp earnings report!
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana. Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look. See the pot trades we're targeting>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
U.S. Bancorp (USB) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
