U.S. Bancorp Likely Needs More Reserves [Seeking Alpha]
U.S. Bancorp (USB)
Last u.s. bancorp earnings: 4/15 06:45 am
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US:NYSE Investor Relations:
phx.corporate-ir.net/phoenix.zhtml%3fc%3d117565%26p%3dirol-presentations
Company Research
Source: Seeking Alpha
SummaryU.S. Bancorp's first-quarter results weren't all that impressive, with higher operating expenses largely canceling out some outperformance in revenue.Management added $600M to reserves, but will likely have to add more to handle an upcoming surge in charge-offs.Neither U.S. Bancorp's greater leverage to consumer health nor its lower capital levels are ideal today relative to its peer group.U.S. Bancorp shares do look significantly undervalued on a long-term core earnings basis, but it's not my favorite idea today.As I said in another piece on the banking sector, I’m reluctant to overly nitpick the reserve-building decisions that bank management teams are making, as they’re likely doing the best they can in an environment that could only charitably be called “murky.” Still, I thinkUSBSentimentwas already a challengeBank of AmericaBACJPMorganPNCNot A Particularly Impressive Set Of ResultsThere’s definitely panic in the valuations of the banking sector in general, with the market
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News
- Bringing Financial Education to the Heart of a Los Angeles Community [Yahoo! Finance]Yahoo! Finance
- U.S. Bancorp First Quarter 2024 Earnings: EPS: US$0.78 (vs US$1.04 in 1Q 2023) [Yahoo! Finance]Yahoo! Finance
- U.S. Bancorp: Headwinds Persist [Seeking Alpha]Seeking Alpha
- Truist gets an earnings boost from its investment banking unit [Yahoo! Finance]Yahoo! Finance
- Analysis-US consumers on lower incomes face loan stress while banks pull back [Yahoo! Finance]Yahoo! Finance
USB
Earnings
- 4/17/24 - Miss
USB
Sec Filings
- 4/19/24 - Form 4
- 4/19/24 - Form 4
- 4/19/24 - Form 4
- USB's page on the SEC website