- The shares of US Bancorp (NYSE: USB) have received a $64 price target from Deutsche Bank. These are the details.
The shares of US Bancorp (NYSE: USB) — the publicly traded parent company of U.S. Bank — have received a $64 price target from Deutsche Bank. And Deutsche Bank analyst Matt O’Connor maintained a “Buy” rating on the shares.
The rating was adjusted following US Bancorp’s Q4 earnings report earlier this month. For the quarter, US Bancorp reported an EPS of $1.07, which was a few cents shortly of analyst estimates. And the revenue for the quarter was $5.68 billion, which was also slightly under consensus estimates.
US Bancorp CEO Andrew Cecere pointed out that the value of the company’s diversified business model was evident in the 2021 results. And Cecere also noted that credit quality continued to be particularly strong with a net charge-off ratio at a historical low of 17 basis points in the fourth quarter.
“We experienced solid loan growth from new business originations and increased line utilization. Deposit growth was very strong this quarter increasing $18.4 billion or 4.3% compared with the third quarter, which supported our loan growth and provided the opportunity for investment strategies that were both accretive to fourth-quarter net interest income and maintains asset sensitivity for future growth in a rising rate environment,” said Cecere in a recent statement. “As we start a new year, we are encouraged by the momentum building in each of our lines of business. The investments we have made in our digital transformation and payments ecosystem initiatives will continue to enable customer and revenue growth and we expect continued momentum in customer spend activity and loan growth. In the fourth quarter, we closed on the acquisition of TravelBank, providing tech-led expense and travel management solutions for mid-size companies, and the PFM acquisition, which increases assets under management.”
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Source: pulse2.com
