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U.S. Bancorp USB

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Q4 Payment Growth Disappointing for U.S. Bancorp, but We See Brighter Days Ahead

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

On an EPS basis, wide-moat-rated U.S. Bancorp reported OK fourth-quarter earnings of $1.07 per share, roughly in line with the FactSet consensus of $1.10 and ahead of our estimate of $1.01. However, the trends for the bank’s payment-related fees were not the strongest. The beat was largely attributable to additional reserve releases, which is not a core earnings driver. On the other hand, payment fees, where U.S. Bancorp is more exposed as a percentage of revenue than any other bank we cover, were down across the board sequentially. We think many, including us, were looking for continued growth in the quarter. As a result, fees came in lower than we were expecting.

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Company Profile

Business Description

As a diversified financial-services provider, U.S. Bancorp is one of the nation's largest regional banks, with branches in well over 20 states, primarily in the Western and Midwestern United States. The bank offers many services, including retail banking, commercial banking, trust and wealth services, credit cards, mortgages, and other payments capabilities.

800 Nicollet Mall
Minneapolis, MN, 55402
T +1 651 466-3000
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 68,108