During Q3 2024,
U.S. Bancorp (USB) posted strong results that surpassed market expectations, contributing to an 11% rise in its stock. The firm's third quarter results were primarily driven by
strong net interest income and
lower non-interest expenses, accompanied by steadily increasing profits, which subsequently led to a robust 12.5% net income growth. This led to a surge in USB shares and its
Relative Strength (RS) Rating escalated to 82. However, the company's stock faced pressure due to an acquisition delay and weak payments fees. The bank's conference call revealed earnings per share of $1.03 and revenue of $6.9 billion. Consequently, the bank saw its price target raised to $59 from $57 by
Oppenheimer and to $60 from $52 by
Wells Fargo. Amidst these developments,
US Bancorp unveiled a $5 billion common stock repurchase program and increased its common stock dividend. In spite of these positive results, caution remains alongside speculations of lower interest rate expectations.
US Bancorp USB News Analytics from Wed, 01 May 2024 07:00:00 GMT to Sat, 19 Oct 2024 12:42:09 GMT -
Rating 7
- Innovation 5
- Rumor -3
