Regional banker U.S. Bancorp (USB) on Wednesday posted an 18% uptick in second quarter earnings, helped by higher revenue and lower loan loss provisions.
The Minneapolis-based company reported second quarter net income of $1.42 billion, or 71 cents per share, compared with $1.2 billion, or 60 cents per share, in the year-ago period.
Revenue rose 8% from last year to $5.07 billion.
On average, Wall Street analysts expected a slightly smaller profit of 70 cents per share, on lower revenue of $4.98 billion.
U.S. Bancorp shares were mostly flat in premarket trading Wednesday.
The Bottom Line
Shares of U.S. Bancorp (USB) have a 2.37% dividend yield, based on last night’s closing stock price of $32.95. The stock has technical support in the $28 price area. If the shares can firm up, we see overhead resistance around the $35 price level.
U.S. Bancorp (USB) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.