July 18, 2012 at 08:44 AM EDT
U.S. Bancorp’s Profit Gains on Higher Revenue (USB)

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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