What you need to know before US Bancorp's earnings release – TradingView News

With a market cap of $71.36 billion, US Bancorp USB is a financial services holding company that provides various banking and investment services to individuals, corporations, government entities and other financial institutions. The Minneapolis, Minnesota-based company is expected to report its fiscal third-quarter results before the market opens on Wednesday, October 16.

Ahead of this event, analysts expect the bank to report profit of $1 per share, down 4.8% from $1.05 per share in the year-ago quarter. The company has beaten or met Wall Street's earnings estimates over the past four quarters.

In the second quarter, the company reported earnings per share of $0.98, which beat consensus estimates by 2.1%. US Bancorp's second quarter EPS surprise comes from cost controls.

For fiscal 2024, analysts expect USB to report earnings per share of $3.86, down 10.4% from $4.31 in fiscal 2023.

Shares of USB have gained 3.4% year-to-date, underperforming both the S&P 500 Index's ($SPX) return of 19.7% and the Financial Select Sector SPDR Fund's (XLF) return of 20.2 % back in the same period.

On July 17, shares of US Bancorp rose 4.6% following the release of second-quarter results. Revenue of $6.87 billion in the period slightly beat Wall Street estimates. The company benefited from a 1.7% decline in noninterest expenses year-on-year.

Analysts' consensus opinion on U.S. Bancorp stock is moderately optimistic, with an overall rating of Moderate Buy. Of 23 analysts covering the stock, seven recommend it as a “Strong Buy,” one as a “Moderate Buy” and 15 as a “Hold.” The average analyst price target for USB is $49.69, suggesting a potential upside of 11.5% from current levels.

At the time of publication, Rashmi Kumari did not hold (either directly or indirectly) any positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. For more information, please see Barchart's disclosure policy here.