U.S. Bancorp Stock Research

Market Summary

USD36.05+0.60

Market Closed

1.69%

USB Alerts

Big jump in Revenue (Y/Y)
Big fall in earnings (Y/Y)

USB Stock Price

USB RSI Chart

USB Valuation

Market Cap

54.1B

Price/Earnings (Trailing)

9.28

Price/Sales (Trailing)

3.01

EV/EBITDA

1.83

Price/Free Cashflow

2.56

USB Price/Sales (Trailing)

USB Profitability

EBT Margin

40.69%

Return on Equity

11.47%

Return on Assets

0.86%

Free Cashflow Yield

39.06%

USB Fundamentals

USB Revenue

Revenue (TTM)

17.9B

Revenue Y/Y

78.06%

Revenue Q/Q

26.35%

USB Earnings

Earnings (TTM)

5.8B

Earnings Y/Y

-44.71%

Earnings Q/Q

-48.95%

Price Action

52 Week Range

32.7252.73

(Low)(High)

Last 7 days

3.3%

Last 30 days

-23.8%

Last 90 days

-17.3%

Trailing 12 Months

-30.7%

USB Financial Health

Debt/Equity

0.78

Debt/Cashflow

0.53

USB Investor Care

Dividend Yield

5.21%

Dividend/Share (TTM)

1.88

Diluted EPS (TTM)

3.69

Peers (Alternatives to US Bancorp)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
JPM	385.9B	128.7B	-8.59%	-1.98%	10.24	3	5.79%	-22.05%
BAC	228.7B	95.0B	-15.68%	-28.89%	8.31	2.41	6.55%	-13.92%
WFC	141.9B	54.0B	-19.92%	-21.41%	10.77	2.63	36.10%	-38.82%
USB	54.1B	17.9B	-23.80%	-30.70%	9.28	3.01	33.05%	-26.85%
PNC	52.1B	21.1B	-18.11%	-29.17%	8.52	2.47	9.94%	6.78%
FHN	9.5B	2.7B	-18.92%	-22.09%	10.59	3.55	24.33%	-9.91%
MID-CAP
CFR	6.8B	1.5B	-20.80%	-23.89%	11.7	4.59	46.29%	30.71%
BOKF	6.5B	1.4B	-18.94%	-8.61%	12.4	4.63	17.98%	-15.83%
ZION	4.4B	2.7B	-40.66%	-52.96%	4.91	1.64	19.32%	-19.66%
PNFP	4.2B	1.4B	-25.31%	-39.60%	7.52	3.07	33.23%	6.34%
SMALL-CAP
PRK	1.9B	378.2M	-7.30%	-7.29%	12.99	5.1	19.24%	-3.63%
TRMK	1.5B	541.8M	-15.61%	-18.72%	20.95	2.78	22.45%	-51.22%
WABC	1.2B	221.8M	-19.59%	-25.20%	9.77	5.38	27.86%	41.07%
HOPE	1.2B	716.1M	-22.62%	-37.11%	5.38	1.64	26.40%	6.70%

Financials for US Bancorp

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	17.1%	17,945	15,326	14,007	13,564	13,487
EBITDA	0.6%	22,029	21,895	21,540	21,833	-
EBITDA Margin	-14.1%	1.23*	1.43*	1.54*	1.61*	-
Earnings Before Taxes	-12.4%	7,301	8,337	8,638	9,229	10,166
EBT Margin	-25.2%	0.41*	0.54*	0.62*	0.68*	-
Interest Expenses	8.6%	14,728	13,558	12,902	12,604	12,494
Net Income	-11.4%	5,825	6,573	6,789	7,240	7,963
Net Income Margin	-24.3%	0.32*	0.43*	0.48*	0.53*	-
Free Cahsflow	41.4%	21,119	14,934	14,076	17,410	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	12.3%	674,805	600,973	591,381	586,517	573,284
Cash Equivalents	28.5%	53,542	41,652	39,124	44,303	28,905
Net PPE	22.3%	3,858	3,155	3,177	3,207	3,305
Goodwill	22.2%	12,373	10,125	10,157	10,250	10,262
Liabilities	12.8%	623,573	552,995	542,312	534,849	517,897
. Short Term Borrowings	24.5%	31,216	25,066	24,963	21,042	11,796
Long Term Debt	23.6%	39,829	32,228	29,408	32,931	32,125
Shareholder's Equity	6.8%	50,766	47,513	49,069	51,668	54,918
Retained Earnings	0.2%	71,901	71,782	70,772	69,987	69,201
Additional Paid-In Capital	1.4%	8,712	8,590	8,555	8,515	8,539
Accumulated Depreciation	-	4,948	-	-	-	-
Shares Outstanding	0.9%	1,500	1,486	1,486	1,485	1,500
Minority Interest	0.2%	466	465	464	468	469

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	41.4%	21,119	14,934	14,076	17,410	9,870
Share Based Compensation	-	207	-	-	-	-
Cashflow From Investing	110.9%	7,500	-68,795	-51,647	-45,385	-57,487
Cashflow From Financing	-112.6%	-3,982	31,609	32,122	28,777	13,942
Dividend Payments	1.1%	2,776	2,745	2,684	2,629	2,579
Buy Backs	-5.5%	69.00	73.00	73.00	963	1,555

Risks for USB

What is the probability of a big loss on USB?

41.5%

Probability that US Bancorp stock will be more than 20% underwater in next one year

27.7%

Probability that US Bancorp stock will be more than 30% underwater in next one year.

18.5%

Probability that US Bancorp stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does USB drawdown profile look like?

Y-axis is the maximum loss one would have experienced if US Bancorp was unfortunately bought at previous high price.

Drawdowns

Returns for USB

Cumulative Returns on USB

3.3%

10-Year Cumulative Returns

1.2%

7-Year Cumulative Returns

-3.6%

5-Year Cumulative Returns

4.7%

3-Year Cumulative Returns

What are the long-term rolling returns for USB?

FIve years rolling returns for US Bancorp.

Annualized Returns

Which funds bought or sold USB recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-23	MetLife Investment Management, LLC	reduced	-1.61	928,458	15,390,800	0.12%
2023-03-17	American Portfolios Advisors	reduced	-8.51	-271,030	1,095,120	0.05%
2023-03-15	B. Riley Wealth Advisors, Inc.	added	42.25	685,859	1,928,860	0.05%
2023-03-13	Claro Advisors LLC	new	-	3,160,820	3,160,820	1.03%
2023-03-10	Flagstone Financial Management	new	-	894,204	894,204	0.54%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-2.99	5,405,300	115,110,000	0.13%
2023-03-10	MATHER GROUP, LLC.	reduced	-10.79	-37,996	1,034,000	0.02%
2023-03-08	Capital Asset Advisory Services LLC	reduced	-17.93	-30,663	442,337	0.04%
2023-03-08	SHEETS SMITH WEALTH MANAGEMENT	reduced	-4.76	53,269	1,829,270	0.29%
2023-03-07	Great Lakes Retirement, Inc.	new	-	485,913	485,913	0.12%

Latest Funds Activity

Are funds buying USB calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own USB

No. of Funds

US Bancorp News

Schedule 13G FIlings of US Bancorp

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	7.81%	119,477,892	SC 13G/A
Feb 01, 2023	blackrock inc.	6.6%	100,484,434	SC 13G/A
Nov 10, 2022	berkshire hathaway inc	3.6%	53,045,548	SC 13G/A
Feb 14, 2022	berkshire hathaway inc	9.8%	144,730,560	SC 13G/A
Feb 09, 2022	vanguard group inc	7.36%	109,186,579	SC 13G/A
Feb 01, 2022	blackrock inc.	6.4%	95,616,688	SC 13G/A
Feb 16, 2021	berkshire hathaway inc	9.9%	149,450,671	SC 13G/A
Feb 10, 2021	vanguard group inc	7.12%	107,252,670	SC 13G/A
Feb 01, 2021	blackrock inc.	6.2%	93,501,987	SC 13G/A
May 07, 2020	berkshire hathaway inc	10.0%	150,972,291	SC 13G/A

USB Fair Value

US Bancorp fair value in different scenarios

The table shows the Fair Value estimates for US Bancorp for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	26.67 -26.02%	35.71 -0.94%	48.91 35.67%	67.60 87.52%	80.48 123.25%
Current Inflation	24.17 -32.95%	32.41 -10.10%	44.31 22.91%	58.48 62.22%	69.31 92.26%
Very High Inflation	20.97 -41.83%	28.22 -21.72%	38.52 6.85%	47.70 32.32%	56.25 56.03%

Historical US Bancorp Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of US Bancorp

View All Filings

Date Filed	Form Type	Document
Mar 10, 2023	S-3ASR	S-3ASR
Mar 09, 2023	4	Insider Trading
Mar 08, 2023	8-K	Current Report
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	DEFA14A	DEFA14A
Mar 07, 2023	DEF 14A	DEF 14A
Mar 07, 2023	ARS	ARS
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading

Latest Insider Trading transactions for USB

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-05	von Gillern Jeffry H.	sold (taxes)	-153,814	47.11	-3,265	vice chair
2023-03-05	Welsh Timothy A	sold (taxes)	-151,364	47.11	-3,213	vice chair
2023-03-05	CECERE ANDREW	sold (taxes)	-502,334	47.11	-10,663	chairman, president and ceo
2023-03-05	Barcelos Elcio R.T.	sold (taxes)	-94,785	47.11	-2,012	senior evp, chief hr officer
2023-03-05	Quinn Katherine B	sold (taxes)	-117,869	47.11	-2,502	vice chair
2023-03-05	Kelligrew James B	sold (taxes)	-138,880	47.11	-2,948	vice chair
2023-03-05	Runkel Mark G.	sold (taxes)	-59,452	47.11	-1,262	senior evp, chief transform of
2023-03-05	CHOSY JAMES L	sold (taxes)	-102,700	47.11	-2,180	senior evp and general counsel
2023-03-05	Stark Lisa R	sold (taxes)	-29,019	47.11	-616	evp and controller
2023-03-05	Kotwal Shailesh M	sold (taxes)	-135,865	47.11	-2,884	vice chair

About US Bancorp

Andrew J. Cecere

www.usbank.com

65535

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities and other financial institutions in the United States. It operates in Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support segments. The company offers depository services, including checking accounts, savings accounts, and time certificate contracts; lending services, such as traditional credit products; and credit card services, lease financing and import/export trade, asset-backed lending, agricultural finance, and other products. It also provides ancillary services comprising capital markets, treasury management, and receivable lock-box collection services to corporate and governmental entity customers; and a range of asset management and fiduciary services for individuals, estates, foundations, business corporations, and charitable organizations. In addition, the company offers investment and insurance products to its customers principally within its markets, as well as fund administration services to a range of mutual and other funds. Further, it provides corporate and purchasing card, and corporate trust services; and merchant processing services, as well as investment management, ATM processing, mortgage banking, insurance, and brokerage and leasing services. As of December 31, 2021, the company provided its products and services through a network of 2,230 banking offices principally operating in the Midwest and West regions of the United States, as well as through on-line services, over mobile devices, and other distribution channels; and operated a network of 4,059 ATMs. The company was founded in 1863 and is headquartered in Minneapolis, Minnesota.

USB Income Statement

2022-12-31

Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Interest Income

Loans

$ 13,603

$ 10,747

$ 12,018

Loans held for sale

201

232

216

Investment securities

3,378

2,365

2,428

Other interest income

763

143

178

Total interest income

17,945

13,487

14,840

Interest Expense

Deposits

1,872

320

950

Short-term borrowings

565

141

Long-term debt

780

603

924

Total interest expense

3,217

993

2,015

Net interest income

14,728

12,494

12,825

Provision for credit losses

1,977

^[1]

(1,173)

3,806

Net interest income after provision for credit losses

12,751

13,667

9,019

Noninterest Income

Card revenue

1,512

1,507

1,338

Corporate payment products revenue

698

575

497

Merchant processing services

1,579

1,449

1,261

Trust and investment management fees

2,209

1,832

1,736

Service charges

1,298

1,338

1,245

Commercial products revenue

1,105

1,102

1,143

Mortgage banking revenue

527

1,361

2,064

Investment products fees

235

239

192

Securities gains (losses), net

103

177

Other

273

721

748

Total noninterest income

9,456

10,227

10,401

Noninterest Expense

Compensation and employee benefits

9,157

8,728

7,938

Net occupancy and equipment

1,096

1,048

1,092

Professional services

529

492

430

Marketing and business development

456

366

318

Technology and communications

1,726

1,728

1,582

Other intangibles

215

159

176

Merger and integration charges

329

Other

1,398

1,207

1,833

Total noninterest expense

14,906

13,728

13,369

Income before income taxes

7,301

10,166

6,051

Applicable income taxes

1,463

2,181

1,066

Net income (loss)

5,838

7,985

4,985

Net (income) loss attributable to noncontrolling interests

(13)

(22)

(26)

Net income (loss) attributable to U.S. Bancorp

5,825

7,963

4,959

Net income applicable to U.S. Bancorp common shareholders

$ 5,501

$ 7,605

$ 4,621

Earnings per common share

$ 3.69

$ 5.11

$ 3.06

Diluted earnings per common share

$ 3.69

$ 5.1

$ 3.06

Average common shares outstanding

1,489

1,509

Average diluted common shares outstanding

1,490

1,510

[1]	Includes $662 million of provision for credit losses related to the acquisition of MUB.

USB Balance Sheet

2022-12-31

Consolidated Balance Sheet - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Assets

Cash and due from banks

$ 53,542

$ 28,905

Held-to-maturity (fair value $77,874 and $41,812, respectively)

88,740

^[1],[2]

41,858

Available-for-sale ($858 and $557 pledged as collateral, respectively)

^[3]

72,910

^[2]

132,963

Loans held for sale (including $1,849 and $6,623 of mortgage loans carried at fair value, respectively)

2,200

7,775

Loans

Total loans

388,213

312,028

Less allowance for loan losses

(6,936)

(5,724)

Net loans

381,277

306,304

Premises and equipment

3,858

3,305

Goodwill

12,373

10,262

Other intangible assets

7,155

3,738

Other assets (including $702 and $1,193 of trading securities at fair value pledged as collateral, respectively)

^[3]

52,750

38,174

Total assets

674,805

573,284

Deposits

Noninterest-bearing

137,743

134,901

Interest-bearing

387,233

321,182

Total deposits

524,976

456,083

Short-term borrowings

31,216

11,796

Long-term debt

39,829

32,125

Other liabilities

27,552

17,893

Total liabilities

623,573

517,897

Shareholders' equity

Preferred stock

^[4]

6,808

6,371

Common stock, par value $0.01 a share — authorized: 4,000,000,000 shares; issued: 2022 and 2021—2,125,725,742 shares

Capital surplus

8,712

8,539

Retained earnings

71,901

69,201

Less cost of common stock in treasury: 2022 — 594,747,484 shares; 2021 — 642,223,571 shares

(25,269)

(27,271)

Accumulated other comprehensive income (loss)

(11,407)

(1,943)

Total U.S. Bancorp shareholders' equity

50,766

54,918

Noncontrolling interests

466

469

Total equity

51,232

55,387

Total liabilities and equity

674,805

573,284

Commercial

Loans

Total loans

135,690

112,023

Commercial real estate

Loans

Total loans

55,487

39,053

Residential mortgages

Loans

Total loans

115,845

76,493

Credit card

Loans

Total loans

26,295

22,500

Other retail

Loans

Total loans

$ 54,896

$ 61,959

[1]	Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.
[2]	The weighted-average maturity of total held-to-maturity investment securities was 7.4 years at December 31, 2021, with a corresponding weighted-average yield of 1.45 percent. The weighted-average maturity of total available-for-sale investment securities was 5.5 years at December 31, 2021, with a corresponding weighted-average yield of 1.73 percent.
[3]	Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
[4]	The par value of all shares issued and outstanding at December 31, 2022 and 2021, was $1.00 per share.