Financial services giant U.S. Bancorp (NYSE: USB) will be announcing earnings results this Thursday morning. Here’s what to expect.
U.S. Bancorp beat analysts’ revenue expectations last quarter, reporting revenues of $7.36 billion, up 5% year on year. It was a mixed quarter for the company, with a narrow beat of analysts’ net interest income estimates but a slight miss of analysts’ tangible book value per share estimates.
Is U.S. Bancorp a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting U.S. Bancorp’s revenue to grow 4.7% year on year, improving from the 3.6% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. U.S. Bancorp has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at U.S. Bancorp’s peers in the diversified banks segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Citigroup delivered year-on-year revenue growth of 13.9%, beating analysts’ expectations by 4.9%, and JPMorgan Chase reported revenues up 9.8%, topping estimates by 2.2%.
Read our full analysis of Citigroup’s results here and JPMorgan Chase’s results here.
There has been positive sentiment among investors in the diversified banks segment, with share prices up 9% on average over the last month. U.S. Bancorp is up 9.1% during the same time and is heading into earnings with an average analyst price target of $61.71 (compared to the current share price of $55.83).
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